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REGISTERED NUMBER: SC446967 (Scotland)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FOR ALL BAKING LTD

FOR ALL BAKING LTD (REGISTERED NUMBER: SC446967)






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


FOR ALL BAKING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: U Osmundsen
T A Osmundsen





REGISTERED OFFICE: 2 Little Drum Road
Orchardton Woods
Cumbernauld
Glasgow
G68 9LH





REGISTERED NUMBER: SC446967 (Scotland)





AUDITORS: McDaid & Partners
Chartered Accountants
Statutory Auditors
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

FOR ALL BAKING LTD (REGISTERED NUMBER: SC446967)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,632 2,497

CURRENT ASSETS
Stocks 34,536 51,748
Debtors 6 365,369 327,754
Cash at bank 131,050 53,864
530,955 433,366
CREDITORS
Amounts falling due within one year 7 185,372 199,767
NET CURRENT ASSETS 345,583 233,599
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,215

236,096

PROVISIONS FOR LIABILITIES 8 408 624
NET ASSETS 346,807 235,472

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 346,797 235,462
SHAREHOLDERS' FUNDS 346,807 235,472

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





U Osmundsen - Director


FOR ALL BAKING LTD (REGISTERED NUMBER: SC446967)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

For All Baking 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

Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 012") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1a of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going Concern
The directors, after making enquiries and having considered the company's business, its financial plans and the facilities available to finance the business, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have received confirmation from Orkla ASA, that it will provide ongoing financial support if required to the extent necessary to enable the Company to meet its financial liabilities as they fall due for a period of twelve months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings10% on cost
Computer equipment35% on cost

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.

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

Taxation
The tax expense represents the sum of tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.


FOR ALL BAKING LTD (REGISTERED NUMBER: SC446967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amounts of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors,bank loans, 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 on 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 form suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented a non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.

FOR ALL BAKING LTD (REGISTERED NUMBER: SC446967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash - generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less that its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash- generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short -term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. AUDITORS' REMUNERATION

Fees payable to the company's auditor and associates for the audit of the financial statements of the company is £7,900 (2022 £6,688).

FOR ALL BAKING LTD (REGISTERED NUMBER: SC446967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures Computer
& fittings equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 2,889 2,353 5,242
DEPRECIATION
At 1 April 2022 968 1,777 2,745
Charge for year 289 576 865
At 31 March 2023 1,257 2,353 3,610
NET BOOK VALUE
At 31 March 2023 1,632 - 1,632
At 31 March 2022 1,921 576 2,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£    £   
Trade debtors 23,003 31,480
Amounts owed by group undertakings 305,442 256,646
Other debtors 36,924 39,628
365,369 327,754

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£    £   
Trade creditors - 2,593
Amounts owed to group undertakings 147,139 141,307
Taxation and social security 23,770 10,709
Other creditors 14,463 45,158
185,372 199,767

8. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
as restated
£    £   
Deferred tax 408 624

Deferred
tax
£   
Balance at 1 April 2022 624
Accelerated capital allowances (216 )
Balance at 31 March 2023 408

FOR ALL BAKING LTD (REGISTERED NUMBER: SC446967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

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

The Report of the Auditors was qualified on the following basis:

Basis for Qualified opinion
In seeking to form an opinion on the financial statements we considered the implications of the significant uncertainties concerning the following:-

1. There was no attendance at the stock take, therefore we cannot quantify the physical existence of stock at the financial year end. Nor can we corroborate with any other external evidence the existence of stock is correct within the financial statements.

2. The stock valuation cannot be verified as insufficient audit evidence was made available to corroborate the stock values in the financial statements.

Because of the significance of the possible impact of the uncertainties described above we have not been able to obtain sufficient appropriate audit evidence in this area.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Maureen O'Donnell (Senior Statutory Auditor)
for and on behalf of McDaid & Partners

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
as restated
£    £   
F Donnelly
Balance outstanding at start of year - (76,875 )
Amounts advanced - 76,875
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Director's loan is given interest free and is repayable upon demand.

11. ULTIMATE CONTROLLING PARTY

On 30 April 2021 the company was acquired by NIC Enterprises Limited.

The immediate parent company is NIC Enterprises Limited, a company incorporated in England and Wales, which holds 100% of the share capital of For All Baking Limited.

The ultimate parent company and controlling party is Orkla ASA, a company incorporated in Norway. The accounts are included within the consolidated accounts of Orkla ASA which are publicly available from Orkla ASA, P.O. Box 423,Skoyen,N -0213 Oslo,Norway.