The Bertinet Bakery Limited Company Accounts

THE BERTINET BAKERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07323700

The Bertinet Bakery Limited

Filleted Unaudited Financial Statements

31 July 2017

The Bertinet Bakery Limited

Financial Statements

Year ended 31 July 2017

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

The Bertinet Bakery Limited

Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		68,802		90,931

Current assets

Stocks		19,947	22,485
Debtors	6	73,101	99,058
Cash at bank and in hand		156,265	67,060
		---------	---------
		249,313	188,603

Creditors: amounts falling due within one year	7	( 108,983)		( 86,631)
		---------		---------
Net current assets			140,330		101,972
			---------		---------
Total assets less current liabilities			209,132		192,903

Provisions

Taxation including deferred tax	( 7,833)	( 6,743)
	---------	---------
Net assets	201,299	186,160
	---------	---------

Capital and reserves

Called up share capital	400	400
Share premium account	890	890
Profit and loss account	200,009	184,870
	---------	---------
Shareholders funds	201,299	186,160
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

The Bertinet Bakery Limited

Statement of Financial Position (continued)

31 July 2017

These financial statements were approved by the board of directors and authorised for issue on 3 November 2017 , and are signed on behalf of the board by:

J. Harrod Bertinet

Director

Company registration number: 07323700

The Bertinet Bakery Limited

Notes to the Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 St. Andrews Terrace, Bath, Somerset, BA1 2QR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Improvements	-	straight line over the term of the lease
Plant & Equipment	-	20% reducing balance
Office Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 40 (2016: 46 ).

5. Tangible assets

	Leasehold Improve- ments	Plant & Equipment	Office Equipment	Total
	£	£	£	£
Cost
At 1 August 2016	93,919	148,157	2,901	244,977
Additions	–	3,451	1,136	4,587
	--------	---------	-------	---------
At 31 July 2017	93,919	151,608	4,037	249,564
	--------	---------	-------	---------
Depreciation
At 1 August 2016	74,437	77,871	1,738	154,046
Charge for the year	11,509	14,747	460	26,716
	--------	---------	-------	---------
At 31 July 2017	85,946	92,618	2,198	180,762
	--------	---------	-------	---------
Carrying amount
At 31 July 2017	7,973	58,990	1,839	68,802
	--------	---------	-------	---------
At 31 July 2016	19,482	70,286	1,163	90,931
	--------	---------	-------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	61,345	82,227
Other debtors	11,756	16,831
	--------	--------
	73,101	99,058
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	28,867	25,215
Taxation and social security	18,546	11,398
Other creditors	61,570	50,018
	---------	--------
	108,983	86,631
	---------	--------

8. Other financial commitments

The company had total guarantees and commitments at the year end of £81,188 (2016: £145,188).

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

Reconciliation of equity

	1 August 2015			31 July 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	102,305	–	102,305	90,931	–	90,931
Current assets	215,750	–	215,750	188,603	–	188,603
Creditors: amounts falling due within one year	( 143,072)	( 17,500)	( 160,572)	( 69,131)	( 17,500)	( 86,631)
	---------	--------	---------	---------	--------	---------
Net current assets	72,678	( 17,500)	55,178	119,472	( 17,500)	101,972
	---------	--------	---------	---------	--------	---------
Total assets less current liabilities	174,983	( 17,500)	157,483	210,403	( 17,500)	192,903

Provisions	( 10,396)	3,500	( 6,896)	( 10,243)	3,500	( 6,743)
	---------	--------	---------	---------	--------	---------
Net assets	164,587	( 14,000)	150,587	200,160	( 14,000)	186,160
	---------	--------	---------	---------	--------	---------

	---------	--------	---------	---------	--------	---------
Capital and reserves	164,587	( 14,000)	150,587	200,160	( 14,000)	186,160
	---------	--------	---------	---------	--------	---------

Explanation of transition FRS 102 requires the company to recognise the cost of all short term employee benefits to which the company's employees have become entitled as a result of the services that they have rendered to the company during the accounting period. There was no such requirement under the previous GAAP followed by the company. Paid annual leave totalling £17,500 has been provided for as at 1 August 2015. This figure had not materially changed at 31 July 2016 and no further adjustment has been made in the year to 31 July 2016. A deferred tax credit of £3,500 has been provided for on the paid annual leave as at 1 August 2015 and this provision remained unchanged as at 31 July 2016.