Two Magpies Bakery (Wells-Next-The-Sea) Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 14856216

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		58,749		78,330

			58,749		78,330
CURRENT ASSETS
Stocks	5	3,332		5,205
Debtors	6	2,044,058		951,005
Cash at bank and in hand		700		1,613

		2,048,090		957,823
Creditors: Amounts Falling Due Within One Year	7	(1,712,054 )		(814,630 )

NET CURRENT ASSETS (LIABILITIES)			336,036		143,193

TOTAL ASSETS LESS CURRENT LIABILITIES			394,785		221,523

PROVISIONS FOR LIABILITIES
Deferred Taxation			(13,585 )		(18,435 )

NET ASSETS			381,200		203,088

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			381,100		202,988

SHAREHOLDERS' FUNDS			381,200		203,088

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Two Magpies Bakery (Wells-Next-The-Sea) Ltd

Balance Sheet (continued)

As At 31 January 2026

For the year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Stephen Magnall

Director

30/10/2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Two Magpies Bakery (Wells-Next-The-Sea) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14856216 . The registered office is 27 Market Hill, Framlingham, Woodbridge, IP13 9AN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of food, beverages, and bakery items sold directly to customers.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Fixtures & Fittings	25% reducing balance

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2025: 12)

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Two Magpies Bakery (Wells-Next-The-Sea) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 February 2025	26,098	99,816	125,914

As at 31 January 2026	26,098	99,816	125,914

Depreciation
As at 1 February 2025	9,671	37,913	47,584
Provided during the period	4,106	15,475	19,581

As at 31 January 2026	13,777	53,388	67,165

Net Book Value
As at 31 January 2026	12,321	46,428	58,749

As at 1 February 2025	16,427	61,903	78,330

5. Stocks

	2026	2025
	£	£
Stock	3,332	5,205

6. Debtors

	2026	2025
	£	£
Due within one year
Other debtors	2,044,058	951,005

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	8,650	6,067
Bank loans and overdrafts	14,325	-
Other creditors	1,614,585	739,750
Taxation and social security	74,494	68,813

	1,712,054	814,630

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Two Magpies Bakery (Wells-Next-The-Sea) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

8. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

9. Related Party Transactions

The following interest free loan balances were outstanding at year end:

Amounts owed from entities under common control £2,039,339 (2025: £951,005)

Amounts owed to entities under common control £1,613,331 (2025: £738,643)

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