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Malcolm Barnecutt Bakery (Properties) Limited
Annual Report and Financial Statements
Year Ended 30 June 2025

Registration number: 08549033

Malcolm Barnecutt Bakery (Properties) Limited

Contents

Balance Sheet | 1
Statement of Changes in Equity | 2
Notes to the Financial Statements | 3 to 7

Malcolm Barnecutt Bakery (Properties) Limited

Balance Sheet

30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 5,886,480 | 5,364,374
Investment property | 5 | 2,955,000 | 3,297,500
|  | 8,841,480 | 8,661,874
Current assets |  |  |
Debtors | 6 | 10 | 10
Creditors: Amounts falling due within one year | 7 | (6,847,320) | (6,298,274)
Net current liabilities |  | (6,847,310) | (6,298,264)
Total assets less current liabilities |  | 1,994,170 | 2,363,610
Provisions for liabilities |  | (910,866) | (987,190)
Net assets |  | 1,083,304 | 1,376,420
Capital and reserves |  |  |
Called up share capital | 8 | 10 | 10
Fair value reserve |  | 958,737 | 852,637
Profit and loss account |  | 124,557 | 523,773
Shareholders' funds |  | 1,083,304 | 1,376,420

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 February 2026 and signed on its behalf by:

......................................... Mr J Barnecutt Director
......................................... Mr A Hallett Director

Company Registration Number: 08549033

Malcolm Barnecutt Bakery (Properties) Limited

Statement of Changes in Equity

Year Ended 30 June 2025

| Share capital £ | Fair value reserve £ | Profit and loss account £ | Total £
At 1 July 2024 | 10 | 852,637 | 523,773 | 1,376,420
Loss for the year | - | - | (293,116) | (293,116)
Transfers | - | 106,100 | (106,100) | -
At 30 June 2025 | 10 | 958,737 | 124,557 | 1,083,304

| Share capital £ | Fair value reserve £ | Profit and loss account £ | Total £
At 1 July 2023 | 10 | - | 1,482,239 | 1,482,249
Prior period adjustment | - | - | (272,080) | (272,080)
At 1 July 2023 (As restated) | 10 | - | 1,210,159 | 1,210,169
Profit for the year | - | - | 166,251 | 166,251
Transfers | - | 852,637 | (852,637) | -
At 30 June 2024 | 10 | 852,637 | 523,773 | 1,376,420

Malcolm Barnecutt Bakery (Properties) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5 b/c
Normandy Way
Bodmin
Cornwall
PL31 1EU

2 | Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director acknowledges the company's net current liability position as at 30 June 2025 and has confirmed that other group companies will provide support to the company to enable it to meet its debts as they fall due. On the grounds of this support, the director has satisfied himself that the company is a going concern.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience.

Fair value of investment property

Investment property is carried at fair value determined by external valuers. The valuers have based the valuation on the amount an investor could be expected to pay for the existing leases and rental income i.e. the freehold interest, or market approach, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The investment properties were valued in September and October 2025 and the directors deem the valuations to be an appropriate estimate of the market value as at 30 June 2025.

Revenue recognition

Turnover represents the fair value of the consideration receivable, excluding Value Added Tax, in the ordinary course of business for the sale of goods and services provided.
Revenue, being rental income, is recognised in line with the time period to which the rent relates.

Malcolm Barnecutt Bakery (Properties) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Property, plant and equipment consists of freehold land and buildings held and used in the group's own activities for production and supply of goods or for administrative purposes – this class of assets is carried under the cost model.
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses (cost model).
Depreciation on property, plant and equipment is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives. The depreciation rate is 2% per annum.

Investment property

Investment property is carried at fair value. Changes in fair value are recognised in profit or loss and transferred to the fair value reserve to remove undistributable reserves from the profit and loss reserve.
No depreciation is provided in respect of investment properties applying the fair value model.
Investment property used within the group is classified as PPE and held at cost less depreciation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Malcolm Barnecutt Bakery (Properties) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Financial instruments

Classification
The company holds the following financial instruments:
• Short-term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4 | Tangible assets

| Freehold land and buildings £ | Total £
Cost or valuation
At 1 July 2024 | 5,741,364 | 5,741,364
Additions | 639,812 | 639,812
At 30 June 2025 | 6,381,176 | 6,381,176
Depreciation
At 1 July 2024 | 376,990 | 376,990
Charge for the year | 117,706 | 117,706
At 30 June 2025 | 494,696 | 494,696
Carrying amount
At 30 June 2025 | 5,886,480 | 5,886,480
At 30 June 2024 | 5,364,374 | 5,364,374

Malcolm Barnecutt Bakery (Properties) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

5 | Investment properties

| 2025 £
At 1 July | 3,297,500
Fair value adjustments | (342,500)
At 30 June | 2,955,000

The investment properties were externally revalued in September and October 2025 by an independent valuer. The valuations were carried out by Vickery Holman, a company of chartered surveyors. The assets were valued at £2,955,000 and the directors consider this to be an appropriate best estimate of market value as at 30 June 2025.

6 | Debtors

| Note | 2025 £ | 2024 £
Amounts due from group undertakings | 11 | 10 | 10

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Amounts owed to group undertakings | 6,845,525 | 6,035,529
Other creditors | 1,795 | -
Accruals and deferred income | - | 262,745
| 6,847,320 | 6,298,274

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 10 | 10 | 10 | 10

Malcolm Barnecutt Bakery (Properties) Limited

Notes to the Financial Statements

Year Ended 30 June 2025

9 | Obligations under leases and hire purchase contracts

Operating leases - lessor

The total of future minimum lease payments receivable is as follows:

| 2025 £ | 2024 £
Not later than one year | 65,500 | 9,380
Later than one year and not later than five years | 59,790 | -
| 125,290 | 9,380

Total contingent rents recognised as income in the period are £255,889 (2024 - £262,070).

There are two significant lease agreements over two assets. The assets have been leased out since early 2025. The leases constitute operating leases. The expectations are that the leases are utliised for a minimum period of 2-3 years and therefore lease income, including lease incentives, have been recognised on a straight-line basis. The other assets are on rolling lease agreements.

10 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £140,000 (2024 - £456,408). This relates to a capital committment made to building works.

11 | Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

12 | Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was James Barrett, who signed for and on behalf of PKF Francis Clark on 4 February 2026.

13 | Parent and ultimate parent undertaking

The company's immediate parent is Malcolm Barnecutt Bakery (Holdings) Limited, incorporated in England and Wales.
The ultimate controlling party is Mr J Barnecutt by virtue of his majority shareholding in Malcolm Barnecutt Bakery (Holdings) Limited.