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Registration number: SC465263

Clarks' Bakery Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Clarks' Bakery Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 9

 

Clarks' Bakery Limited

(Registration number: SC465263)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

18,283

54,851

Tangible assets

5

450,714

388,103

 

468,997

442,954

Current assets

 

Stocks

6

32,095

30,216

Debtors

7

538,396

453,492

Cash at bank and in hand

 

29,014

13,702

 

599,505

497,410

Creditors: Amounts falling due within one year

8

(542,085)

(561,837)

Net current assets/(liabilities)

 

57,420

(64,427)

Total assets less current liabilities

 

526,417

378,527

Creditors: Amounts falling due after more than one year

8

(232,054)

(207,842)

Provisions for liabilities

(79,996)

(68,876)

Net assets

 

214,367

101,809

Capital and reserves

 

Called up share capital

100

100

Retained earnings

214,267

101,709

Shareholders' funds

 

214,367

101,809

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

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Clarks' Bakery Limited

(Registration number: SC465263)
Statement of Financial Position as at 31 July 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

.........................................
Mr Jonathon Clark
Director

.........................................
Mr Alan E Clark
Director

 

Clarks' Bakery Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit3, Annfield Row
Peddie Street
DUNDEE
DD1 5JH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Clarks' Bakery Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% reducing balance

Computers & Equipment

50% reducing balance

Motor vehicles

25% reducing balance

Furniture & Fittings

15% reducing balance

Property

2% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Clarks' Bakery Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Clarks' Bakery Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 125 (2022 - 124).

 

Clarks' Bakery Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

365,684

365,684

At 31 July 2023

365,684

365,684

Amortisation

At 1 August 2022

310,833

310,833

Amortisation charge

36,568

36,568

At 31 July 2023

347,401

347,401

Carrying amount

At 31 July 2023

18,283

18,283

At 31 July 2022

54,851

54,851

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 August 2022

28,783

129,285

368,227

60,233

117,138

Additions

-

-

18,697

3,342

102,510

At 31 July 2023

28,783

129,285

386,924

63,575

219,648

Depreciation

At 1 August 2022

3,260

69,103

114,133

49,016

80,051

Charge for the year

510

8,539

37,071

5,499

10,319

At 31 July 2023

3,770

77,642

151,204

54,515

90,370

Carrying amount

At 31 July 2023

25,013

51,643

235,720

9,060

129,278

At 31 July 2022

25,523

60,182

254,094

11,217

37,087

 

Clarks' Bakery Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Total
£

Cost or valuation

At 1 August 2022

703,666

Additions

124,549

At 31 July 2023

828,215

Depreciation

At 1 August 2022

315,563

Charge for the year

61,938

At 31 July 2023

377,501

Carrying amount

At 31 July 2023

450,714

At 31 July 2022

388,103

Included within the net book value of land and buildings above is £25,013 (2022 - £25,523) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

32,095

30,216

7

Debtors

Current

2023
£

2022
£

Trade debtors

95,648

60,520

Prepayments

15,601

2,695

Other debtors

427,147

390,277

 

538,396

453,492

 

Clarks' Bakery Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

47,817

65,303

Trade creditors

 

202,244

231,934

Taxation and social security

 

188,364

146,301

Accruals and deferred income

 

39,683

37,466

Other creditors

 

63,977

80,833

 

542,085

561,837

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

232,054

207,842

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

162,268

175,822

Hire purchase contracts

69,786

32,020

232,054

207,842

2023
£

2022
£

Current loans and borrowings

Bank borrowings

20,061

20,061

Bank overdrafts

-

10,618

Hire purchase contracts

27,756

34,624

47,817

65,303