Silverfin false 28/02/2023 01/03/2022 28/02/2023 Ailsa Jane Campbell 01/07/2013 Iain Robert Campbell 18/10/2006 09 November 2023 The principal activity of the Company continues to be the operation of a bakery. SC310574 2023-02-28 SC310574 bus:Director1 2023-02-28 SC310574 bus:Director2 2023-02-28 SC310574 2022-02-28 SC310574 core:CurrentFinancialInstruments 2023-02-28 SC310574 core:CurrentFinancialInstruments 2022-02-28 SC310574 core:Non-currentFinancialInstruments 2023-02-28 SC310574 core:Non-currentFinancialInstruments 2022-02-28 SC310574 core:ShareCapital 2023-02-28 SC310574 core:ShareCapital 2022-02-28 SC310574 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC310574 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC310574 core:Goodwill 2022-02-28 SC310574 core:Goodwill 2023-02-28 SC310574 core:LandBuildings 2022-02-28 SC310574 core:OtherPropertyPlantEquipment 2022-02-28 SC310574 core:LandBuildings 2023-02-28 SC310574 core:OtherPropertyPlantEquipment 2023-02-28 SC310574 2021-02-28 SC310574 bus:OrdinaryShareClass1 2023-02-28 SC310574 core:WithinOneYear 2023-02-28 SC310574 core:WithinOneYear 2022-02-28 SC310574 core:BetweenOneFiveYears 2023-02-28 SC310574 core:BetweenOneFiveYears 2022-02-28 SC310574 core:KeyManagementPersonnel 2023-02-28 SC310574 core:KeyManagementPersonnel 2022-02-28 SC310574 2022-03-01 2023-02-28 SC310574 bus:FullAccounts 2022-03-01 2023-02-28 SC310574 bus:SmallEntities 2022-03-01 2023-02-28 SC310574 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC310574 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC310574 bus:Director1 2022-03-01 2023-02-28 SC310574 bus:Director2 2022-03-01 2023-02-28 SC310574 core:Goodwill core:TopRangeValue 2022-03-01 2023-02-28 SC310574 core:Goodwill 2022-03-01 2023-02-28 SC310574 core:LandBuildings 2022-03-01 2023-02-28 SC310574 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 SC310574 2021-03-01 2022-02-28 SC310574 core:CurrentFinancialInstruments 2022-03-01 2023-02-28 SC310574 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 SC310574 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC310574 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 SC310574 core:KeyManagementPersonnel 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC310574 (Scotland)

CAMPBELL'S BAKERY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

CAMPBELL'S BAKERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

CAMPBELL'S BAKERY LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2023
CAMPBELL'S BAKERY LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 26,125 35,625
Tangible assets 4 67,711 89,301
93,836 124,926
Current assets
Stocks 5 15,354 12,594
Debtors 6 6,952 9,928
Cash at bank and in hand 7 23,457 22,791
45,763 45,313
Creditors: amounts falling due within one year 8 ( 50,620) ( 49,631)
Net current liabilities (4,857) (4,318)
Total assets less current liabilities 88,979 120,608
Creditors: amounts falling due after more than one year 9 ( 65,800) ( 82,314)
Provision for liabilities 10, 11 ( 11,185) ( 15,413)
Net assets 11,994 22,881
Capital and reserves
Called-up share capital 12 10 10
Profit and loss account 11,984 22,871
Total shareholders' funds 11,994 22,881

For the financial year ending 28 February 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 Campbell's Bakery Limited (registered number: SC310574) were approved and authorised for issue by the Director on 09 November 2023. They were signed on its behalf by:

Iain Robert Campbell
Director
CAMPBELL'S BAKERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
CAMPBELL'S BAKERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 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

Campbell's Bakery 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 59 King Street, Crieff, Perthshire, PH7 3HB, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the operation of a bakery 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 10 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 reducing balance basis over its expected useful life, as follows:

Land and buildings 20 % reducing balance
Plant and machinery etc. 20 - 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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 and loans from fellow group companies are initially 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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 7 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2022 95,000 95,000
At 28 February 2023 95,000 95,000
Accumulated amortisation
At 01 March 2022 59,375 59,375
Charge for the financial year 9,500 9,500
At 28 February 2023 68,875 68,875
Net book value
At 28 February 2023 26,125 26,125
At 28 February 2022 35,625 35,625

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2022 81,491 307,225 388,716
Disposals 0 ( 2,889) ( 2,889)
At 28 February 2023 81,491 304,336 385,827
Accumulated depreciation
At 01 March 2022 64,897 234,518 299,415
Charge for the financial year 3,319 17,673 20,992
Disposals 0 ( 2,291) ( 2,291)
At 28 February 2023 68,216 249,900 318,116
Net book value
At 28 February 2023 13,275 54,436 67,711
At 28 February 2022 16,594 72,707 89,301

5. Stocks

2023 2022
£ £
Stocks 15,354 12,594

6. Debtors

2023 2022
£ £
Trade debtors 593 521
Corporation tax 0 4,624
Other debtors 6,359 4,783
6,952 9,928

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 23,457 22,791

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,730 6,953
Corporation tax 2,295 0
Other taxation and social security 1,464 1,049
Obligations under finance leases and hire purchase contracts 6,620 6,360
Other creditors 21,511 35,269
50,620 49,631

In addition to this, bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,312 33,206
Obligations under finance leases and hire purchase contracts 10,415 17,035
Other creditors 32,073 32,073
65,800 82,314

Bank borrowings relate to the bounce back loan scheme and are fully covered by a government backed guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 11,185 15,413

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 15,413) ( 5,074)
Credited/(charged) to the Statement of Income and Retained Earnings 4,228 ( 10,339)
At the end of financial year ( 11,185) ( 15,413)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 A Class ordinary shares of £ 1.00 each 10 10

13. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 6,000 9,072
between one and five years 12,000 0
18,000 9,072

14. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2023 2022
£ £
Directors' Loan 5,197 17,075

The loan is interest free, unsecured and has no fixed terms of repayment.