REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
S.A.M.B. |
T/A |
SCOTTISH BAKERS |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
S.A.M.B. |
T/A |
SCOTTISH BAKERS |
S.A.M.B. (REGISTERED NUMBER: SC181670) |
T/A SCOTTISH BAKERS |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
S.A.M.B. |
T/A SCOTTISH BAKERS |
COMPANY INFORMATION |
for the year ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Business Advisors, Accountants and |
Statutory Auditors |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
BANKERS: |
115 Queensferry Road |
Rosyth |
KY11 2PT |
SOLICITORS: |
Caledonian Exchange |
19a St Canning St |
Edinburgh |
EH3 8HE |
S.A.M.B. (REGISTERED NUMBER: SC181670) |
T/A SCOTTISH BAKERS |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
S.A.M.B. (REGISTERED NUMBER: SC181670) |
T/A SCOTTISH BAKERS |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
S.A.M.B. is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3). The company's functional and presentational currency is GBP. The level of rounding applied is to the nearest pound. |
GOING CONCERN |
The company has made a deficit for the period of £14,833 (2022 - surplus of £99,675). The company has net current assets of £637,064 (2022 - £597,573) and net assets of £1,964,797 (2022 - £1,979,630). S.A.M.B. receive training and awarding body funding each year as well as income from subscriptions, membership and events. The surplus for the period includes a significant increase in value registered with our investment portfolio attributable to the gradual recovery of markets experienced during the year. |
Forecasts have been prepared which cover the period ended 31 March 2024. These forecast the expected position on income and expenditure based on discussions with training partners and funders and predict a continued operating surplus for the year ahead. |
In addition to these forecasts, a reverse stress test has been performed which considers the impact on liquid resources should no income other than membership income be received in the years ending 31 March 2024 or 31 March 2025 but with no reduction in overhead expenditure. Due to the level of cash and investments, this demonstrates that there are sufficient liquid resources to allow the company to continue to meet all liabilities as they fall due in the required period of assessment. |
Therefore, the directors consider it appropriate to adopt the going concern basis as there are no identified events or conditions that may cast material uncertainty about the ability of the company to continue as a going concern. |
TURNOVER |
The turnover shown in the Statement of Income and Retained Earnings represents amounts invoiced during the year for member's subscriptions, conference income, project management and training, exclusive of Value Added Tax. Turnover is recognised on an accruals basis in the year to which it relates. |
TANGIBLE FIXED ASSETS |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Heritable Property | - 2% Straight Line |
Tenant's Improvements | - 20% Straight Line |
President Badges | - 25% Straight Line |
Fixtures & Equipment | - ranging between 12.5% - 25% Straight Line |
Motor Vehicles | - 25% Straight Line |
Computer Equipment | - 50% Straight Line in first year, then 33% thereafter |
There is no land included within Heritable Property. |
S.A.M.B. (REGISTERED NUMBER: SC181670) |
T/A SCOTTISH BAKERS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
GOVERNMENT GRANTS |
Income from government grants is recognised at fair value when there is reasonable assurance that the company will comply with the conditions attached to them and the grants will be received. Income from government grants is in relation to the Job Retention Scheme, and is treated as other operating income. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock is stated at the lower of cost or net realisable value after considering any obsolescence. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
S.A.M.B. (REGISTERED NUMBER: SC181670) |
T/A SCOTTISH BAKERS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
INVESTMENTS |
Investments are held at market value which is derived from the bid price. Gains and losses on disposal are charged to the Statement of Income and Retained Earnings in the year they incur. |
DEBTORS |
Short term debtors are measured at transaction price, less any impairment. |
CASH AND CASH EQUIVALENTS |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
CREDITORS |
Short term creditors are measured at the transaction price. |
FINANCIAL INSTRUMENTS |
Under FRS 102 financial assets and liabilities are given the technical term "financial instruments", and the directors are required to indicate how these are recognised and measured in the financial statements. All financial instruments held by the company are considered basic and as such are treated in line with well established accounting convention. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
S.A.M.B. (REGISTERED NUMBER: SC181670) |
T/A SCOTTISH BAKERS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Heritable | & equipment |
property | and |
Tenant's | President | computer | Motor |
Improvements | Badges | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Listed investments | 1,139,400 | 1,202,444 |
Movement in market value |
Market value at 1 April | 1,202,444 | 1,160,574 |
Acquisitions at cost | 386,477 | 337,484 |
Disposals at opening carrying value | (199,879 | ) | (345,868 | ) |
Unrealised gain / (loss) in year | (249,642 | ) | 50,254 |
1,139,400 | 1,202,444 |
2023 | 2022 |
£ | £ |
Historical cost at 31 March | 568,201 | 631,245 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
S.A.M.B. (REGISTERED NUMBER: SC181670) |
T/A SCOTTISH BAKERS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | - | 20,192 |
Other creditors |
Subscriptions in advance |
Accruals and deferred income |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,386 (2022 - £7,693). Contributions totalling £1,735 (2022 - £1,825) were payable to the fund at the reporting date and are included in creditors. |
10. | 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. |
11. | MEMBERS' FUNDS |
This is a company limited by guarantee and does not have a share capital. Each member of the company has agreed to contribute an amount not exceeding £1 to the assets of the company in the event of winding up. |