REGISTERED NUMBER: 05034418 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

NORDIC BAKERY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs. M M Mink

Mr R Keen

Mr R J Williams

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

BUSINESS ADDRESS:

37B New Cavendish Street

London

W1G 8JR

REGISTERED NUMBER:

05034418 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Intangible assets

4

-

1,232

Tangible assets

5

415,543

219,530

Investments

6

2

2

415,545

220,764

CURRENT ASSETS

Stocks

21,588

20,316

Debtors

7

320,045

233,824

Cash at bank and in hand

38,565

70,777

380,198

324,917

CREDITORS

Amounts falling due within one year

8

329,980

90,575

NET CURRENT ASSETS

50,218

234,342

TOTAL ASSETS LESS CURRENT LIABILITIES

465,763

455,106

CREDITORS

Amounts falling due after more than one year

9

73,313

-

NET ASSETS

392,450

455,106

CAPITAL AND RESERVES

Called up share capital

345,499

345,499

Share premium

1,082,997

1,082,997

Retained earnings

(1,036,046

)

(973,390

)

SHAREHOLDERS' FUNDS

392,450

455,106

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16 March 2017 and were signed on its behalf by:

Mr R Keen - Director

1.	STATUTORY INFORMATION

Nordic 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.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources.The estimates and associated assumptions are based on historical experience and other factors that

are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period. or in the period of the revision and future periods where the revision affects both current and future

periods.

Revenue

Revenue represents the value, net of value added tax and discounts, of goods provided to customers and work

carried out in respect of services provided to customers. Revenue is recognised when services are rendered.

Property, plant and equipment

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

Short leasehold

-

Over the life of the lease

Plant and machinery

-

15% on reducing balance

The company has adopted the policy of not to depreciate in the year of purchase of an asset, however full

depreciation will be provided in the year of disposal.

Inventories

Inventories are valued at the lower of cost and net realisable value.

Research and development

Research and development expenditure is written off in the profit and loss account in the year in which it is

incurred except development expenditure incurred on individual projects. Where the recoverability of this

development expenditure can be foreseen with reasonable assurance it is capitalised and amortised in line with

sales from the relevant projects.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets

and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance

sheet date. All differences are taken to the profit and loss account.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks

and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and

depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance

sheet as a liability.

The interest element of the rental obligations 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.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

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.

Group accounts

The company and its subsidiary comprise a small group. The company has therefore chosen not to prepare

group accounts as per the exemption provided in section 402 of the Companies Act 2006 not to prepare group

financial statements and accordingly these financial statements present information about the company as a

single undertaking.

Deferred taxation

Full provision is made for deferred taxation resulting from material timing differences between the recognition of

gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an

un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will

reverse.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short

term deposits with an original maturity date of one month.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes

recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2016 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 29 February 2016

and 28 February 2017

6,161

AMORTISATION

At 29 February 2016

4,929

Charge for year

1,232

At 28 February 2017

6,161

NET BOOK VALUE

At 28 February 2017

-

At 28 February 2016

1,232

Research and development is being written off in equal annual instalments over its estimated economic life of 5

years.

5.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 29 February 2016

200,408

282,214

482,622

Additions

152,075

83,109

235,184

At 28 February 2017

352,483

365,323

717,806

DEPRECIATION

At 29 February 2016

95,094

167,998

263,092

Charge for year

20,844

18,327

39,171

At 28 February 2017

115,938

186,325

302,263

NET BOOK VALUE

At 28 February 2017

236,545

178,998

415,543

At 28 February 2016

105,314

114,216

219,530

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 29 February 2016

and 28 February 2017

2

NET BOOK VALUE

At 28 February 2017

2

At 28 February 2016

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

193,612

192,232

Other debtors

126,433

41,592

320,045

233,824

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

47,482

-

Trade creditors

203,107

67,920

Taxation and social security

3,745

2,807

Other creditors

75,646

19,848

329,980

90,575

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

73,313

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

11,482

-

Bank loans

109,313

-

120,795

-

11.	CONTINGENT LIABILITIES

Howard De Walden Estates Limited has a charge on the company amounting to £7,500. The Portman Estate

Nominees (One) Limited and the Portman Estate Nominees (Two) Limited also have a charge on the company

amounting to £18,750. Lloyds Bank PLC has a fixed and floating charge over the premises at 55 Neal Street,

London, WC2H 9PJ and the undertakings of the company.

12.	OTHER FINANCIAL COMMITMENTS

The company has annual commitments under non-cancellable operating leases amounting to £204,040 (2016:

£109,500) for the next five years.

13.	RELATED PARTY DISCLOSURES

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.

14.	TRANSITION TO FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 March 2015.

As there is no impact of the transition on the financial statements of the company, the reconciliation of equity

and profit & loss is not considered necessary.