REGISTERED NUMBER: 00455999 (England and Wales)

BAKER'S (MORRISTON) LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE PERIOD

25 MARCH 2024 TO 30 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTOR:

C I Baker

SECRETARY:

Mrs A J Baker

REGISTERED OFFICE:

Suite 1 Vivian Court

Phoenix Way

Enterprise Park

Swansea

SA7 9FG

REGISTERED NUMBER:

00455999 (England and Wales)

AUDITORS:

Bevan Buckland LLP (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

The director presents his strategic report for the period 25 March 2024 to 30 March 2025.

REVIEW OF BUSINESS

The results for the 52 weeks ended 24 March 2024 and the previous period are detailed in the profit and loss account on page 8.

The director consider the financial position at the balance sheet date to be satisfactory and expect the current level of activity to be sustained for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties that impact the company can only be meaningfully considered in the context of the group of which the company is part.

A review of the principal risks and uncertainties that impact the Bakerfield (Wales) Limited group is set out in the consolidated financial statements of that company.

ON BEHALF OF THE BOARD:

C I Baker - Director

28 October 2025

The director presents his report with the financial statements of the company for the period 25 March 2024 to 30 March 2025.

DIVIDENDS

No dividends have been paid or proposed during the period ended 30 March 2025 (2024: £nil).

DIRECTOR

C I Baker held office during the whole of the period from 25 March 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland LLP (Statutory Auditors), will be proposed for re-appointment.

ON BEHALF OF THE BOARD:

C I Baker - Director

28 October 2025

Opinion

We have audited the financial statements of Baker's (Morriston) Limited (the 'company') for the period ended 30 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of 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 March 2025;

-	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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,

and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that insufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- enquiring of management, including obtaining and reviewing support documentation, concerning the

company's policies and procedures relating to:

- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances

of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or

alleged fraud;

- internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

- discussing among the engagement team how and where fraud might occur in the Financial Statements and

any potential indicators of fraud.

- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those

laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect

on the operations of the company, The key laws and regulations we considered in this context included the UK

Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance

with relevant laws and regulations;

- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to

identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal

entries and other adjustments;

- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of

business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Llinos Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

4 November 2025

TURNOVER

-

-

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

-

Tax on profit

4

-

-

PROFIT FOR THE FINANCIAL PERIOD

-

-

Retained earnings at beginning of period

108,986

108,986

RETAINED EARNINGS AT END OF PERIOD

108,986

108,986

FIXED ASSETS

Investments

5

163,157

163,157

CURRENT ASSETS

Debtors

6

454,286

454,286

CREDITORS

Amounts falling due within one year

7

7,790

7,790

NET CURRENT ASSETS

446,496

446,496

TOTAL ASSETS LESS CURRENT LIABILITIES

609,653

609,653

CAPITAL AND RESERVES

Called up share capital

8

500,667

500,667

Retained earnings

9

108,986

108,986

SHAREHOLDERS' FUNDS

609,653

609,653

The financial statements were approved by the director and authorised for issue on 28 October 2025 and were signed by:

C I Baker - Director

1.	STATUTORY INFORMATION

Baker's (Morriston) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Under FRS 102 paragraph 1.12(b) from preparing a statement of cash flows, on the basis that it is a qualifying entity and it's ultimate patent company, Bakerfield (Wales) Limited, includes the company's cash flows in its own consolidated financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Baker's (Morriston) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Bakerfield (Wales) Limited, Suite 1 Vivian Court, Phoenix Way, Enterprise Park, Swansea, SA7 9FG.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries

Investment in a subsidiary company is held at cost less accumulated impairment losses.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivable, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid and received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measure at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were sold at the balance sheet date.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the period ended 30 March 2025 nor for the period ended 24 March 2024.

The average number of employees during the period was NIL (2024 - NIL).

Period

Period

25.3.24

27.3.23

to

to

30.3.25

24.3.24

£

£

Director's remuneration

-

-

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period ended 30 March 2025 nor for the period ended 24 March 2024.

5.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 25 March 2024

and 30 March 2025

155,257

7,900

163,157

NET BOOK VALUE

At 30 March 2025

155,257

7,900

163,157

At 24 March 2024

155,257

7,900

163,157

The director considers the market value of unlisted investments at 24 March 2024 to be equivalent to their cost and net book value.

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Unionburger Limited

Registered office: Suite 1 Vivian Court, Phoenix Way, Enterprise Park, Swansea, SA7 9FG

Nature of business: Franchisee of the Burger King Corporation.

%

Class of shares:

holding

£1 Ordinary shares

100.00

30.3.25

24.3.24

£

£

Aggregate capital and reserves

1,483,180

1,733,180

Profit/(loss) for the period

793,844

(654,279

)

Unionburger Limited is a franchisee of the Burger King Corporation and operates Burger King Restaurant under franchise.

Unionburger Limited holds the entire issued share capital (50,000 ordinary shares £1 each) of K B Union Limited, a company incorporated and registered in England and Wales. K B Union Limited has been dormant throughout the financial period.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

454,286

454,286

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accruals and deferred income

7,790

7,790

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

400

Ordinary Shares

1

400

400

500,000

Deferred Shares

1

267

267

267

"A" Ordinary Shares

1

500,000

500,000

500,667

500,667

The ordinary shares and "A" ordinary shares shall rank parri passu in all respects except in respect of the right to capital. The deferred shares have no specific rights attached to them relating to dividend, voting or return of capital.

The holders of the "A" ordinary shares shall be entitled to a return of capital but only in respect of capital generated by the company after 19 September 2013. The holders of the ordinary shares shall be entitled to any return of capital made by the company whether on a winding up or a reduction of capital or otherwise without any restriction whatsoever.

9.

RESERVES

Retained

earnings

£

At 25 March 2024

108,986

Profit for the period

-

At 30 March 2025

108,986

10.	ULTIMATE PARENT COMPANY

Bakerfield (Wales) Limited is regarded by the director as being the company's ultimate parent company.

Bakerfield (Wales) Limited is a company incorporated in the UK and its registered office is the same as Baker's (Morriston) Limited (details can be found on the Company Information page).

11.	ULTIMATE CONTROLLING PARTY

The director does not consider there to be an ultimate controlling party.