Company registration number 00580014 (England and Wales)
GREENHALGH'S CRAFT BAKERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2025
GREENHALGH'S CRAFT BAKERY LIMITED
COMPANY INFORMATION
Directors
D Smart
S P Smart
(Appointed 21 January 2026)
G M Smart-Stanton
(Appointed 21 January 2026)
Company number
00580014
Registered office
Crescent Road
Lostock
Bolton
Lancashire
BL6 4BU
Auditor
Sumer Auditco Limited
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ
Bankers
Lloyds Bank Plc
7th Floor
40 Spring Gardens
Manchester
M2 1EN
Solicitors
Slater Heelis LLP
86 Deansgate
Manchester
M3 2ER
GREENHALGH'S CRAFT BAKERY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
GREENHALGH'S CRAFT BAKERY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JANUARY 2025
- 1 -

The directors present the strategic report for the year ended 30 January 2025.

Review of the business

The company business is that of bakers and confectioners. Greenhalgh's Craft Bakery is a long-established family craft bakery which was founded in 1957. The company has a thriving chain of retail shops, along with a wholesale and fleet sector, supplying high-quality bakery products to convenience stores, high street retail stores, farm shops and sole proprietorships, through to nationwide providers including major supermarket chains.

The company closed the year with net current assets of £3.33m (2024: £3.98m) and shareholders funds of £12.38m (2024: £12.87m) which, in a still volatile financial climate, the Directors consider to be satisfactory. During the year the company has invested £1.1m in its asset base.

Key performance indicators

The directors consider the key performance indicators of the business to be:

- Company turnover analysed by sector, gross margin percentage and overhead levels.

- Shop by shop profitability (turnover, labour, overheads and returns)

- Bakery material costs and labour costs

- Employment - staff turnover and absence levels

- Food safety - testing results, compliance with standards and complaint monitoring

- Health and safety - accident and trend analysis, compliance with latest regulations

| 2025 |  | 2024
Turnover | £26,163,427 |  | £26,122,875
Gross profit | £19,355,985 |  | £19,310,928
Gross profit margin | 73.98% |  | 73.92%
Number of employees | 559 |  | 545

The Directors are pleased with the maintenance of the KPI's during the year which remain consistent with the prior year despite challenging economic conditions.

Principal risks and uncertainties

The company finance their operations through retained profits. The managements objectives are to retain sufficient liquid funds to enable it to meet its day-to-day obligations as they fall due whilst maximising returns of surplus funds;

Where appropriate, funds are held primarily in short term variable rate deposit accounts. The Directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise. All deposits are with reputable banks and the Directors believe their choice of banks minimises any credit risk associated with not placing funds on deposit with such bodies.

The principal risks associated with the company are listed below. The D irectors review and agree policies for managing each of these risks as summarised below:

Liquidity and credit risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Its liquidity risk is managed through the Company holding cash balances in a mixture of short and long-term bank accounts. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The Company does not have any external borrowings.

Economic risk

The company's trade involves the purchase of significant volumes of wholesale food products. The wholesale food product market can have significant volatility, potentially giving rise to unmanageable increases in the company's cost base.

The Directors mitigate this risk by continual review of product pricing, ensuring that price movements are matched to the cost of commodities.

Recession and weather also have a direct impact on customer spending patterns.

GREENHALGH'S CRAFT BAKERY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 2 -

Financial risk

All of the company's revenues are invoiced in sterling and the majority of its costs and operations arise within the United Kingdom.

On behalf of the board

D Smart
Director
13 March 2026
GREENHALGH'S CRAFT BAKERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JANUARY 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 January 2025.

Principal activities

The principal activity of the company continued to be that of bakers and confectioners.

The company's wholly owned subsidiary, Daily Dozen Limited remained dormant throughout the year and as such has not been consolidated in accordance with section 405 of the Companies Act 2006.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Smart
A M Busby
(Resigned 12 August 2024)
R D Lyons
(Resigned 4 January 2025)
S P Smart
(Appointed 21 January 2026)
G M Smart-Stanton
(Appointed 21 January 2026)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Market value of land and buildings

In the opinion of the directors the current market value of the company's interests in land and buildings exceeds the book value by an amount which cannot be ascertained without a disproportionate cost in determining the information.

Research and development

During the year the company had research and development expenditure of £840 (2024: £1,836).

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

GREENHALGH'S CRAFT BAKERY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 4 -
Future developments

The company will continue to invest in both its traditional delivery vehicles as well as sandwich vans, together with bakery plant and machinery.

Principle risks and uncertainties

Details of the company's various risk strategies have been included in the Strategic Report.

Auditor

Sumer Auditco Limited were appointed as auditor to the company and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

GREENHALGH'S CRAFT BAKERY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 5 -
Directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors

must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of

affairs of the company, and of the profit or loss of the company for that period. In preparing these financial

statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
D Smart
Director
13 March 2026
GREENHALGH'S CRAFT BAKERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENHALGH'S CRAFT BAKERY LIMITED
- 6 -
Opinion

We have audited the financial statements of Greenhalgh's Craft Bakery Limited (the 'company') for the year ended 30 January 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 January 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GREENHALGH'S CRAFT BAKERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENHALGH'S CRAFT BAKERY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to health and safety, employment and data protection.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

GREENHALGH'S CRAFT BAKERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENHALGH'S CRAFT BAKERY LIMITED (CONTINUED)
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

- Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

- Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Rogers BSc FCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
1st Floor Waterside House
Waterside Drive
Wigan
WN3 5AZ
Lancashire
13 March 2026
GREENHALGH'S CRAFT BAKERY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JANUARY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
26,163,427
26,122,875
Cost of sales
(6,807,442)
(6,811,947)
Gross profit
19,355,985
19,310,928
Administrative expenses
(19,986,215)
(20,881,298)
Other operating income
74,204
91,683
Operating loss
3
(556,026)
(1,478,687)
Interest receivable and similar income
7
61,041
155,477
Loss before taxation
(494,985)
(1,323,210)
Tax on loss
8
-
0
81,532
Loss for the financial year
(494,985)
(1,241,678)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GREENHALGH'S CRAFT BAKERY LIMITED
BALANCE SHEET
AS AT
30 JANUARY 2025
30 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
9,052,258
8,849,045
Investments
10
2
41,754
9,052,260
8,890,799
Current assets
Stocks
12
1,141,560
1,354,719
Debtors
13
1,851,566
1,714,977
Cash at bank and in hand
2,590,405
4,266,205
5,583,531
7,335,901
Creditors: amounts falling due within one year
14
(2,256,408)
(3,352,332)
Net current assets
3,327,123
3,983,569
Net assets
12,379,383
12,874,368
Capital and reserves
Called up share capital
17
10,000
10,000
Profit and loss reserves
12,369,383
12,864,368
Total equity
12,379,383
12,874,368

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
D Smart
Director
Company registration number 00580014 (England and Wales)
GREENHALGH'S CRAFT BAKERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JANUARY 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 31 January 2023
10,000
14,106,046
14,116,046
Year ended 30 January 2024:
Loss and total comprehensive income
-
(1,241,678)
(1,241,678)
Balance at 30 January 2024
10,000
12,864,368
12,874,368
Year ended 30 January 2025:
Loss and total comprehensive income
-
(494,985)
(494,985)
Balance at 30 January 2025
10,000
12,369,383
12,379,383
GREENHALGH'S CRAFT BAKERY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JANUARY 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(792,863)
171,859
Investing activities
Purchase of tangible fixed assets
(1,108,084)
(891,582)
Proceeds from disposal of tangible fixed assets
122,354
19,070
Proceeds from disposal of investments
41,752
-
Interest received
61,041
121,383
Net cash used in investing activities
(882,937)
(751,129)
Net decrease in cash and cash equivalents
(1,675,800)
(579,270)
Cash and cash equivalents at beginning of year
4,266,205
4,845,475
Cash and cash equivalents at end of year
2,590,405
4,266,205
GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2025
- 13 -
1
Accounting policies
Company information

Greenhalgh's Craft Bakery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crescent Road, Lostock, Bolton, Lancashire, BL6 4BU.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the wholly owned subsidiary, Daily Dozen Limited is dormant and is not material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have prepared a detailed budget at least 12 months in advance considering each sector of the business. They have concluded that they have adequate cash and liquid assets to trade within the foreseeable future.

1.3
Turnover

Turnover, which excludes value added tax and trade discounts, represents the invoiced value of goods. The c ompany's principal activities, being the business of bakers and confectioners, are carried out wholly in the UK.

Revenue from the sale of wholesale goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the customer, usually on delivery. Revenue from shop sales is recognised at the point of sale.

1.4
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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Long leasehold property
2% straight line
Short leasehold property
Over the period of the lease
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.8
Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is defined as purchase cost, direct labour, apportioned overhead plus expenses incurred bringing stock to its present condition and location. Stock is valued on a first in first out basis.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -

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.

1.9
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 current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
1.13
Employee benefits

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases
As lessee

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 lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

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.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

The useful economic life of tangible fixed assets, and residual values where applicable, have to be estimated by the directors of the company to ensure an appropriate depreciation charge is recognised each year. The value of the assets ultimately depends on the condition of the assets and whether economic income can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.

During the year, depreciation of £904,871(2024: £966,448) has been charged.

Refer to note 9 for the carrying value of tangible fixed assets impacted by this key estimate.

Trade debtors

Trade debtors are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of provision required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

At the balance sheet date, a provision for bad and doubtful debts was £425,548 (2024: £459,288).

Refer to Note 13, showing the trade debtors balance impacted by this key accounting estimate.

3
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Research and development costs
840
1,836
Depreciation of tangible fixed assets
904,871
966,448
(Profit)/loss on disposal of tangible fixed assets
(122,354)
19,422
Operating lease charges
554,135
620,727
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
30,000
29,000
For other services
Taxation compliance services
2,000
2,995
GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 19 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
253
217
Sales and distribution
279
304
Administration
27
24
Total
559
545

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
11,792,027
11,388,552
Social security costs
815,162
852,955
Pension costs
172,413
227,252
12,779,602
12,468,759
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
95,851
181,401
Company pension contributions to defined contribution schemes
-
36,789
95,851
218,190

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2024 - 1).

Included in directors remunerations is £84,167 (2024: £92,617) payable to Cascade Group Limited for the services the director..

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
n/a
95,995
Company pension contributions to defined contribution schemes
n/a
36,789

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 20 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
61,041
155,477
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
61,041
155,477
8
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
-
0
(81,532)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(494,985)
(1,323,210)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(123,746)
(330,803)
Tax effect of expenses that are not deductible in determining taxable profit
43
5,757
Unutilised tax losses carried forward
144,717
361,466
Depreciation on assets not qualifying for tax allowances
(21,014)
(36,811)
Other short-term timing differences
-
0
391
Deferred taxation movement
-
0
(81,532)
Taxation charge/(credit) for the year
-
(81,532)

The company has unutilised tax losses carried forward of £4,451,643 (2024: £3,603,994)

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 21 -
9
Tangible fixed assets
Freehold property
Long leasehold property
Short leasehold property
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 31 January 2024
5,985,663
2,724,072
870,378
11,511,028
2,555,987
1,736,996
25,384,124
Additions
84,052
-
0
-
0
203,495
653,613
166,924
1,108,084
At 30 January 2025
6,069,715
2,724,072
870,378
11,714,523
3,209,600
1,903,920
26,492,208
Depreciation and impairment
At 31 January 2024
2,613,480
1,190,754
632,052
9,045,722
1,787,258
1,265,813
16,535,079
Depreciation charged in the year
119,713
50,338
51,009
381,826
115,310
186,675
904,871
At 30 January 2025
2,733,193
1,241,092
683,061
9,427,548
1,902,568
1,452,488
17,439,950
Carrying amount
At 30 January 2025
3,336,522
1,482,980
187,317
2,286,975
1,307,032
451,432
9,052,258
At 30 January 2024
3,372,183
1,533,318
238,326
2,465,306
768,729
471,183
8,849,045
GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 22 -
10
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
11
2
2
Unlisted investments
-
0
41,752
2
41,754
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 31 January 2024 & 30 January 2025
2
280,000
280,002
Impairment
At 31 January 2024
-
238,248
238,248
Disposals
-
41,752
41,752
At 30 January 2025
-
280,000
280,000
Carrying amount
At 30 January 2025
2
-
2
At 30 January 2024
2
41,752
41,754
11
Subsidiaries

Details of the company's subsidiaries at 30 January 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Daily Dozen Limited
1
Dormant
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Crescent Road, Lostock, Bolton, BL6 4BU
12
Stocks
2025
2024
£
£
Raw materials and consumables
1,010,415
1,198,881
Work in progress
35,767
48,247
Finished goods and goods for resale
95,378
107,591
1,141,560
1,354,719
GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
12
Stocks
(Continued)
- 23 -

Stock is stated after provisions for slow and obsolete items. The stock provision at the balance sheet date amounted to £171,118 (2024: £124,741).

13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,226,778
1,064,763
Amounts owed by related undertakings
-
0
237,109
Other debtors
391,204
253,290
Prepayments and accrued income
233,584
159,815
1,851,566
1,714,977
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,134,590
1,641,441
Amounts owed to related undertakings
-
0
412,718
Amounts owed to group undertakings
523
2
Taxation and social security
246,007
239,781
Other creditors
187,578
147,122
Accruals and deferred income
687,710
911,268
2,256,408
3,352,332
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
(457,638)
(715,323)
Tax losses
449,392
712,596
Retirement benefit obligations
1,972
2,727
Other short-term timing matters
6,274
-
-
-
There were no deferred tax movements in the year.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
15
Deferred taxation
(Continued)
- 24 -

The deferred tax liability set out above, predominately relates to accelerated capital allowances that are expected to mature over the associated fixed assets useful economic life. Tax losses carried forward will be utilised against future profits. Pension contributions and remuneration will attract tax relief in the year paid.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,413
227,252

The Company operates three defined contributions pension schemes, one in respect of employees, one in respect of its employees and certain directors and the other in respect of directors only. The assets of these schemes are held separately from those of the Company. Contributions to the schemes are charged to the profit and loss account.

At the balance sheet date, pension contributions payable, as included in other creditors amount to £7,211 (2024: £23,691).

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
18
Operating lease commitments
At 30 Janaury 2025 the company had commitments under non-cancellable operating leases as follows:
2025
2024
£
£
Within 1 year
496,537
559,899
Years 2-5
1,374,809
1,198,092
After 5 years
873,347
586,610
2,744,693
2,344,601
GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 25 -
19
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
-
560,275
20
Related party transactions

During the year, the company was recharged £84,167 (2024: £92,617) by Cascade Group Limited, for the services of the director D Smart. This recharge is considered to be on an arm's length basis and have been included within directors remuneration. At the balance sheet date, the company owed Cascade Group Limited £Nil (2024: £8,600), as included in creditors. Cascade Group Limited was a related company during the year due to a common director and shareholder.

The amount owed by Greenhalgh's Craft Bakery Limited to Daily Dozen Limited at the balance sheet date was £523 (2024: £2) as included in creditors.

At the balance sheet date, the company owed £Nil (202 4: £412,718) to Eurobake Limited, as included in creditors. Additionally, the company was owed £Nil (2024: £237,109) from Eurobake Limited, as included in debtors. Eurobake Limited is a related company due to common shareholders. Eurobake Limited ceased to trade with effect from 31 July 2019 and was dissolved on 4 February 2026.

GREENHALGH'S CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 26 -
21
Ultimate controlling party

At the balance sheet date, t he ultimate controlling party is deemed to be D Smart by virtue of his majority shareholding in the company.

Post year end, Cascade Group Limited became the ultimate parent company of Greenhalgh's Craft Bakery Limited. Cascade Group Limited is a company registered in England and Wales.

T he ultimate controlling party remains to be D Smart, based on his majority shareholding in Cascade Group Limited.

22
Analysis of changes in net funds
31 January 2024
Cash flows
30 January 2025
£
£
£
Cash at bank and in hand
4,266,205
(1,675,800)
2,590,405
23
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss after taxation
(494,985)
(1,241,678)
Adjustments for:
Taxation charged/(credited)
-
0
(81,532)
Investment income
(61,041)
(155,477)
(Gain)/loss on disposal of tangible fixed assets
(122,354)
19,422
Depreciation and impairment of tangible fixed assets
904,871
966,448
Movements in working capital:
Decrease in stocks
213,159
339,466
(Increase)/decrease in debtors
(136,589)
484,774
Decrease in creditors
(1,095,924)
(159,564)
Cash (absorbed by)/generated from operations
(792,863)
171,859
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