Myers Quality Bakers Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05054505 (England and Wales)

MYERS QUALITY BAKERS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R A Myers

Mr M T Myers

Mrs J E Myers

Mrs A J Myers

SECRETARY:

Mr R W C Myers

REGISTERED OFFICE:

20 Bull Ring

Horncastle

Lincolnshire

LN9 5HU

REGISTERED NUMBER:

05054505 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe

Chartered Certified Accountants

The Old Vicarage

Church Close

Boston

Lincolnshire

PE21 6NA

FIXED ASSETS

Intangible assets

3

-

Tangible assets

4

74,437

80,771

Investment property

5

120,000

194,437

200,771

CURRENT ASSETS

Stocks

16,554

12,804

Debtors

549,845

566,704

Cash at bank and in hand

19,404

40,107

585,803

619,615

CREDITORS

Amounts falling due within one year

127,927

109,795

NET CURRENT ASSETS

457,876

509,820

TOTAL ASSETS LESS CURRENT
LIABILITIES

652,313

710,591

CREDITORS

Amounts falling due after more than one
year

6

(81,979

)

(109,939

)

PROVISIONS FOR LIABILITIES

(17,510

)

(18,042

)

NET ASSETS

552,824

582,610

CAPITAL AND RESERVES

Called up share capital

6,000

Revaluation reserve

8

23,569

Retained earnings

523,255

553,041

SHAREHOLDERS' FUNDS

552,824

582,610

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

Mr R A Myers - Director

1.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced and cash sales of goods excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of fifteen years.

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.

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.

Fixtures,fittings & equipment

-

12.5% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

12.5% on reducing balance

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 Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 22 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

103,500

AMORTISATION

At 1 April 2024

and 31 March 2025

103,500

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

280,817

Additions

5,300

At 31 March 2025

286,117

DEPRECIATION

At 1 April 2024

200,046

Charge for year

11,634

At 31 March 2025

211,680

NET BOOK VALUE

At 31 March 2025

74,437

At 31 March 2024

80,771

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2024

and 31 March 2025

9,600

DEPRECIATION

At 1 April 2024

2,400

Charge for year

1,800

At 31 March 2025

4,200

NET BOOK VALUE

At 31 March 2025

5,400

At 31 March 2024

7,200

5.	INVESTMENT PROPERTY

The directors consider that in their opinion the market value of the investment property at the year-end is in the region of £120000.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2025

120,000

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS

2025

2024

£

Repayable by instalments

Bank loans more 5 yr by instal

19,673

34,436

7.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

107,003

131,963

8.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

23,569

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

Mr R A Myers and Mrs J E Myers

Balance outstanding at start of year

-

85,442

Amounts advanced

86,000

-

Amounts repaid

-

(85,442

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

86,000

-

The Company rents the Bakery premises from Messrs R.A. and M.T.Myers at an annual figure of £10,400.

£Nil was owing at the end of the year (£Nil in 2023).