Company No: 10940503 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	185,392		233,335
		185,392		233,335
Current assets
Stocks		235,288		390,369
Debtors	5	670,889		950,172
Cash at bank and in hand		29,328		21,495
		935,505		1,362,036
Creditors: amounts falling due within one year	6	( 2,239,080)		( 2,300,062)
Net current liabilities		(1,303,575)		(938,026)
Total assets less current liabilities		(1,118,183)		(704,691)
Creditors: amounts falling due after more than one year	7	( 5,834)		( 15,833)
Net liabilities		( 1,124,017)		( 720,524)
Capital and reserves
Called-up share capital	8	1,450,100		1,450,100
Profit and loss account		( 2,574,117 )		( 2,170,624 )
Total shareholders' deficit		( 1,124,017)		( 720,524)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Sussex Bakes Ltd (registered number: 10940503) were approved and authorised for issue by the Director on 23 December 2025. They were signed on its behalf by:

Stephen Wells Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sussex Bakes Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4/5 Rutland Way, Chichester, PO19 7RT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £1,124,017 which includes net current liabilities of £1,303,575. The Company is supported through loans from other Group Companies. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the other Group Companies will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

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 over its useful economic life of 5 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements	2 years straight line
Plant and machinery	3 years straight line
Fixtures and fittings	10 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	52		56

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	60,000		60,000
At 31 December 2024	60,000		60,000
Accumulated amortisation
At 01 January 2024	60,000		60,000
At 31 December 2024	60,000		60,000
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	14,393		317,446		484,379		5,870		822,088
Additions	0		1,534		1,207		2,110		4,851
At 31 December 2024	14,393		318,980		485,586		7,980		826,939
Accumulated depreciation
At 01 January 2024	14,393		308,820		262,372		3,168		588,753
Charge for the financial year	0		3,166		48,522		1,106		52,794
At 31 December 2024	14,393		311,986		310,894		4,274		641,547
Net book value
At 31 December 2024	0		6,994		174,692		3,706		185,392
At 31 December 2023	0		8,626		222,007		2,702		233,335

5. Debtors

	2024		2023
	£		£
Trade debtors	644,319		863,933
Prepayments	0		49,282
VAT recoverable	16,100		29,656
Other debtors	10,470		7,301
	670,889		950,172

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	10,000		10,000
Trade creditors	608,588		470,377
Accruals	5,775		44,630
Other taxation and social security	102,369		83,382
Payments received on account	571,875		746,538
Other creditors	940,473		945,135
	2,239,080		2,300,062

Payments received on account are proceeds from factored debts. The facility is secured by a debenture with fixed and floating charges over all property, other assets and undertakings of the company.

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

	2024		2023
	£		£
Bank loans	5,834		15,833

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100
1,450,000 Redeemable Preference Shares non-cumulative redeemable shares of £ 1.00 each	1,450,000		1,450,000
	1,450,100		1,450,100

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2024		2023
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	18,954		27,994

The Company had no other material capital commitments at the year ended 31 December 2024.

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2024		2023
	£		£
Amounts owed to associated companies	902,480		898,635

The amounts owed to associated companies are repayable on demand and are interest free.