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REGISTERED NUMBER: SC181670 (Scotland)









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: J H W Gall
D A Henderson
L Hill
A J Marr
S D Matheson
C J Mc Phie
I C Mcghee
K J Mcvey
R J Miles
M Phillips
G R Reid
B Sarafilovic
A Sarafilovic
M M Stuart
K J Stuart
S N Simson
A R Chisholm
C M S Milne


REGISTERED OFFICE: 2 Halbeath Interchange Business Park
Kingseat Road
Halbeath
Dunfermline
Fife
KY11 8RY


REGISTERED NUMBER: SC181670 (Scotland)


AUDITORS: Haines Watts Scotland
Business Advisors, Accountants and
Statutory Auditors
Q Court
3 Quality Street
Edinburgh
EH4 5BP


BANKERS: Clydesdale
115 Queensferry Road
Rosyth
KY11 2PT


SOLICITORS: Lindsays
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 4 188,333 179,613
Investments 5 1,139,400 1,202,444
1,327,733 1,382,057

CURRENT ASSETS
Stocks 4,996 4,996
Debtors 6 232,452 287,399
Cash at bank 743,138 725,040
980,586 1,017,435
CREDITORS
Amounts falling due within one year 7 343,522 419,862
NET CURRENT ASSETS 637,064 597,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,964,797

1,979,630

RESERVES
Income and expenditure account 1,964,797 1,979,630
1,964,797 1,979,630

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 November 2023 and were signed on its behalf by:





I C Mcghee - Director


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 private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 31 (2022 - 29 ) .

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 299,375 6,731 108,904 118,197 533,207
Additions - - 1,218 30,171 31,389
Disposals - - - (20,809 ) (20,809 )
At 31 March 2023 299,375 6,731 110,122 127,559 543,787
DEPRECIATION
At 1 April 2022 141,213 5,214 107,242 99,925 353,594
Charge for year 3,882 674 1,823 16,290 22,669
Eliminated on disposal - - - (20,809 ) (20,809 )
At 31 March 2023 145,095 5,888 109,065 95,406 355,454
NET BOOK VALUE
At 31 March 2023 154,280 843 1,057 32,153 188,333
At 31 March 2022 158,162 1,517 1,662 18,272 179,613

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 164,850 149,024
VAT 1,384 -
Prepayments and accrued income 66,218 138,375
232,452 287,399

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 15,403 25,656
Social security and other taxes 14,436 14,431
VAT - 20,192
Other creditors 3,343 23,112
Subscriptions in advance 133,881 161,040
Accruals and deferred income 176,459 175,431
343,522 419,862

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Hunter (Senior Statutory Auditor)
for and on behalf of Haines Watts Scotland

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.