REGISTERED NUMBER: 14812452 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Butt Property Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M H Butt

D Butt

SECRETARY:

M Postlethwaite

REGISTERED OFFICE:

The Midway

Lenton Industrial Estate

Nottingham

Nottinghamshire

NG7 2TS

REGISTERED NUMBER:

14812452 (England and Wales)

AUDITORS:

D. K. Rumsby & Co Limited, Statutory Auditors

3 Colwick Quays

Colwick

Nottingham

Nottinghamshire

NG4 2JY

The principal activity of the group in the year under review was that of the manufacture of bread products. Baked Earth Bakery Ltd is one of the leading, privately owned UK companies delivering cost-effective solutions for both the wholesale and retail food markets predominantly in the UK. The customer base includes a number of high-profile supermarkets and wholesalers throughout all levels of business, competing at all levels.

REVIEW OF BUSINESS

The group has delivered another strong set of financial results in 2024, underpinned by strong recurring relationships and a commitment to delivering excellent service. Turnover has increased to £11.9m, whilst GP has fallen slightly from 30% in FY23 to 26% in FY24. The business has invested in an additional production line that should be operational by the end of 2025. The business has also recruited additional operational people in 2024 as a part of its continued strategy of internal investment. Based on the strong orderbook, FY25 is expected to deliver another year of growth for the group, with full year turnover anticipated to be in excess of £12m.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's risk management process includes an assessment of the likelihood and potential impact of a range of events to determine the overall risk level and to identify actions necessary to mitigate their impact. The following risks have been identified as ones which could have a material impact on the future financial performance of the Company.

Market & Customer Related Risks - Baked Earth Bakery Limited supplies services to the food industry and is affected by macroeconomic conditions. The senior leadership team seeks to mitigate risks by planning for and adapting to changing market conditions, minimising the cost base for the business.

Technical Innovation - Baked Earth Bakery Limited continues to monitor emerging trends and technical advances in the wider communication environment to facilitate the next stage of the business growth, especially as we expand our portfolio into new work streams.

Baked Earth Bakery Limited has continued with the digitalisation of it's business processes and has scaled for success with additional internal resource. The business has also progressed the property improvement programme that is scheduled to be completed in 2025.

ON BEHALF OF THE BOARD:

D Butt - Director

30 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the preparation of bread products.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 336,908 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M H Butt

D Butt

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, D. K. Rumsby & Co Limited, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Butt - Director

30 September 2025

Opinion

We have audited the financial statements of Butt Property Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including but not limited to the Companies Act 2006, taxation legislation, United Kingdom Generally Accepted Accounting Practice and the Food Safety Act 1990.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included but was not limited to the following:

-

obtaining an understanding of the laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the food manufacturing and supply industry;

-

assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

-

performing analytical procedures to identify any unusual or unexpected relationships;

-

testing journal entries to identify unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. Discussions were held with senior management to obtain an understanding of the legal and regulatory framework applicable to the company and how it is complying with that framework. These discussions helped us obtain an understanding of the company's policies and procedures on compliance with laws and regulations. To support our understanding, we also reviewed any documentation regarding any instances of non-compliance together with the minutes of meetings held by those charged with governance.

After obtaining such information, we designed our audit work so that appropriate tests could be devised to enable our work to cover the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness, as well as evaluating the business rationale of significant transactions outside the normal course of business and the review of accounting estimates for bias.

Other matters which we are required to address

The financial statements to 31st December 2023 were unaudited.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert John Buckby FCCA (Senior Statutory Auditor)

for and on behalf of D. K. Rumsby & Co Limited, Statutory Auditors

3 Colwick Quays

Colwick

Nottingham

Nottinghamshire

NG4 2JY

30 September 2025

TURNOVER

3

11,856,676

5,265,599

Cost of sales

(8,824,602

)

(3,693,162

)

GROSS PROFIT

3,032,074

1,572,437

Administrative expenses

(1,970,389

)

(756,899

)

1,061,685

815,538

Other operating income

6,857

8,066

OPERATING PROFIT

5

1,068,542

823,604

Interest receivable and similar income

5,995

988

1,074,537

824,592

Interest payable and similar expenses

6

(121,044

)

(45,237

)

PROFIT BEFORE TAXATION

953,493

779,355

Tax on profit

7

(237,681

)

(168,720

)

PROFIT FOR THE FINANCIAL YEAR

715,812

610,635

OTHER COMPREHENSIVE INCOME

-

1,407,677

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

1,407,677

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

715,812

2,018,312

Profit attributable to:

Owners of the parent

715,812

610,635

Total comprehensive income attributable to:

Owners of the parent

715,812

2,018,312

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,082,304

1,015,339

Investments

12

-

-

Investment property

13

686,621

686,621

1,768,925

1,701,960

CURRENT ASSETS

Stocks

14

617,933

464,952

Debtors

15

2,680,911

1,944,807

Cash at bank and in hand

108,554

315,149

3,407,398

2,724,908

CREDITORS

Amounts falling due within one year

16

(2,144,752

)

(1,622,777

)

NET CURRENT ASSETS

1,262,646

1,102,131

TOTAL ASSETS LESS CURRENT LIABILITIES

3,031,571

2,804,091

CREDITORS

Amounts falling due after more than one year

17

(557,609

)

(684,893

)

PROVISIONS FOR LIABILITIES

21

(221,346

)

(245,486

)

NET ASSETS

2,252,616

1,873,712

CAPITAL AND RESERVES

Called up share capital

22

1,000

1,000

Other reserves

23

1,407,677

1,407,677

Retained earnings

23

843,939

465,035

SHAREHOLDERS' FUNDS

2,252,616

1,873,712

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

D Butt - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

36,024

42,382

Investments

12

1,000

1,000

Investment property

13

686,621

686,621

723,645

730,003

CURRENT ASSETS

Debtors

15

41

10,449

Cash at bank

2,353

159

2,394

10,608

CREDITORS

Amounts falling due within one year

16

(233,736

)

(235,046

)

NET CURRENT LIABILITIES

(231,342

)

(224,438

)

TOTAL ASSETS LESS CURRENT LIABILITIES

492,303

505,565

CREDITORS

Amounts falling due after more than one year

17

(462,150

)

(493,093

)

PROVISIONS FOR LIABILITIES

21

(9,006

)

(10,596

)

NET ASSETS

21,147

1,876

CAPITAL AND RESERVES

Called up share capital

22

1,000

1,000

Retained earnings

23

20,147

876

SHAREHOLDERS' FUNDS

21,147

1,876

Company's profit for the financial year

356,179

161,576

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

D Butt - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Changes in equity

Issue of share capital

1,000

-

-

1,000

Dividends

-

(145,600

)

-

(145,600

)

Total comprehensive income

-

610,635

1,407,677

2,018,312

Balance at 31 December 2023

1,000

465,035

1,407,677

1,873,712

Changes in equity

Dividends

-

(336,908

)

-

(336,908

)

Total comprehensive income

-

715,812

-

715,812

Balance at 31 December 2024

1,000

843,939

1,407,677

2,252,616

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 18 April 2023

1,000

-

1,000

Changes in equity

Dividends

-

(160,700

)

(160,700

)

Total comprehensive income

-

161,576

161,576

Balance at 31 December 2023

1,000

876

1,876

Changes in equity

Dividends

-

(336,908

)

(336,908

)

Total comprehensive income

-

356,179

356,179

Balance at 31 December 2024

1,000

20,147

21,147

Cash flows from operating activities

Cash generated from operations

1

940,478

1,016,931

Interest paid

(114,613

)

(37,708

)

Interest element of hire purchase payments paid

(6,431

)

(7,529

)

Tax paid

(302,925

)

(152,893

)

Net cash from operating activities

516,509

818,801

Cash flows from investing activities

Purchase of tangible fixed assets

(210,077

)

(245,880

)

Sale of tangible fixed assets

-

1

Cash acquired on purchase of subsidiary

-

190,583

Interest received

5,995

988

Net cash from investing activities

(204,082

)

(54,308

)

Cash flows from financing activities

Capital repayments in year

(177,377

)

(299,657

)

Amount withdrawn by directors

(4,737

)

(12,153

)

Grant movement

-

8,066

Equity dividends paid

(336,908

)

(145,600

)

Net cash from financing activities

(519,022

)

(449,344

)

(Decrease)/increase in cash and cash equivalents

(206,595

)

315,149

Cash and cash equivalents at beginning of year

2

315,149

-

Cash and cash equivalents at end of year

2

108,554

315,149

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

18.4.23

Year Ended

to

31.12.24

31.12.23

£

£

Profit before taxation

953,493

779,355

Depreciation charges

168,671

85,649

Loss/(profit) on disposal of fixed assets

15,733

(1

)

Government grants

(6,857

)

(8,066

)

Finance costs

121,044

45,237

Finance income

(5,995

)

(988

)

1,246,089

901,186

Increase in stocks

(152,981

)

(39,996

)

(Increase)/decrease in trade and other debtors

(745,610

)

548,124

Increase/(decrease) in trade and other creditors

592,980

(392,383

)

Cash generated from operations

940,478

1,016,931

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

108,554

315,149

Period ended 31 December 2023

31.12.23

18.4.23

£

£

Cash and cash equivalents

315,149

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

315,149

(206,595

)

108,554

315,149

(206,595

)

108,554

Debt

Finance leases

(116,660

)

33,873

(82,787

)

Debts falling due within 1 year

(166,474

)

10,300

(156,174

)

Debts falling due after 1 year

(592,947

)

102,213

(490,734

)

(876,081

)

146,386

(729,695

)

Total

(560,932

)

(60,209

)

(621,141

)

1.	STATUTORY INFORMATION

Butt Property Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The group is profitable and has net current assets of £1.3m (2023: 1.1m). The directors have therefore prepared the financial statements on the going concern basis.

Basis of consolidation

In accordance with section 408 of CA2006 we have taken the exemption to exclude the income statement of Butt Property Group Limited as a stand alone company. The retained earnings for the period have been disclosed on the company statement of financial position.

Significant judgements and estimates

In the process of applying its accounting policies, the company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented. On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. Investment properties have been revalued using readily available market data which is subjective in nature and relies on the judgement of the directors.

Turnover

Turnover represents the invoiced value of sales made to customers after deduction of discounts and value added tax. Turnover is recognised when the risks and rewards of the underlying products have been substantially transferred to the customer and when it can be reliably be measured. With the sale of goods, this occurs when to goods are despatched or made available to the customer except for the sale of consignment products located at customers' premises where turnover is recognised on notification that the product has been withdrawn from consignment stock by the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost, 20% on cost and 15% on reducing balance

Fixtures and fittings

-

25% on cost, 20% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost, 20% on cost and 15% on reducing balance

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.