AMF Bakery Systems (UK) Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

AMF Bakery Systems (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10500345 . The registered office is 6 The Sidings Station Road, Guiseley, Leeds, LS20 8BX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are amortised over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

Straight Line 5 years

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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AMF Bakery Systems (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the

contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or

preference shares are publicly traded or their fair value can otherwise be measured reliably, the

investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.

All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment

for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a

market rate, in which case the asset is measured at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in

profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually

significant, these are assessed individually for impairment. Other financial assets or either assessed

individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal

does not result in a carrying amount of the financial asset that exceeds what the carrying amount would

have been had the impairment not previously been recognised.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 30 (2023: 25)

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AMF Bakery Systems (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	191,093

As at 31 December 2024	191,093

Amortisation
As at 1 January 2024	48,709
Provided during the period	18,240

As at 31 December 2024	66,949

Net Book Value
As at 31 December 2024	124,144

As at 1 January 2024	142,384

5. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2024	74,788

As at 31 December 2024	74,788

Depreciation
As at 1 January 2024	61,128
Provided during the period	3,241

As at 31 December 2024	64,369

Net Book Value
As at 31 December 2024	10,419

As at 1 January 2024	13,660

6. Stocks

	2024	2023
	£	£
Finished goods	3,422,026	3,062,620

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	747,731	885,535
Other debtors	195,908	(372,284)

	943,639	513,251

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AMF Bakery Systems (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	19,109	19,109
Trade creditors	79,386	64,941
Other creditors	181,715	252,526
Taxation and social security	27,227	3,479

	307,437	340,055

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	107,967	126,482

10. Secured Creditors

Of the creditors falling due within and after more than one year the following amounts are secured with a negative pledge and a floating/fixed charge over all their assets by Hsbc UK Bank PLC.

	2024		2023
	£		£
Bank loans and overdrafts	127,096		145,591

11. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	19,109	19,109
Later than one year and not later than five years	107,967	126,482

	127,076	145,591

	127,076	145,591

12. Related Party Transactions

AMF Bakery Systems (UK) Limited is part of a group of companies owned by AMF Automation Technologies. The following

balances were owed by (to) AMF Bakery Systems (UK) Ltd as at 31.12.2024 (£):

AMF Bakery Systems Europe BV (153,330), AMF Bakery Systems (308,374), AMF Sherbrooke (956), Reading Bakery Systems (10,960). AMF Asia (Singapore) 7,407, AMF Canada 42,542, AMF China 1,270, AMF Richmond 286,709, Baking Technology Systems Inc. 175,173, Tromp Bakery Equipment 765, AMF Europe BV 5,396

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		124,144		142,384
Tangible Assets	5		10,419		13,660

			134,563		156,044
CURRENT ASSETS
Stocks	6	3,422,026		3,062,620
Debtors	7	943,639		513,251
Cash at bank and in hand		564,687		1,090,072

		4,930,352		4,665,943
Creditors: Amounts Falling Due Within One Year	8	(307,437 )		(340,055 )

NET CURRENT ASSETS (LIABILITIES)			4,622,915		4,325,888

TOTAL ASSETS LESS CURRENT LIABILITIES			4,757,478		4,481,932

Creditors: Amounts Falling Due After More Than One Year	9		(107,967 )		(126,482 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(36,759 )		-

NET ASSETS			4,612,752		4,355,450

CAPITAL AND RESERVES
Called up share capital			1		1
Share premium account			2,210,689		2,210,689
Income Statement			2,402,062		2,144,760

SHAREHOLDERS' FUNDS			4,612,752		4,355,450