Company No: 08774972 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	494,668		323,670
		494,668		323,670
Current assets
Stocks		12,781		21,518
Debtors	5	204,527		101,494
Cash at bank and in hand		( 92,491)		232,183
		124,817		355,195
Creditors
Amounts falling due within one year	6	( 362,582)		( 261,514)
Net current (liabilities)/assets		(237,765)		93,681
Total assets less current liabilities		256,903		417,351
Creditors
Amounts falling due after more than one year	7	( 61,324)		( 126,712)
Provision for liabilities		( 34,918)		( 54,458)
Net assets		160,661		236,181
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		160,561		236,081
Total shareholder's funds		160,661		236,181

For the financial year ending 31 March 2022 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 Baker Tom Limited (registered number: 08774972) were approved and authorised for issue by the Board of Directors on 20 December 2022. They were signed on its behalf by:

Mr T Hazzledine 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

Baker Tom 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 14 Wilson Way, Pool, Redruth, TR15 3RT, 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Revenue is recognised at the point of despatch or point of sale at the till.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	10 years straight line
Vehicles	10 years straight line
Office equipment	10 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.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	62		62

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2021	10,000		10,000
At 31 March 2022	10,000		10,000
Accumulated amortisation
At 01 April 2021	10,000		10,000
At 31 March 2022	10,000		10,000
Net book value
At 31 March 2022	0		0
At 31 March 2021	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2021	11,633		413,283		184,240		5,502		614,658
Additions	12,655		201,225		20,200		10,350		244,430
At 31 March 2022	24,288		614,508		204,440		15,852		859,088
Accumulated depreciation
At 01 April 2021	2,153		202,285		85,646		904		290,988
Charge for the financial year	2,050		50,313		19,602		1,467		73,432
At 31 March 2022	4,203		252,598		105,248		2,371		364,420
Net book value
At 31 March 2022	20,085		361,910		99,192		13,481		494,668
At 31 March 2021	9,480		210,998		98,594		4,598		323,670

5. Debtors

	2022		2021
	£		£
Trade debtors	64,853		57,560
Corporation tax	15		( 2,866)
Other debtors	139,659		46,800
	204,527		101,494

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	24,951		29,107
Trade creditors	155,327		79,474
Other loans	20,225		18,538
Accruals and deferred income	38,966		34,075
Other taxation and social security	20,256		10,753
Obligations under finance leases and hire purchase contracts	29,911		25,483
Other creditors	72,946		64,084
	362,582		261,514

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

	2022		2021
	£		£
Bank loans	55,051		102,214
Obligations under finance leases and hire purchase contracts	6,273		24,498
	61,324		126,712

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £100,451 (2021-£110,451)

10. Related party transactions

Transactions with the entity's directors

	2022		2021
	£		£
At 1 April	962		(25,522)
Advances to director	111,849		68,998
Repayments by director	(41,837)		(42,514)
At 31 March	70,974		962