Company No: 00344817 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	216,209		243,539
Tangible assets	4	850,866		975,553
Investments	5	1,398,886		100
		2,465,961		1,219,192
Current assets
Stocks		217,045		172,134
Debtors
- due within one year	6	783,857		625,415
- due after more than one year	6	176,371		460,972
Cash at bank and in hand		953,809		2,126,151
		2,131,082		3,384,672
Creditors: amounts falling due within one year	7	( 646,128)		( 760,937)
Net current assets		1,484,954		2,623,735
Total assets less current liabilities		3,950,915		3,842,927
Creditors: amounts falling due after more than one year	8	( 233,654)		( 140,712)
Provision for liabilities		( 188,415)		( 258,233)
Net assets		3,528,846		3,443,982
Capital and reserves
Called-up share capital	9	2,480		2,480
Share premium account		8,005		8,005
Capital redemption reserve		2,626		2,626
Profit and loss account		3,515,735		3,430,871
Total shareholder's funds		3,528,846		3,443,982

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge 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 Pullins (Bakers) Limited (registered number: 00344817) were approved and authorised for issue by the Board of Directors on 05 June 2026. They were signed on its behalf by:

Mrs S A Pullin 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

Pullins (Bakers) Limited (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 29 High Street, Yatton, Bristol, BS49 4JD, 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

10 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 10 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	6 years straight line
Plant and machinery	10 years straight line
Vehicles	4 years straight line
Fixtures and fittings	10 - 20 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	106		110

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 October 2024	273,299		273,299
At 30 September 2025	273,299		273,299
Accumulated amortisation
At 01 October 2024	29,760		29,760
Charge for the financial year	27,330		27,330
At 30 September 2025	57,090		57,090
Net book value
At 30 September 2025	216,209		216,209
At 30 September 2024	243,539		243,539

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 October 2024	33,938		2,305,244		454,356		303,760		3,097,298
Additions	20,800		63,995		26,634		2,989		114,418
Disposals	0		( 5,900)		( 52,300)		0		( 58,200)
At 30 September 2025	54,738		2,363,339		428,690		306,749		3,153,516
Accumulated depreciation
At 01 October 2024	3,365		1,534,505		340,235		243,640		2,121,745
Charge for the financial year	7,619		164,910		57,411		9,165		239,105
Disposals	0		( 5,900)		( 52,300)		0		( 58,200)
At 30 September 2025	10,984		1,693,515		345,346		252,805		2,302,650
Net book value
At 30 September 2025	43,754		669,824		83,344		53,944		850,866
At 30 September 2024	30,573		770,739		114,121		60,120		975,553

5. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 October 2024	0		100		100
Additions	1,300,000		0		1,300,000
Movement in fair value	98,786		0		98,786
At 30 September 2025	1,398,786		100		1,398,886
Carrying value at 30 September 2025	1,398,786		100		1,398,886
Carrying value at 30 September 2024	0		100		100

6. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	400,884		395,271
Amounts owed by Parent undertakings	272,000		150,000
Prepayments	74,508		60,691
VAT recoverable	25,715		8,163
Other debtors	10,750		11,290
	783,857		625,415
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings	176,371		460,972

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	11,998		64,147
Trade creditors	263,984		284,582
Accruals and deferred income	68,510		73,088
Taxation and social security	219,360		285,414
Obligations under finance leases and hire purchase contracts (secured)	0		3,326
Other creditors	82,276		50,380
	646,128		760,937

Bank loans and overdrafts due within one year include £11,998 (2024: £64,147) on which security exists in the form of a charge over the assets of the company, held by Lloyds Bank PLC.

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

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

	2025		2024
	£		£
Bank loans (secured)	0		17,878
Amounts owed to directors	233,654		122,834
	233,654		140,712

Bank loans and overdrafts due after one year include £Nil (2024: £17,878) on which security exists in the form of a charge over the assets of the company, held by Lloyds Bank PLC.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,860 A ordinary shares of £ 1.00 each	1,860		1,860
620 B ordinary shares of £ 1.00 each	620		620
	2,480		2,480

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	77,500		75,238
between one and five years	295,504		238,750
after five years	273,833		327,833
Total future minimum lease payments under non-cancellable operating leases	646,837		641,821

Pensions

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

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	35,181		22,932

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to directors	233,654		122,834

A loan of £10,000 (2024: £10,000) was outstanding to one of the directors at the year end. Interest is charged at 7% per annum.

Other amounts of £223,654 (2024: £112,834) were due to the directors at the year end. Interest is charged at the rate of 3% over the Bank of England base rate per annum.

The loans are unsecured and have no fixed date for repayment.