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REGISTERED NUMBER: 08474270 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

MODERN BAKER LTD

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| MODERN BAKER LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | M C Sharp

| L W D Campbell

| REGISTERED OFFICE: | 7 Station Field

| Oxford

| Oxfordshire

| OX5 1JD

| REGISTERED NUMBER: | 08474270 (England and Wales)

| ACCOUNTANTS: | Astral Accountancy Services Limited

| Astral House

| Granville Way

| Bicester

| Oxfordshire

| OX26 4JT

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 319,436 |  | 268,672 |  |

Tangible assets | 5 | 19,770 |  | 27,071 |  |

339,206 |  | 295,743 |  |

CURRENT ASSETS

Stocks | 300 |  | 1,651 |  |

Debtors | 6 | 59,960 |  | 129,250 |  |

Cash at bank | 46,673 |  | 36,516 |  |

106,933 |  | 167,417 |  |

CREDITORS

Amounts falling due within one year | 7 | 337,523 |  | 401,569 |  |

NET CURRENT LIABILITIES | (230,590 | ) | (234,152 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 108,616 |  | 61,591 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 5,833 |  | 15,833 |  |

NET ASSETS | 102,783 |  | 45,758 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 385 |  | 385 |  |

Share premium | 1,433,412 |  | 1,433,412 |  |

Other reserves | 12,503 |  | 12,503 |  |

Retained earnings | (1,343,517 | ) | (1,400,542 | ) |

SHAREHOLDERS' FUNDS | 102,783 |  | 45,758 |  |

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.

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

BALANCE SHEET - continued

31 MARCH 2025

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

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 23 December 2025 and were signed on its behalf by:

L W D Campbell - Director

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Modern Baker Ltd 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the accounting policies below.

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Changes in accounting policies

| During the year the policy for amortising Development costs was changed to write of the expenditure over 10 years rather than 5 years. It was felt that the benefit of the expenditure incurred covered a lot longer period than currently included. This policy was changed in the 2024 year and to apply to future years only.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue is recognised for the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefit will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| 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.

| Development costs are being amortised evenly over their estimated useful life of ten years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to Property | - | 10% on cost

| Plant & Machinery | - | 25% on cost

| Fixtures & Fittings | - | 25% on cost

| Office Equipment | - | 25% on cost

| Stocks

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

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| 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

| 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.

| Government grants

| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

| A grant that specifies performance conditions recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

| Research and development expenditure

| Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 4 (2024 - 4 ) .

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | INTANGIBLE FIXED ASSETS

| Development

| costs

£ |

| COST

| At 1 April 2024 | 1,215,095 |  |

| Additions | 95,660 |  |

| At 31 March 2025 | 1,310,755 |  |

| AMORTISATION

| At 1 April 2024 | 946,423 |  |

| Amortisation for year | 44,896 |  |

| At 31 March 2025 | 991,319 |  |

| NET BOOK VALUE

| At 31 March 2025 | 319,436 |  |

| At 31 March 2024 | 268,672 |  |

| The company entered into a collaboration agreement on 29 July 2016 to undertake research into salt reduction and fibre enhancement of sourdough bread. Under the agreement, the company is the beneficial owner of any resulting IP of the research. The company has received grant income in respect of this agreement which is included in grant income.

| Each year, the directors capitalise research and development, part of which are costs relating to the collaborative agreement and part on other research and development carried out by the company directly.

| Whilst the directors consider the market value of all owned IP (including that assigned to it under the collaborative agreement) exceeds the carrying value, the directors cannot reliably measure the open market value of owned IP and therefore carry the values at amortised cost.

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Plant & |  | Fixtures |  | Office |

| Property |  | Machinery |  | & Fittings |  | Equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 119,210 |  | 164,550 |  | 25,421 |  | 10,418 |  | 319,599 |  |

| Additions | - |  | 449 |  | - |  | 2,572 |  | 3,021 |  |

| At 31 March 2025 | 119,210 |  | 164,999 |  | 25,421 |  | 12,990 |  | 322,620 |  |

| DEPRECIATION

| At 1 April 2024 | 92,573 |  | 164,441 |  | 25,421 |  | 10,093 |  | 292,528 |  |

| Charge for year | 9,133 |  | 221 |  | - |  | 968 |  | 10,322 |  |

| At 31 March 2025 | 101,706 |  | 164,662 |  | 25,421 |  | 11,061 |  | 302,850 |  |

| NET BOOK VALUE

| At 31 March 2025 | 17,504 |  | 337 |  | - |  | 1,929 |  | 19,770 |  |

| At 31 March 2024 | 26,637 |  | 109 |  | - |  | 325 |  | 27,071 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 44,214 |  | 73,320 |  |

| Other Debtors | 7,317 |  | 19,541 |  |

| VAT | - |  | 10,573 |  |

| Prepayments & Accrued Income | 8,429 |  | 25,816 |  |

59,960 |  | 129,250 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 10,000 |  | 10,000 |  |

| Trade Creditors | 1,728 |  | 48,029 |  |

| Tax | (19,246 | ) | - |  |

| Other Taxes & Social Security | 2,127 |  | 1,441 |  |

| VAT | 2,819 |  | - |  |

| Directors Loan Account | 333,145 |  | 336,498 |  |

| Accruals & Deferred Income | 6,950 |  | 5,601 |  |

337,523 |  | 401,569 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans - more than 1 year | 5,833 |  | 15,833 |  |

| MODERN BAKER LTD (REGISTERED NUMBER: 08474270) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 19,149 | Ordinary | 0.02 | 385 |  | 385 |  |