2023-01-012023-12-312023-12-31falseSC543706WILD HEARTH BAKERY 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WILD HEARTH BAKERY LIMITED

Registered Number
SC543706
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

WILD HEARTH BAKERY LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CASTLEY, John Joseph
ROGERS, Caroline Anne

Company Secretary

C A Rogers

Registered Address

42 Comrie Street
Crieff
PH7 4AX

Registered Number

SC543706 (Scotland)
WILD HEARTH BAKERY LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3423,015214,553
423,015214,553
Current assets
Stocks412,000-
Debtors555,13456,908
Cash at bank and on hand79,429122,609
146,563179,517
Creditors amounts falling due within one year6(136,605)(142,078)
Net current assets (liabilities)9,95837,439
Total assets less current liabilities432,973251,992
Creditors amounts falling due after one year7(123,220)(24,804)
Provisions for liabilities8(35,756)(29,452)
Net assets273,997197,736
Capital and reserves
Called up share capital1010
Profit and loss account273,987197,726
Shareholders' funds273,997197,736
The financial statements were approved and authorised for issue by the Board of Directors on 27 February 2024, and are signed on its behalf by:
CASTLEY, John Joseph
Director
Registered Company No. SC543706
WILD HEARTH BAKERY LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the provisions of Section 1A' Small Entitles' (FRS102 section 1A) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going concern
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in currencies other than the functional currency are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. All exchange differences are taken into profit and loss
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured as the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings-10
Vehicles25-
Office Equipment3325
Finance leases and hire purchase contracts
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. Assets held under finance leases (which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company) and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of the useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20232022
Average number of employees during the year3024
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 January 2369,360238,81843,8385,058357,074
Additions41,387119,114127,2202,044289,765
Disposals-(2,300)(43,838)-(46,138)
At 31 December 23110,747355,632127,2207,102600,701
Depreciation and impairment
At 01 January 23-119,33120,5492,641142,521
Charge for year-34,87822,47899858,354
On disposals-(1,050)(22,139)-(23,189)
At 31 December 23-153,15920,8883,639177,686
Net book value
At 31 December 23110,747202,473106,3323,463423,015
At 31 December 2269,360119,48723,2892,417214,553
4.Stocks

2023

2022

££
Raw materials and consumables12,000-
Total12,000-
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables42,51450,015
Other debtors4,5681,918
Prepayments and accrued income7,9274,850
Total55,00956,783
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,62814,150
Bank borrowings and overdrafts22,50010,000
Taxation and social security41,68125,948
Finance lease and HP contracts23,083-
Other creditors43,03886,024
Accrued liabilities and deferred income4,6755,956
Total136,605142,078
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts52,41924,804
Other creditors70,801-
Total123,22024,804
The bank borrowings and overdrafts relate to a Business Bounce Back Loan from Royal Bank of Scotland, guaranteed by the UK Government and is unsecured. It bears interest at 2.5% and is repayable over a 5 year term. They also include a £50,000 business loan from Royal Bank of Scotland drawn down in December 2023. This loan is unsecured bears interest at 8.55% and is repayable over a 4 year term. The other creditors comprise liabilities under finance leases and hire purchase contracts falling due after one year which are secured over the individual assets in respect of which the finance was taken.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)35,75629,452
Total35,75629,452
9.Capital commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £28,000 (2022: £42,000) and are in relation to commitments under operating leases.
10.Related party transactions
At the year end the company owed the director £40,570 (2022: £83,400).