REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 March 2021 |
|
for |
|
Brownings The Bakers (Holdings) Ltd |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 March 2021 |
|
for |
|
Brownings The Bakers (Holdings) Ltd |
Brownings The Bakers (Holdings) Ltd (Registered number: SC580942) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Chartered Accountants' Report | 2 |
|
Balance Sheet | 3 |
|
Notes to the Financial Statements | 5 |
|
Brownings The Bakers (Holdings) Ltd |
|
Company Information |
for the Year Ended 31 March 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
Ayrshire |
KA9 2PB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Brownings The Bakers (Holdings) Ltd |
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brownings The Bakers (Holdings) Ltd for the year ended 31 March 2021 which comprise the Profit and Loss, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
|
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
|
This report is made solely to the Board of Directors of Brownings The Bakers (Holdings) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Brownings The Bakers (Holdings) Ltd and state those matters that we have agreed to state to the Board of Directors of Brownings The Bakers (Holdings) Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Brownings The Bakers (Holdings) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brownings The Bakers (Holdings) Ltd. You consider that Brownings The Bakers (Holdings) Ltd is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Brownings The Bakers (Holdings) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
Ayrshire |
KA9 2PB |
|
|
|
Brownings The Bakers (Holdings) Ltd (Registered number: SC580942) |
|
Balance Sheet |
31 March 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Brownings The Bakers (Holdings) Ltd (Registered number: SC580942) |
|
Balance Sheet - continued |
31 March 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
Brownings The Bakers (Holdings) Ltd (Registered number: SC580942) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
|
1. | STATUTORY INFORMATION |
|
Brownings The Bakers (Holdings) Ltd is a
|
|
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 the provisions of Section 1A "Small Entities" of 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. |
|
Going concern |
After reviewing the current and future trading performance of the group, the directors have a reasonable expectation that the group and in turn company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore adopt the going concern basis in preparing the company's financial statements. |
|
COVID-19 |
At the date of signing these financial statements the Coronavirus Pandemic is still having a Global impact. The company continues to operate in a restricted way during this period. Whilst the overall impact still remains uncertain for the UK economy the Directors believe that with the steps which have been taken, ongoing Government support and the commitment of all staff and the loyalty of customers, that the business will be in a position to come through this period and continue in operation for the next year and beyond. |
|
Preparation of consolidated financial statements |
The financial statements contain information about Brownings The Bakers (Holdings) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
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 |
Investments in subsidiary undertakings are recognised at cost. |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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. |
|
Brownings The Bakers (Holdings) Ltd (Registered number: SC580942) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
|
Cash and cash equivalents |
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
|
Impairment of fixed assets |
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 amount 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. |
|
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
|
The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
|
Loans and other receivables |
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses. |
|
Other financial liabilities |
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value. |
|
Impairment of financial instruments |
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Brownings The Bakers (Holdings) Ltd (Registered number: SC580942) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
|
NET BOOK VALUE |
At 31 March 2021 |
|
At 31 March 2020 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
|
Impairments | (8,966 | ) |
At 31 March 2021 |
|
NET BOOK VALUE |
At 31 March 2021 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
|
|
Other creditors |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 40,536 | - |
Brownings The Bakers (Holdings) Ltd (Registered number: SC580942) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Bank loans |
|
|
|
The bank loan is secured by way of a standard security over investment property , by bond and floating charge over the assets of the company and by a guarantee from Brownings the Bakers Ltd. Interest is chargeable on the loan at a commercial rate of interest. |
|
10. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | 1 | 8,896 | 8,896 |
|
11. | CONTINGENT LIABILITIES |
|
The company has provided a cross company guarantee to the Bank in respect of the borrowings of Brownings the Bakers Limited. As at 31st March 2021 this amounted to £971,849 (2020 £728,921). |
|
12. | ULTIMATE CONTROLLING PARTY |
|
As at 31 March 2021 the company was controlled by Mr J H W Gall by virtue of his ownership of 76% of the issued share capital of the company. |