Silverfin false 31/05/2023 01/06/2022 31/05/2023 William Mclaren 22/10/2022 28/12/2000 Karen Frances Murray 28/12/2000 Sarah Allison Campbell Symns 10/04/2023 01 November 2023 The principal activity of the Company during the financial year continued to be that of bakers. SC214218 2023-05-31 SC214218 bus:Director1 2023-05-31 SC214218 bus:Director2 2023-05-31 SC214218 bus:Director3 2023-05-31 SC214218 2022-05-31 SC214218 core:CurrentFinancialInstruments 2023-05-31 SC214218 core:CurrentFinancialInstruments 2022-05-31 SC214218 core:ShareCapital 2023-05-31 SC214218 core:ShareCapital 2022-05-31 SC214218 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC214218 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC214218 core:Goodwill 2022-05-31 SC214218 core:Goodwill 2023-05-31 SC214218 core:LandBuildings 2022-05-31 SC214218 core:OtherPropertyPlantEquipment 2022-05-31 SC214218 core:LandBuildings 2023-05-31 SC214218 core:OtherPropertyPlantEquipment 2023-05-31 SC214218 2021-05-31 SC214218 bus:OrdinaryShareClass1 2023-05-31 SC214218 bus:OrdinaryShareClass2 2023-05-31 SC214218 2022-06-01 2023-05-31 SC214218 bus:FullAccounts 2022-06-01 2023-05-31 SC214218 bus:SmallEntities 2022-06-01 2023-05-31 SC214218 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC214218 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC214218 bus:Director1 2022-06-01 2023-05-31 SC214218 bus:Director2 2022-06-01 2023-05-31 SC214218 bus:Director3 2022-06-01 2023-05-31 SC214218 core:Goodwill core:TopRangeValue 2022-06-01 2023-05-31 SC214218 core:Goodwill 2022-06-01 2023-05-31 SC214218 core:LandBuildings 2022-06-01 2023-05-31 SC214218 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 SC214218 2021-06-01 2022-05-31 SC214218 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC214218 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 SC214218 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 SC214218 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC214218 (Scotland)

JAMES MCLAREN & SON (BAKERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH THE REGISTRAR

JAMES MCLAREN & SON (BAKERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

JAMES MCLAREN & SON (BAKERS) LIMITED

BALANCE SHEET

AS AT 31 MAY 2023
JAMES MCLAREN & SON (BAKERS) LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 21,149 51,690
21,149 51,690
Current assets
Stocks 21,000 21,000
Debtors 5 5,307 13,744
Cash at bank and in hand 13,778 8,087
40,085 42,831
Creditors: amounts falling due within one year 6 ( 35,679) ( 40,766)
Net current assets 4,406 2,065
Total assets less current liabilities 25,555 53,755
Provision for liabilities 7 0 ( 788)
Net assets 25,555 52,967
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 25,455 52,867
Total shareholders' funds 25,555 52,967

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of James Mclaren & Son (Bakers) Limited (registered number: SC214218) were approved and authorised for issue by the Director on 01 November 2023. They were signed on its behalf by:

Karen Frances Murray
Director
JAMES MCLAREN & SON (BAKERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
JAMES MCLAREN & SON (BAKERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

James Mclaren & Son (Bakers) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 22-26 Market Street, Forfar, Angus, DD8 3EW, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors confirm that they will continue to support the company for at least twelve months following the date of approval of these financial statements. They also confirm that they will not seek repayment of their directors' loan balance until all other creditors have been met.

Turnover

Turnover represents amounts receivable for the operation of bakeries net of VAT and trade discounts.

Revenue is recognised on the sale of goods.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 15 % reducing balance
Plant and machinery etc. 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 25

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2022 230,000 230,000
At 31 May 2023 230,000 230,000
Accumulated amortisation
At 01 June 2022 230,000 230,000
At 31 May 2023 230,000 230,000
Net book value
At 31 May 2023 0 0
At 31 May 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2022 7,617 237,083 244,700
Additions 3,367 0 3,367
Disposals 0 ( 35,729) ( 35,729)
At 31 May 2023 10,984 201,354 212,338
Accumulated depreciation
At 01 June 2022 5,839 187,171 193,010
Charge for the financial year 730 8,366 9,096
Disposals 0 ( 10,917) ( 10,917)
At 31 May 2023 6,569 184,620 191,189
Net book value
At 31 May 2023 4,415 16,734 21,149
At 31 May 2022 1,778 49,912 51,690

5. Debtors

2023 2022
£ £
Other debtors 5,307 13,744

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 8,509 0
Trade creditors 11,043 18,353
Other taxation and social security 4,679 4,856
Other creditors 11,448 17,557
35,679 40,766

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 788) 0
Credited/(charged) to the Statement of Income and Retained Earnings 788 ( 788)
At the end of financial year 0 ( 788)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
95 A ordinary shares of £ 1.00 each 95 95
5 B ordinary shares of £ 1.00 each 5 5
100 100

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 24,000 24,000