Primrose Bakery Limited - Period Ending 2014-12-31

Registration number: 06774788

Primrose Bakery Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Primrose Bakery Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Primrose Bakery Limited
(Registration number: 06774788)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £						2013 £
Fixed assets
Intangible fixed assets		2						8,500						10,500
Tangible fixed assets		2						70,306						57,948
								78,806						68,448
Current assets
Stocks					13,779						11,818
Debtors					31,779						29,835
Cash at bank and in hand					7,899						7,432
					53,457						49,085
Creditors: Amounts falling due within one year					(72,110)						(83,750)
Net current liabilities								(18,653)						(34,665)
Total assets less current liabilities								60,153						33,783
Creditors: Amounts falling due after more than one year								(41,448)						-
Net assets								18,705						33,783
Capital and reserves
Called up share capital		3			300						150
Profit and loss account					18,405						33,633
Shareholders' funds								18,705						33,783

For the year ending 31 December 2014 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Primrose Bakery Limited
(Registration number: 06774788)
Abbreviated Balance Sheet at 31 December 2014
......... continued

Approved by the director on 23 September 2015

.........................................
Ms Martha Swift
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Primrose Bakery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings leasehold	4% straight line basis
Plant and machinery	25% reducing balance basis
Fixtures and fittings	25% reducing balance basis
Office equipment	25% reducing balance basis
Motor vehicles	25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Primrose Bakery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		20,000			94,739			114,739
Additions		-			25,610			25,610
At 31 December 2014		20,000			120,349			140,349
Depreciation
At 1 January 2014		9,500			36,791			46,291
Charge for the year		2,000			13,252			15,252
At 31 December 2014		11,500			50,043			61,543
Net book value
At 31 December 2014		8,500			70,306			78,806
At 31 December 2013		10,500			57,948			68,448

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary share of £1 each		150			150			150			150

Page 4

Primrose Bakery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Ms Martha Swift
Ms M Swift	-	3,154	3,154	-

Page 5