This translates to "you have bread" but I am confused because ihr is supposed to be "your" right?
Not in this case. In this sentence, "ihr" is the second-person plural informal - so it is being used as a nominative-case pronoun.
Ihr habt Brot. - You (guys) have bread.
Das ist ihr Brot. - That is her bread.
Don't fear! Cluney2 to the rescue! It can mean both but 'Ihr' in this context means 'you guys'