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REGISTERED NUMBER: SC258300 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Nicolas Homebake Ltd.

Nicolas Homebake Ltd. (Registered number: SC258300)






Contents of the Financial Statements
for the Year Ended 31 March 2024

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Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Nicolas Homebake Ltd.

Company Information
for the Year Ended 31 March 2024







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DIRECTORS: Mrs N L Ingram
Mrs L L Milne





REGISTERED OFFICE: Midtown of Badenspink
Banff
Aberdeenshire
AB45 2AQ





REGISTERED NUMBER: SC258300 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

Nicolas Homebake Ltd. (Registered number: SC258300)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
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FIXED ASSETS
Tangible assets 4 103,040 114,188

CURRENT ASSETS
Stocks 5 12,000 9,500
Debtors 6 26,674 28,065
Cash at bank and in hand 28,563 38,804
67,237 76,369
CREDITORS
Amounts falling due within one year 7 64,411 60,064
NET CURRENT ASSETS 2,826 16,305
TOTAL ASSETS LESS CURRENT
LIABILITIES

105,866

130,493

CREDITORS
Amounts falling due after more than one
year

8

14,806

22,717
NET ASSETS 91,060 107,776

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 91,058 107,774
SHAREHOLDERS' FUNDS 91,060 107,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Nicolas Homebake Ltd. (Registered number: SC258300)

Balance Sheet - continued
31 March 2024

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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 16 August 2024 and were signed on its behalf by:




Mrs N L Ingram - Director



Mrs L L Milne - Director


Nicolas Homebake Ltd. (Registered number: SC258300)

Notes to the Financial Statements
for the Year Ended 31 March 2024
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1. STATUTORY INFORMATION

Nicolas Homebake Ltd. is a private company, limited by shares , 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts (excluding value added tax) derived from the provision of goods to customers. Revenue is recognised at the point of sale

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Nicolas Homebake Ltd. (Registered number: SC258300)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 26,890 60,569 113,132 1,915 202,506
Additions - 2,405 14,995 - 17,400
At 31 March 2024 26,890 62,974 128,127 1,915 219,906
DEPRECIATION
At 1 April 2023 2,689 41,810 41,997 1,822 88,318
Charge for year 2,689 4,233 21,533 93 28,548
At 31 March 2024 5,378 46,043 63,530 1,915 116,866
NET BOOK VALUE
At 31 March 2024 21,512 16,931 64,597 - 103,040
At 31 March 2023 24,201 18,759 71,135 93 114,188

Nicolas Homebake Ltd. (Registered number: SC258300)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 113,132
Additions 14,995
At 31 March 2024 128,127
DEPRECIATION
At 1 April 2023 41,997
Charge for year 21,533
At 31 March 2024 63,530
NET BOOK VALUE
At 31 March 2024 64,597
At 31 March 2023 71,135

5. STOCKS
31.3.24 31.3.23
£    £   
Stock 12,000 9,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 17,919 20,620
VAT 5,831 5,460
Deferred tax asset 2,351 1,488
Prepayments 573 497
26,674 28,065

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 16,584 14,084
Trade creditors 19,008 19,180
Tax 18,363 16,399
Social security and other taxes 5,951 6,028
Other creditors 75 75
Directors' current accounts 691 659
Accrued expenses 3,739 3,639
64,411 60,064

Nicolas Homebake Ltd. (Registered number: SC258300)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
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8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 14,806 22,717

9. RELATED PARTY DISCLOSURES

The Director operates a current account with the company and as at 31 March 2024 the balance owed to the director was £691 (2023: £659). There are no fixed terms of repayment and no interest is accrued.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Nicola Ingram & Linda Milne.