Niles Bakery Limited Company accounts

COMPANY REGISTRATION NUMBER: 04389472

Niles Bakery Limited

Financial Statements

5 April 2025

Niles Bakery Limited

Financial Statements

Period from 1 April 2024 to 5 April 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	3

Independent auditor's report to the members	5

Statement of comprehensive income	9

Statement of financial position	10

Statement of changes in equity	11

Statement of cash flows	12

Notes to the financial statements	13

Niles Bakery Limited

Officers and Professional Advisers

The board of directors	Mr J Nile
	Mrs C A Nile
	Mr C J Nile
	Mr L J Nile
	Mrs S A Austin

Company secretary	Mrs S A Austin

Registered office	St Austell Enterprise Park
	Treverbyn Road
	Carclaze
	St Austell
	Cornwall
	PL25 4EJ

Auditor	Wills Bingley Partners LLP
	Chartered Accountants & statutory auditor
	St Denys House
	22 East Hill
	St Austell
	Cornwall
	PL25 4TR

Niles Bakery Limited

Strategic Report

Period from 1 April 2024 to 5 April 2025

The 2024/25 fiscal year has been a period of significant progress and resilience for the company. The successful launch of the new bakery and café has not only contributed to an increase in overall turnover, but it has also been a key driver in expanding the market presence. This new location has complemented, rather than detracted from, the performance of the existing stores, ensuring that both new and established sites continue to perform strongly. Running a bakery business comes with its own unique set of challenges, and this year has been no exception. The competitive landscape remains tough, with both local bakeries and larger national chains constantly vying for market share. However, despite these hurdles, the company have stayed committed to their core values, delivering top-quality products and maintaining operational excellence. The company has worked diligently to manage costs, adapt to market conditions, and ensure that customers continue to receive the highest level of service. These efforts have enabled the business to not only navigate these challenges effectively, but also to sustain profitability and drive ongoing growth. Looking ahead to 2025/26, the company remains optimistic about its continued growth trajectory. The new site is gaining significant traction within the local market, and with a series of targeted marketing initiatives already in place, the business is well-positioned to drive sustained revenue growth. At the same time, the company is committed to maintaining the high quality and customer satisfaction that have been central to its success. 2025 2024 2023 2022 Turnover 5,238,526 4,498,778 3,801,928 3,621,036 Turnover growth 16.4% 18.3% 5.0% 20.4% Gross profit margin 48.0% 47.0% 47.7% 52.4% Profit/(loss) 942,240 883,703 945,385 1,288,677 before tax The main risks to the company's financial objectives for 2025/26 are those which face the bakery industry as a whole. As in previous years, the bakery is susceptible to the rising costs of products which can reduce the profit margins. The bakery is additionally exposed to risks outside the control of the company, whereby there may be extreme weather damaging the supply of products, a future pandemic damaging the growth of the business, equipment breakdowns, property damage and product liability, resulting in a drop in production and consumer confidence. The company, however, has a structure which is flexible to sudden changes in the level of income, and also maintains sufficient reserves to enable it to respond appropriately without placing undue financial pressure on the company.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr C J Nile

Director

Registered office:

St Austell Enterprise Park

Treverbyn Road

Carclaze

St Austell

Cornwall

PL25 4EJ

Niles Bakery Limited

Directors' Report

Period from 1 April 2024 to 5 April 2025

The directors present their report and the financial statements of the company for the period ended 5 April 2025 .

Principal activities

The principal activity of the company during the year was that of manufacture of bread, pastry goods and cakes.

Directors

The directors who served the company during the period were as follows:

Mr J Nile
Mrs C A Nile
Mr C J Nile
Mr L J Nile
Mrs S A Austin

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr C J Nile

Director

Registered office:

St Austell Enterprise Park

Treverbyn Road

Carclaze

St Austell

Cornwall

PL25 4EJ

Niles Bakery Limited

Independent Auditor's Report to the Members of Niles Bakery Limited

Period from 1 April 2024 to 5 April 2025

Opinion

We have audited the financial statements of Niles Bakery Limited (the 'company') for the period ended 5 April 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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 FRS 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 company's affairs as at 5 April 2025 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We identified the laws and regulations applicable to the company from our knowledge and experience of the bakery sector - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006,taxation, legislation, anti-bribery and employment; and - Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; - 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. To address the risk of fraud through management bias and override of controls, we; - Performed analytical procedures to identify any unusual or unexpected relationships; and - Tested journal entries to identify any unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statements to underlying supporting documentation; 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.

Jonathan Ian Wood

(Senior Statutory Auditor)

For and on behalf of

Wills Bingley Partners LLP

Chartered Accountants & statutory auditor

St Denys House

22 East Hill

St Austell

Cornwall

PL25 4TR

23 December 2025

Niles Bakery Limited

Statement of Comprehensive Income

Period from 1 April 2024 to 5 April 2025

		Period from
		1 Apr 24 to	Year to
		5 Apr 25	31 Mar 24
Note		£	£
Turnover	4	5,238,526	4,498,778

Cost of sales	2,725,999	2,386,304
	------------	------------
Gross profit	2,512,527	2,112,474

Distribution costs		26,721	27,394
Administrative expenses		1,641,927	1,283,399
Other operating income	5	103,617	94,711
		------------	------------
Operating profit	6	947,496	896,392

Other interest receivable and similar income	9	8,536	3,236
Interest payable and similar expenses	10	13,792	15,925
		------------	------------
Profit before taxation		942,240	883,703

Tax on profit	11	577,219	221,776
		---------	---------
Profit for the financial period and total comprehensive income		365,021	661,927
		---------	---------

All the activities of the company are from continuing operations.

Niles Bakery Limited

Statement of Financial Position

5 April 2025

	5 Apr 25		31 Mar 24
Note	£	£	£

Fixed assets

Tangible assets	13		6,118,025	6,192,367

Current assets

Stocks	14	95,249	86,590
Debtors	15	129,648	106,539
Cash at bank and in hand		1,018,508	573,670
		------------	---------
		1,243,405	766,799

Creditors: amounts falling due within one year	16	1,112,408		581,041
		------------		---------
Net current assets			130,997	185,758
			------------	------------
Total assets less current liabilities			6,249,022	6,378,125

Creditors: amounts falling due after more than one year	17	89,217	370,343
		------------	------------
Net assets		6,159,805	6,007,782
		------------	------------

Capital and reserves

Called up share capital	20	122	120
Profit and loss account		6,159,683	6,007,662
		------------	------------
Shareholders funds		6,159,805	6,007,782
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr C J Nile

Director

Company registration number: 04389472

Niles Bakery Limited

Statement of Changes in Equity

Period from 1 April 2024 to 5 April 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 April 2023		120	5,531,735	5,531,855

Profit for the period			661,927	661,927
		----	------------	------------
Total comprehensive income for the period		–	661,927	661,927

Dividends paid and payable	12	–	( 186,000)	( 186,000)
		----	------------	------------
Total investments by and distributions to owners		–	( 186,000)	( 186,000)

At 31 March 2024		120	6,007,662	6,007,782

Profit for the period			365,021	365,021
		----	------------	------------
Total comprehensive income for the period		–	365,021	365,021

Issue of shares		2	–	2
Dividends paid and payable	12	–	( 213,000)	( 213,000)
		----	---------	---------
Total investments by and distributions to owners		2	( 213,000)	( 212,998)

		----	------------	------------
At 5 April 2025		122	6,159,683	6,159,805
		----	------------	------------

Niles Bakery Limited

Statement of Cash Flows

Period from 1 April 2024 to 5 April 2025

	5 Apr 25	31 Mar 24
	£	£

Cash flows from operating activities

Profit for the financial period	365,021	661,927

Adjustments for:
Depreciation of tangible assets	487,846	519,541
Fair value adjustment of investment property and tangible assets	188,580	–
Government grant income	( 102)	( 121)
Other interest receivable and similar income	(112,050)	(97,826)
Interest payable and similar expenses	13,792	15,925
Gains on disposal of tangible assets	( 132)	( 9,551)
Tax on profit	577,219	221,776

Changes in:
Stocks	( 8,659)	( 26,053)
Trade and other debtors	( 23,109)	226,393
Trade and other creditors	( 23,610)	( 38,080)
	------------	------------
Cash generated from operations	1,464,796	1,473,931

Interest paid	( 13,792)	( 15,925)
Interest received	8,536	3,236
Tax paid	( 22,242)	( 153,508)
	------------	------------
Net cash from operating activities	1,437,298	1,307,734
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 712,078)	( 1,433,117)
Proceeds from sale of tangible assets	110,126	11,566
Other investing cash flow adjustment	103,514	94,590
	------------	------------
Net cash used in investing activities	( 498,438)	( 1,326,961)
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	2	–
Proceeds from borrowings	–	220,290
Repayments of borrowings	( 281,126)	( 50,007)
Government grant income	102	121
Dividends paid	( 213,000)	( 186,000)
	------------	------------
Net cash used in financing activities	( 494,022)	( 15,596)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	444,838	( 34,823)
Cash and cash equivalents at beginning of period	573,670	608,493
	------------	---------
Cash and cash equivalents at end of period	1,018,508	573,670
	------------	---------

Niles Bakery Limited

Notes to the Financial Statements

Period from 1 April 2024 to 5 April 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Austell Enterprise Park, Treverbyn Road, Carclaze, St Austell, Cornwall, PL25 4EJ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Leasehold Property	-	2% straight line
Investment Property	-	2% straight line
Plant & Machinery	-	15% reducing balance
Equipment and Furnishings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

	Office Equipment	-	15% reducing balance

Stocks

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

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Pension cost

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. Turnover

Turnover arises from:

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Sale of goods	5,238,526	4,498,778
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Government grant income	102	121
Other income	4,710	7,647
Other operating income	98,805	86,943
	---------	--------
	103,617	94,711
	---------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Depreciation of tangible assets	487,846	519,540
Gains on disposal of tangible assets	( 132)	( 9,551)
Fair value adjustments to investment property	( 377,074)	–
Impairment of trade debtors	–	5,013
Foreign exchange differences	310	407
Impairment of tangible assets	565,654	–
	---------	---------

7. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to:

	5 Apr 25	31 Mar 24
	No.	No.
Administrative staff	120	114
	----	----

The aggregate payroll costs incurred during the period, relating to the above, were:

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Wages and salaries	1,541,106	1,227,468
Other pension costs	291,510	171,782
	------------	------------
	1,832,616	1,399,250
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Remuneration	315,173	197,489
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Aggregate remuneration	13,000	12,512
Company contributions to defined contribution pension plans	60,000	60,000
	--------	--------
	73,000	72,512
	--------	--------

9. Other interest receivable and similar income

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Interest on bank deposits	8,536	3,236
	-------	-------

10. Interest payable and similar expenses

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Interest on banks loans and overdrafts	13,792	15,925
	--------	--------

11. Tax on profit

Major components of tax expense

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£

Current tax:

UK current tax expense	342,330	72,487
Adjustments in respect of prior periods	–	100
	---------	--------
Total current tax	342,330	72,587
	---------	--------

Deferred tax:

Origination and reversal of timing differences	234,889	149,189
	---------	---------
Tax on profit	577,219	221,776
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the period is the same as (2024: the same as) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	Period from
	1 Apr 24 to	Year to
	5 Apr 25	31 Mar 24
	£	£
Profit on ordinary activities before taxation	942,240	883,703
	---------	---------
Profit on ordinary activities by rate of tax	577,219	221,776
	---------	---------

12. Dividends

	5 Apr 25	31 Mar 24
	£	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )	213,000	186,000
	---------	---------

13. Tangible assets

	Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	4,459,517	1,276,484	2,730,010	183,083	8,649,094
Additions	522,400	72,616	65,000	52,062	712,078
Disposals	( 123,506)	–	–	( 24,726)	( 148,232)
Revaluations	( 188,580)	–	–	–	( 188,580)
	------------	------------	------------	---------	------------
At 5 April 2025	4,669,831	1,349,100	2,795,010	210,419	9,024,360
	------------	------------	------------	---------	------------
Depreciation
At 1 April 2024	645,547	695,383	1,000,496	115,301	2,456,727
Charge for the period	101,700	92,657	267,084	26,405	487,846
Disposals	( 19,380)	–	–	( 18,858)	( 38,238)
	------------	------------	------------	---------	------------
At 5 April 2025	727,867	788,040	1,267,580	122,848	2,906,335
	------------	------------	------------	---------	------------
Carrying amount
At 5 April 2025	3,941,964	561,060	1,527,430	87,571	6,118,025
	------------	------------	------------	---------	------------
At 31 March 2024	3,813,970	581,101	1,729,514	67,782	6,192,367
	------------	------------	------------	---------	------------

14. Stocks

	5 Apr 25	31 Mar 24
	£	£
Raw materials and consumables	95,249	86,590
	--------	--------

15. Debtors

	5 Apr 25	31 Mar 24
	£	£
Trade debtors	42,824	36,790
Prepayments and accrued income	62,438	52,490
Corporation tax repayable	–	17,259
Directors loan account	24,386	–
	---------	---------
	129,648	106,539
	---------	---------

16. Creditors: amounts falling due within one year

	5 Apr 25	31 Mar 24
	£	£
Trade creditors	86,495	59,612
Accruals and deferred income	82,597	18,516
Corporation tax	302,829	–
Social security and other taxes	574,977	318,831
Director loan accounts	65,510	184,082
	------------	---------
	1,112,408	581,041
	------------	---------

17. Creditors: amounts falling due after more than one year

	5 Apr 25	31 Mar 24
	£	£
Bank loans and overdrafts	89,217	370,343
	--------	---------

18. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 276,173 (2024: £ 159,979 ).

19. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	5 Apr 25	31 Mar 24
	£	£

Recognised in creditors:

Deferred government grants due within one year	580	683
	----	----

Recognised in other operating income:

Government grants recognised directly in income	102	121
	----	----

20. Called up share capital

Issued, called up and fully paid

	5 Apr 25		31 Mar 24
	No.	£	No.	£
Ordinary shares of £ 1 each	122	122	120	120
	----	----	----	----

On 31 March 2025, the Company issued two new shares, comprising one E Ordinary share and one F Ordinary share. The shares were issued in accordance with the Company’s articles of association.

21. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 5 Apr 2025
	£	£	£
Cash at bank and in hand	573,670	444,838	1,018,508
Debt due within one year	(184,082)	118,572	(65,510)
Debt due after one year	(370,343)	281,126	(89,217)
	---------	---------	------------
	19,245	844,536	863,781
	---------	---------	------------

22. Charges on assets

At the balance sheet date, the Company’s borrowings were secured by two charges: a debenture and a separate charge, both creating fixed and floating charges over all the property and undertaking of the Company and including negative pledges. Both charges were active at the year end.

Niles Bakery Limited

Notes to the Financial Statements (continued)

Period from 1 April 2024 to 5 April 2025

23. Directors' advances, credits and guarantees

The company operates from a number of premises which belong to Mr J and Mrs C A Nile . Rental income is charged at a market rate, and totals £52,000 during the period to 5 April 2025 (2024 - £52,000). At 5th April 2025, there was a balance due to the directors from the company of £41,123 (2024:£184,082). All directors' accounts are non-interest bearing and are repayable on demand. Included in this figure is a balance of £24,386 owed from Mr L Nile to the company. Interest has been charged on this balance in line with the guidance from HMRC. This balance was repaid within nine months of the year end.