Company Registration No. SC622696 (Scotland)
Clyde Bakery Limited
Unaudited accounts
for the year ended 29 February 2024
Clyde Bakery Limited
Unaudited accounts
Contents
Clyde Bakery Limited
Company Information
for the year ended 29 February 2024
Director
Janine Susan Assadi
Company Number
SC622696 (Scotland)
Registered Office
20 FORTH STREET
GLASGOW
G41 2SS
UNITED KINGDOM
Accountants
Nairn Ltd
29 St Andrews Park
Troon
Ayrshire
KA10 7GQ
Clyde Bakery Limited
Statement of financial position
as at 29 February 2024
Tangible assets
173,888
180,019
Cash at bank and in hand
24,155
56,893
Creditors: amounts falling due within one year
(272,120)
(160,295)
Net current (liabilities)/assets
(126,154)
98,546
Total assets less current liabilities
47,863
278,694
Creditors: amounts falling due after more than one year
(21,235)
(233,271)
Provisions for liabilities
Deferred tax
(5,040)
(8,611)
Called up share capital
100
100
Profit and loss account
21,488
36,712
Shareholders' funds
21,588
36,812
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 October 2024 and were signed on its behalf by
Janine Susan Assadi
Director
Company Registration No. SC622696
Clyde Bakery Limited
Notes to the Accounts
for the year ended 29 February 2024
Clyde Bakery Limited is a private company, limited by shares, registered in Scotland, registration number SC622696. The registered office is 20 FORTH STREET, GLASGOW, G41 2SS, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Clyde Bakery Limited
Notes to the Accounts
for the year ended 29 February 2024
On 20 January 2023, the company had a fire at their trading premises which ceased production for a considerable period of time.
Insurance payouts were received periodically during the period from April 2023 to October 2023.
This material event has had a significant impact on the business, but the director believes through careful stewardship can remain a going concern.
The position will be reviewed on a continual basis.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2023
205,078
106,114
6,041
317,233
Additions
5,905
-
37,026
42,931
At 29 February 2024
210,983
106,114
43,067
360,164
At 1 March 2023
81,835
52,351
3,028
137,214
Charge for the year
22,210
20,826
6,026
49,062
At 29 February 2024
104,045
73,177
9,054
186,276
At 29 February 2024
106,938
32,937
34,013
173,888
At 28 February 2023
123,243
53,763
3,013
180,019
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
28,561
77,142
5
Investments
Subsidiary undertakings
Valuation at 1 March 2023
129
Valuation at 29 February 2024
129
Clyde Bakery Limited owns 129 ordinary shares, or 100% of the issued share capital of Baker's House Limited
Clyde Bakery Limited
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
Trade debtors
4,779
29,291
Accrued income and prepayments
12,635
-
Other debtors
77,143
168,149
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
1,269
1,269
Obligations under finance leases and hire purchase contracts
9,995
20,326
Trade creditors
75,081
65,168
Taxes and social security
12,564
11,886
Other creditors
7,683
61,646
Loans from directors
160,515
-
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
19,648
26,337
Loans from directors
-
204,078
10
Deferred taxation
2024
2023
Accelerated capital allowances
5,040
8,611
Provision at start of year
8,611
34,979
Credited to the profit and loss account
(3,571)
(26,368)
Provision at end of year
5,040
8,611
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Clyde Bakery Limited
Notes to the Accounts
for the year ended 29 February 2024
12
Operating lease commitments
2024
2023
At 29 February 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
32,400
31,000
Later than one year and not later than five years
-
31,000
13
Transactions with related parties
Two shareholders obtained unlawful dividends which are to be repaid to the company.
At the date of The Statement of Financial Position the amount due is £71,400. The two shareholders have been served notice to repay such monies.
14
Average number of employees
During the year the average number of employees was 17 (2023: 27).