East Coast Bakehouse, a prominent player in the biscuit manufacturing industry, is facing significant repercussions due to its failure to file its annual return and financial statements on time.
The company, owned by Michael Carey, the chairman of Enterprise Ireland, has incurred a £1,200 late filing fee for the overdue documents. According to regulations, companies are obligated to submit their annual returns within 56 days after the relevant period. Failure to comply not only results in financial penalties but also puts the company at risk of an involuntary strike-off by the companies office.
Despite these challenges, East Coast Bakehouse has demonstrated impressive growth and performance in recent years with notable contract wins and ambitious expansion plans.
Late Filings and Financial Statements
Despite the legal requirement to file annual returns and financial statements on time, East Coast Bakehouse’s failure to do so has resulted in fines and potential consequences.
The company has failed to file its annual return and financial statements with the Companies Registration Office, and these documents are now months late. As a result, East Coast Bakehouse will incur a £1,200 late filing fee.
Companies are obligated to file their annual returns no later than 56 days after the date to which it is made up. Failure to file on time incurs a £100 penalty on the day after the filing deadline, along with a subsequent £3-a-day daily late fee. The maximum late filing fee that can be imposed is £1,200 per return.
Furthermore, late filing can also result in an involuntary strike-off by the companies office.
Implications of Filing Late
East Coast Bakehouse’s failure to lodge its annual return and financial statements promptly has triggered a series of repercussions and fines. Companies that fail to lodge on time will incur a penalty of £100 on the day following the filing deadline, in addition to a subsequent daily late fee of £3. The maximum late filing fee that can be imposed is £1,200 per return.
Apart from financial penalties, late lodgement can also lead to an involuntary strike-off by the companies office. In the case of East Coast Bakehouse, the late filing fee of £1,200 will need to be paid. It is essential for companies to adhere to filing deadlines to avoid these consequences and ensure compliance with regulatory requirements.
Ownership and Investors
Enterprise Ireland chairman Michael Carey and his wife, Alison Cowzer, are among the key owners and investors of East Coast Bakehouse. The company is also supported by other notable investors, including Patrick Joy, the founder of Suretank; Laurence Shields, the founder of LK Shields solicitors; Donard Gaynor, a former executive with Beam; and Stephen Twaddle, a former president of Kellogg Europe.
With such a strong group of investors, East Coast Bakehouse has been able to secure major contract wins with UK retail multiples. Despite the recent late filings and potential consequences, the company is on a path of growth and success. It is the fastest-growing biscuit maker in Europe, with revenues rapidly increasing and plans to invest £10 million in a new production line.
Financial Performance and Growth
With accumulated losses of £20.7m by early 2021, East Coast Bakehouse’s financial performance and growth have been a subject of scrutiny and anticipation. However, despite these losses, the company is now on track to achieve its original expectations, with rapidly accelerating revenues.
Currently, 65% of its sales are exported to markets such as the UK, Scandinavia, and Germany, with contracts secured with major retailers such as Aldi and Asda in the UK. The company aims to achieve profitability on an operating basis by the 2025 financial year and is already profitable on an earnings basis.
East Coast Bakehouse is also experiencing significant expansion, employing 135 people and planning a major £10m investment to add a new production line. Its annualized revenue is now running at £24m, making it the fastest-growing biscuit maker in Europe.
Expansion and Employment
Despite facing potential repercussions for late filings, East Coast Bakehouse continues to experience substantial expansion and has significantly increased its employment numbers.
The company, which is the fastest-growing biscuit maker in Europe, currently employs 135 people. In line with its growth plans, East Coast Bakehouse is set to invest £10 million in adding a major new production line. This investment reflects the company’s confidence in its future prospects and its commitment to meeting the increasing demand for its products.
The company’s revenue for the 12 months ending in February 2022 was just under £5 million, but it has now reached an annualized revenue of £24 million. Despite the challenges posed by the late filings, East Coast Bakehouse remains focused on expanding its operations and creating more employment opportunities.
Final result
In conclusion, East Coast Bakehouse’s failure to file its annual return and financial statements on time has resulted in significant consequences, including a £1,200 late filing fee and the potential risk of involuntary strike-off.
Despite these challenges, the company has demonstrated promising growth and performance in recent years, with major contract wins and plans for expansion.
With careful management and adherence to filing regulations, East Coast Bakehouse is well-positioned for continued success in the biscuit manufacturing industry.
