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Registered number: 10188029
AROUND NOON (BAKERY) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON (BAKERY) LIMITED
CONTENTS
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Notes to the Financial Statements
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AROUND NOON (BAKERY) LIMITED
REGISTERED NUMBER: 10188029
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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AROUND NOON (BAKERY) LIMITED
REGISTERED NUMBER: 10188029
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2025.
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Around Noon (Bakery) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sky View East Midlands Airport, Castle Donington, Angosy Road, Derby, United Kingdom, DE74 2SA. The nature of the company's operations and its principal activities are set out in the Directors' Report.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on the going concern basis. In assessing whether the going concern basis remains appropriate, the director has considered the Company’s current financial position, recent trading performance, forecast cash flows and the availability of banking facilities. The director is are aware of certain factors which may cast doubt upon the Company’s, and by association the Group’s, ability to continue as a going concern but despite these pressures the director remains confident the business will continue to realise its assets and discharge its liabilities in the normal course of business and that that the company has sufficient support and resources available to manage these uncertainties effectively
For the year ended 31 December 2024, the company reported loss after tax of £415,593 (2023: £20,723) and had net liabilities of £171,514 (2023: net assets £244,080). In the period since the year end the company, and other group companies, faced difficult trading conditions driven by the UK economic slow-down and enhanced payroll expenditure as a result of the UK Budget of October 2024 coming into effect in April 2025. This, coupled with the rationalisation of customers, has seen a decline in turnover and profitability, resulting in reduced operating cash flows. As a consequence, the parent of Around Noon (Bakery) Limited, Around Noon Foods Limited, breached certain financial covenants attached to its existing bank loan facilities. Despite this breach, the bank has continued to provide ongoing facilities and support; however, the bank has not yet formally agreed revised terms. The Group has received confirmation in writing from the bank that they will continue to be supported and that the loan is not currently repayable on demand, despite the breach.
The director has prepared detailed cash flow forecasts and considered a range of sensitivities. These forecasts reflect the steps to be delivered by the business to improve trading performance, and when delivered, along with the negotiated banking terms (including covenant waiver), currently being progressed, show the ability to meet its obligations as they fall due.
The director considers the going concern basis to remain appropriate because:
• constructive discussions with the bank are ongoing and the director expects their facilities to continue
• the director's forecasts, which include identified cost-reduction measures and expected sales pipeline improvements, indicate that the Company can generate sufficient cash flows to meet its liabilities as they fall due. This includes securing new contracts with customers to provide recurring revenue streams and implementing efficiencies throughout the production process to minimise costs. Considering these factors collectively, the director is confident that the company is well-placed to navigate short-term challenges and to capitalise on future opportunities. Accordingly, the financial statements have been prepared on a going concern basis.
Forward-looking statement
The director remains enthusiastic about the year ahead. Supported by new contracts, fostering the relationships with core customers, ongoing cost discipline, and the resilience of brand and quality product, the company is positioned to improve financial performance and return to sustainable profitability. Management’s strategic focus remains on enhancing cash generation, delivering sustainable growth, and building long-term value for stakeholders.
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets
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At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Page 8
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic life of tangible assets
The annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Recoverability of Group Balances
The company has amounts receivable from group undertakings included within debtors. The recoverability of these balances is dependent on the financial position and future performance of the counterparties within the group.
The director has considered the financial position of the relevant group entities, including current and forecast trading performance, cash flows, and access to funding. Based on this assessment, the directors believe that the amounts due from group undertakings are fully recoverable and no impairment is required at the balance sheet date.
This assessment involves a degree of estimation and judgement, particularly in relation to the future performance of related entities and their ability to meet repayment obligations.
The director has assessed whether the group creditor balances will become payable within the next 12 months. They have assumed that the group will continue to support the company and will not call in the debt until such time as the company is able to pay it.
Going concern
The financial statements have been prepared on a going concern basis. The Director has considered the financial position of the Company, its short-term and long-term cash requirements, liquidity position and borrowing facilities. They have also considered the company’s business activities, income levels, current inflation pressures and other factors likely to affect its future development, performance and position. The key consideration for the director is the availability of sufficient cash to fund the cashflow requirements of the company as they fall due and the continued support of the company bankers and finance lenders.
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The average monthly number of employees, including the director, during the year was as follows:
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Average number of employees
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Page 9
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Page 10
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are payable on demand.
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Page 11
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are payable on demand.
Around Noon (Bakery) Limited is indebted to Barclays Bank PLC who hold security for the company’s borrowings. The borrowings are secured against the assets of Around Noon (Bakery) Limited.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Page 12
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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The company has availed of the exemption not to disclose details of transactions with wholly owned group subsidiaries.
During the year ended 31 December 2024 the company made advancements of £832,474 (2023: £1,167,443) to and received £1,204,228 (2023: £1,505,740) from a group company. As at 31 December 2024 that group company owed Around Noon (Bakery) Limited £433,632 (2023: £625,386) and this amount is included within current assets, amounts owed from Group undertakings.
As at 31 December 2024, a group company owed Around Noon (Bakery) Limited £13,071 (2023: £13,071) and this amount is included within current assets, amounts owed from Group undertakings.
During the year ended 31 December 2024 the company made advancements of £2,854,641 (2023: £3,134,173 and received £2,971,050 (2023: £2,832,982) from a group company. As at 31 December 2024 that company owed Around Noon (Bakery) Limited £61,998 (2023: £178,407) and this amount is included in current assets, amounts owed from Group undertakings.
Around Noon (Bakery) Limited also paid that group company a management charge of £107,874 (2023: £56,338) during the year ended 31 December 2024.
During the year ended 31 December 2024 the company made advancements of £19,849 (2023: £3,120) to and received £119,633 (2023: £130,027) from a group company. As at 31 December 2024 Around Noon (Bakery) Limited owed that group company £696,299 (2023: £596,515) and this amount is included in current liabilities, amounts owed to Group undertakings.
During the year ended 31 December 2024 the company made advancements of £49,444 (2023: £Nil) to and received £145,000 (2023: £Nil) from a group company. As at 31 December 2024 Around Noon (Bakery) Limited owed that group company £95,556 (2023: £Nil) and this amount is included in current liabilities, amounts owed to Group undertakings.
Group balances are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
The company also rented premises from a group company during the year and the directors consider this to be at market rate.
The company's banker holds an intercompany cross guarantee with all other companies in the group.
There is no one outside the board of directors who is considered key management personnel.
Directors are remunerated out of other group companies.
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Financial commitments, guarantees and contingent liabilities
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There exists a contingent liability to repay, in part or in full, grants received if certain circumstances, as set out on grant Letters of Offer, occur following receipt of grants.
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Parent company and ultimate controlling party
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Around Noon Foods Limited, a company incorporated in England and Wales, is the 80% parent company of Around Noon (Bakery) Limited.
Mr Gareth Chambers is considered to be the ultimate controlling party of Around Noon (Bakery) Limited.
The consolidated financial statements of Around Noon Food Limited may be obtained from Companies House, Cardiff, CF14 3UZ.
Page 13
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AROUND NOON (BAKERY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Auditor's liability limitation agreement
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The directors, on behalf of the company, have entered into a Limited Liability Agreement with their Auditors dated 01 February 2025. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with the company legislation.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 19 December 2025 by Teresa Campbell (Senior Statutory Auditor) on behalf of AAB Group Accountants Limited.
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