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REGISTERED NUMBER: SC423988 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

THE HANDMADE SHORTBREAD CO. LTD

THE HANDMADE SHORTBREAD CO. LTD (REGISTERED NUMBER: SC423988)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


THE HANDMADE SHORTBREAD CO. LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs J Park
T Park





REGISTERED OFFICE: Oakfield House
378 Brandon Street
Motherwell
ML1 1XA





REGISTERED NUMBER: SC423988 (Scotland)





ACCOUNTANTS: Watson & Co.
Oakfield House
378 Brandon Street
Motherwell
NORTH LANARKSHIRE
ML1 1XA

THE HANDMADE SHORTBREAD CO. LTD (REGISTERED NUMBER: SC423988)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,724 23,986

CURRENT ASSETS
Stocks 16,945 21,485
Debtors 195,997 198,842
Cash at bank and in hand 32,268 2,843
245,210 223,170
CREDITORS
Amounts falling due within one year 74,102 112,279
NET CURRENT ASSETS 171,108 110,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

213,832

134,877

CREDITORS
Amounts falling due after more than one
year

11,075

8,800
NET ASSETS 202,757 126,077

CAPITAL AND RESERVES
Called up share capital 8,000 8,000
Share premium 142,475 142,475
Retained earnings 52,282 (24,398 )
202,757 126,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

THE HANDMADE SHORTBREAD CO. LTD (REGISTERED NUMBER: SC423988)

Abridged Balance Sheet - continued
31 December 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 September 2024 and were signed on its behalf by:





Mrs J Park - Director


THE HANDMADE SHORTBREAD CO. LTD (REGISTERED NUMBER: SC423988)

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

1. STATUTORY INFORMATION

The Handmade Shortbread Co. 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.

The accounts have been prepared on a going concern basis because certain of the company's creditors have agreed to provide financial support for the foreseeable future.

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

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.
Plant and machinery etc - 25% on cost, 20% on cost and 15% 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 Income Statement, 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.

THE HANDMADE SHORTBREAD CO. LTD (REGISTERED NUMBER: SC423988)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 8 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 206,613
Additions 33,836
At 31 December 2023 240,449
DEPRECIATION
At 1 January 2023 182,627
Charge for year 15,098
At 31 December 2023 197,725
NET BOOK VALUE
At 31 December 2023 42,724
At 31 December 2022 23,986

THE HANDMADE SHORTBREAD CO. LTD (REGISTERED NUMBER: SC423988)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 69,702
Additions 33,836
Transfer to ownership (36,757 )
At 31 December 2023 66,781
DEPRECIATION
At 1 January 2023 47,501
Charge for year 11,400
Transfer to ownership (33,088 )
At 31 December 2023 25,813
NET BOOK VALUE
At 31 December 2023 40,968
At 31 December 2022 22,201

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 23,430 21,217

6. CONTINGENT LIABILITIES

The company has received grants from South Lanarkshire Council. The balance at the end of the period is £0 (2020 - £1,787). Those grants may need to be repaid in the event of the company ceasing to trade or the principal place of trading ceasing to be in South Lanarkshire or grant conditions not being fully complied with.

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors' advances as at 31 December 2023 are £5,603.90, which were repaid in full within 9 months of the year end.. The balance is split as follows between the two directors: J Park £2,801.95 and T Park £2.801.95. No interest is being charged in respect of the loan and there are no fixed terms for repayment.