Niles Bakery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04389472 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Niles Bakery Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

Mr J Nile

Mrs C A Nile

Mr L J Nile

Mr C J Nile

Mrs S A Austin

Secretary:

Mrs S A Austin

Registered office:

St Denys House

22 East Hill

St. Austell

Cornwall

PL25 4TR

Registered number:

04389472 (England and Wales)

Accountants:

Wills Bingley Limited

Chartered Accountants

St Denys House

22 East Hill

St. Austell

Cornwall

PL25 4TR

Fixed assets

Tangible assets

5

3,214,381

2,950,106

Current assets

Stocks

50,030

43,505

Debtors

6

96,572

70,378

Cash at bank and in hand

1,311,240

575,348

1,457,842

689,231

Creditors

Amounts falling due within one year

7

336,669

224,605

Net current assets

1,121,173

464,626

Total assets less current liabilities

4,335,554

3,414,732

Creditors

Amounts falling due after more than one year

8

(250,000

)

-

Provisions for liabilities

(101,724

)

(97,180

)

Net assets

3,983,830

3,317,552

Capital and reserves

Called up share capital

120

120

Retained earnings

3,983,710

3,317,432

Shareholders' funds

3,983,830

3,317,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2021 and were signed on its behalf by:

Mr C J Nile - Director

1.	Statutory information

Niles Bakery 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.

2.	Statement of compliance

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 80 (2020 - 90 ) .

5.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 April 2020

2,752,606

613,657

707,793

Additions

314,316

80,152

8,407

Disposals

-

-

-

At 31 March 2021

3,066,922

693,809

716,200

Depreciation

At 1 April 2020

341,094

396,849

468,491

Charge for year

60,673

44,544

37,156

Eliminated on disposal

-

-

-

At 31 March 2021

401,767

441,393

505,647

Net book value

At 31 March 2021

2,665,155

252,416

210,553

At 31 March 2020

2,411,512

216,808

239,302

Motor

Office

vehicles

equipmt

Totals

£

£

£

Cost

At 1 April 2020

116,760

17,790

4,208,606

Additions

33,326

3,949

440,150

Disposals

(20,234

)

-

(20,234

)

At 31 March 2021

129,852

21,739

4,628,522

Depreciation

At 1 April 2020

40,345

11,721

1,258,500

Charge for year

25,954

1,279

169,606

Eliminated on disposal

(13,965

)

-

(13,965

)

At 31 March 2021

52,334

13,000

1,414,141

Net book value

At 31 March 2021

77,518

8,739

3,214,381

At 31 March 2020

76,415

6,069

2,950,106

6.

Debtors: amounts falling due within one year

31/3/21

31/3/20

£

£

Trade debtors

39,665

16,219

Other debtors

56,907

54,159

96,572

70,378

7.

Creditors: amounts falling due within one year

31/3/21

31/3/20

£

£

Trade & other creditors

44,520

11,176

Tax and Vat liability

230,709

144,319

Other creditors

61,440

69,110

336,669

224,605

8.

Creditors: amounts falling due after more than one year

31/3/21

31/3/20

£

£

Bank loans

250,000

-

9.	Directors' advances, credits and guarantees

The company operates from a number of premises which belong to Mr J and Mrs C A Nile.

Rental income is charged at a market rate, and totals £52,000 during the year to 31 March 2021

(2020 - £52,000).

The balances on the directors current accounts were:-

J and Mrs C A Nile £249 (2020: £70)

L J Nile £1,332 (2020: £96)

C J Nile £10,182 (2020: £16,239)

Mrs S A Austin £35,262 (2020: £34,241)

All directors' accounts are non-interest bearing and are repayable on demand.