Company registration number SC030423 (Scotland)
S M BAYNE & COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
S M BAYNE & COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr S M Bayne
Mr A D Bayne
Mr J S Bayne
Mrs L M Bayne
Secretary
Mrs L M Bayne
Company number
SC030423
Registered office
Orwell Bakery
Loanhead Avenue
Lochore
Lochgelly
Fife
KY5 8DD
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
HSBC
72 Hanover Street
Edinburgh
EH2 1EL
Solicitors
Wright, Johnston & Mackenzie LLP
2 George Square
Castle Brae
Dunfermline
Fife
KY11 8QF
S M BAYNE & COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 29
S M BAYNE & COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
s172 Statement
Our Commitments as Directors
At S M Bayne & Company Limited ("Bayne’s"), we take our responsibilities as directors seriously. Under Section 172 of the Companies Act 2006, we are committed to acting in a way that we genuinely believe promotes the long-term success of the company for the benefit of its members, while considering the following key considerations:
The long-term consequences of our decisions.
The interests of our valued colleagues.
Building and nurturing strong relationships with customers, suppliers, and other stakeholders.
Our impact on local communities and the environment.
Upholding our reputation for high standards of business conduct.
Acting fairly and equitably among all members of the company.
We recognise that the strength and resilience of Bayne’s lies in its people, partnerships, and the communities in which we operate. These relationships underpin our long-term vision and values.
Engaging with Our Stakeholders
Colleagues and Customers
Our colleagues are the heart of our business, and their engagement and wellbeing are paramount. The directors maintain close connections with our team, regularly visiting our shops and bakery to understand their perspectives and challenges. We also listen to our customers, responding to their evolving needs, such as expanding our delivery services to offer greater convenience and choice.
Our Culture and Purpose
The culture of Bayne’s is built on integrity, respect, and a shared commitment to our core values: customer focus, respect, continuous improvement, and sustainability. In 2022/23, we launched our Purpose: bringing “Moments of Joy” to our customers. This Purpose reinforces our core values and underscores our commitment to putting our customers first while fostering a positive and inclusive workplace for our colleagues.
Building Meaningful Relationships
As a company with a legacy spanning over 60 years, we place great importance on building long-term, trusted relationships with our suppliers and customers. Our approach to supplier partnerships is grounded in mutual respect and fairness, with clear terms of engagement and a commitment to honouring agreed payment terms.
Supporting Our Communities
Bayne’s has a long history of supporting the communities we serve. Through initiatives like our contributions to food banks via the Trussell Trust and donations to The Bayne’s Charitable Trust, we strive to make a positive difference. Supporting local causes remains a key part of who we are.
Making Informed Decisions
When making decisions, the directors consider the risks and rewards carefully, always with a view to long-term value creation. We are committed to identifying and addressing both current and emerging risks, ensuring that Bayne’s remains resilient and forward-looking.
Fair review of the business
For the financial year ended 31 March 2024, Bayne’s continued to focus on its core activities of retailing bakery products, farming, and investments. As of 31 March 2024, the business operated 65 retail shops across central Scotland, supported by its headquarters in Fife.
Our strategy centres on growth through the acquisition of new shops, ongoing investment in store refurbishments, and continual product innovation to meet changing customer preferences.
S M BAYNE & COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties
Addressing Risks and Uncertainties The directors actively manage risks to safeguard the company’s future. Key risks include:
Operational Risk: Ensuring the continuity of supply from our central bakery, with robust measures to mitigate potential disruptions.
Market Risk: Staying ahead of changing customer trends through regular product reviews and market analysis.
Inflationary Pressures: Managing cost challenges while maintaining the sustainability and competitiveness of our operations.
In 2022/23, we introduced a comprehensive risk register to systematically identify and address risks and continued to review, update and track our performance against this during the year ended 31 March 2024.
Key performance indicators
Measuring Our Performance
Our performance is measured against key indicators, including:
Expansion of our retail footprint.
Development of innovative products tailored to customer needs.
Enhanced delivery offerings to meet evolving expectations.
We continued to monitor level of sales and profits being generated.
Our Vision for the Future
We remain committed to acting responsibly and with integrity in all that we do. The directors confirm that all decisions taken during the year ended 31 March 2024 were in line with our statutory duties and driven by a desire to secure the long-term success of Bayne's, while honouring the interests of all our stakeholders.
Mr J S Bayne
Director
29 January 2025
S M BAYNE & COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activities of the company are the retailing of bakery products, farming and making investments.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £160,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S M Bayne
Mr A D Bayne
Mr J S Bayne
Mrs L M Bayne
Financial instruments
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives. In order to limit the exposure and ensure sufficient working capital exists the company uses reputable fund managers to manage their fixed asset investment portfolio.
Disabled persons
The company gives every consideration to application for employment from disabled persons where the requirements of the job may be adequately covered by a handicapped or disabled person. Where possible, arrangements are made for the continued employment of persons who have become disabled during service. |
Employee involvement
During the year the policy of providing employees with information about the company has been continued through regular staff meetings and bulletins on the staff notice board. The directors are always open to suggestions and new ideas from employees. Regular business updates are sent to all colleagues by texts and emails.
Future developments
The directors continue to explore opportunities to continue the growth of the business and maintain the company’s position in the marketplace.
Auditor
The auditor, Thomson Cooper, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The company’s energy use includes purchased electricity, gas and fuel for company transport and was collated by gathering information from sites and suppliers. Meter readings were predominantly used for gas and electricity and fuel data was gathered from mileage data and fuel spend. Where actual data was not readily available, estimates have been used. The conversion factors used to calculate the emissions are those published in UK government GHG Conversion Factors for Company Reporting Standard Set Version 2.0 for the year 2022.
S M BAYNE & COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
3,502,674
3,979,883
- Electricity purchased
6,483,644
5,971,534
- Fuel consumed for transport
1,962,775
1,825,892
11,949,093
11,777,309
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
641.00
718.20
- Fuel consumed for owned transport
504.40
468.80
1,145.40
1,187.00
Scope 2 - indirect emissions
- Electricity purchased
1,377.20
1,370.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
2,522.60
2,557.00
Intensity ratio
teCO2 per £m of turnover
56.70
72.73
Quantification and reporting methodology
Intensity measurement
The reporting intensity ratio used is tonnes of CO2 per £m turnover. It is considered that this provides the best representation of the activities of the company and comparison throughout the industry.
Measures taken to improve energy efficiency
During the year we continued our programme to replace conventional lighting with LED. We recycle over 90% of our total waste and are constantly looking at ways to improve this statistic. We continue to look at ways to reduce our carbon footprint.
S M BAYNE & COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal activities of the company.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr J S Bayne
Director
29 January 2025
S M BAYNE & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S M BAYNE & COMPANY LIMITED
- 6 -
Opinion
We have audited the financial statements of S M Bayne & Company Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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 opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
S M BAYNE & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF S M BAYNE & COMPANY LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and posting of unusual journals along with complex transactions. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management (as required by the auditing standards).
We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the directors and management of the company.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
S M BAYNE & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF S M BAYNE & COMPANY LIMITED
- 8 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
29 January 2025
S M BAYNE & COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
44,488,018
35,157,187
Cost of sales
(12,974,152)
(10,072,702)
Gross profit
31,513,866
25,084,485
Distribution costs
(497,140)
(426,646)
Administrative expenses
(28,469,611)
(23,123,600)
Other operating income
327,153
430,456
Operating profit
4
2,874,268
1,964,695
Interest receivable and similar income
8
399,356
124,398
Fair value adjustment on investment properties
9
67,695
26,021
Fair value gains and losses on investments
75,203
74,814
Profit before taxation
3,416,522
2,189,928
Tax on profit
11
(272,259)
(410,598)
Profit for the financial year
3,144,263
1,779,330
Retained earnings brought forward
27,814,792
26,135,462
Dividends
12
(160,000)
(100,000)
Retained earnings carried forward
30,799,055
27,814,792
The profit and loss account has been prepared on the basis that all operations are continuing operations.
S M BAYNE & COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
22,633,898
20,237,539
Investment properties
15
1,147,200
1,085,500
Investments
16
2,399,140
1,725,100
26,180,238
23,048,139
Current assets
Stocks
19
1,263,374
1,149,051
Debtors
20
1,003,885
1,162,893
Cash at bank and in hand
6,837,542
6,383,972
9,104,801
8,695,916
Creditors: amounts falling due within one year
21
(3,506,111)
(2,701,685)
Net current assets
5,598,690
5,994,231
Total assets less current liabilities
31,778,928
29,042,370
Creditors: amounts falling due after more than one year
22
(27,667)
(68,970)
Provisions for liabilities
23
(930,206)
(1,136,608)
Net assets
30,821,055
27,836,792
Capital and reserves
Called up share capital
26
16,855
16,855
Capital redemption reserve
27
5,145
5,145
Profit and loss reserves
30,799,055
27,814,792
Total equity
30,821,055
27,836,792
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr J S Bayne
Director
Company Registration No. SC030423
S M BAYNE & COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
4,564,764
2,794,267
Income taxes refunded/(paid)
448,095
(362,951)
Net cash inflow from operating activities
5,012,859
2,431,316
Investing activities
Purchase of intangible assets
(657,591)
(238,108)
Purchase of tangible fixed assets
(4,325,353)
(4,806,608)
Proceeds on disposal of tangible fixed assets
78,817
174,520
Purchase of investment property
(182,679)
Proceeds on disposal of investment property
51,353
Proceeds from other investments and loans
73,235
87,758
Interest received
365,805
110,214
Dividends received
33,551
14,184
Net cash used in investing activities
(4,380,183)
(4,840,719)
Financing activities
Repayment of borrowings
6,528
6,528
Payment of finance leases obligations
(25,634)
(80,966)
Dividends paid
(160,000)
(100,000)
Net cash used in financing activities
(179,106)
(174,438)
Net increase/(decrease) in cash and cash equivalents
453,570
(2,583,841)
Cash and cash equivalents at beginning of year
6,383,972
8,967,813
Cash and cash equivalents at end of year
6,837,542
6,383,972
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information
S M Bayne & Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Orwell Bakery, Loanhead Avenue, Lochore, Fife, KY5 8DD.
1.1
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 102”) and the requirements of the Companies Act 2006.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the subsidiary is dormant therefore it is not material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors consider that the company has adequate resources to continue in existence for a period of not less than twelve months. The directors are satisfied that the company has sufficient cash reserves and working capital and therefore continue to adopt the going concern basis. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Single Farm Payments Rights
100% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Heritable Property
2 - 33.3% straight line
Leasehold Property
0 - 25% straight line
Plant and machinery
5 - 33% straight line & 10 - 25% reducing balance
Fixtures and fittings
12.5 - 100% straight line
Motor vehicles
25% straight line
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
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.
Depreciation has been calculated using the straight line method in the case of retailing assets and rental cottage assets and the reducing balance method on the farming assets at the annual rates as noted above.
No provision for depreciation is considered to be necessary in respect of farm land.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Fixed Asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. UK quoted securities are valued at mid-market price quoted on the London Stock Exchange.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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, the 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 than 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.
1.9
Stocks
The stock of the shops division of the company has been valued at the lower of cost or net realisable value. The stock of the farm division has been incorporated on the basis of a valuation carried out by United Auctions Eastern Limited, Auctioneers and Livestock Agents.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Cash at bank and in hand
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 borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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 and 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 a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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, loans from fellow group companies and preference shares that are classified as debt, 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 one 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 from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.13
Taxation
The tax expense represents the sum of the 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 expense 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.
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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 amount 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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
Government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and credited to the profit and loss account over the estimated useful life of the assets to which they relate.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Depreciation is charged on tangible fixed assets using depreciation rates calculated reflecting the expected useful lives and residual values. The rates used are reviewed annually by the directors.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Retail bakery
43,286,884
33,993,432
Farm
1,201,134
1,163,755
44,488,018
35,157,187
2024
2023
£
£
Other significant revenue
Interest income
365,805
110,214
Dividends received
33,551
14,184
Grants received
6,524
6,528
Rental income arising from investment properties
85,565
76,328
Other operating income
247,524
367,281
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
44,488,018
35,157,187
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses and investment fair value adjustments
1,223
4,200
Depreciation of owned tangible fixed assets
1,744,742
1,570,644
Depreciation of tangible fixed assets held under finance leases
127,817
79,696
Profit on disposal of tangible fixed assets
(29,738)
(114,721)
Profit on disposal of intangible assets
(14,482)
(19,681)
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,520
19,925
For other services
Taxation compliance services
9,616
5,255
All other non-audit services
9,500
5,270
19,116
10,525
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management staff
15
17
Number of bakery staff
212
194
Number of retail staff
675
553
Number of farm staff
5
5
Total
907
769
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
17,525,416
13,820,394
Social security costs
1,162,050
934,833
Pension costs
734,019
534,725
19,421,485
15,289,952
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
272,620
217,939
Company pension contributions to defined contribution schemes
49,672
48,504
322,292
266,443
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
115,000
98,000
Company pension contributions to defined contribution schemes
31,672
17,004
The key management personnel are considered to be the directors of the company and therefore the aggregate of key management compensation includes amounts as detailed above plus social security costs of £27,283 (2023: £24,803).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
365,805
110,214
Income from fixed asset investments
Income from other fixed asset investments
33,551
14,184
Total income
399,356
124,398
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Interest receivable and similar income
(Continued)
- 20 -
2024
2023
£
£
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
365,805
110,214
9
Fair value adjustment on investment properties
2024
2023
£
£
Changes in the fair value of investment properties
67,695
26,021
10
Fair value adjustment on Investments
2024
2023
£
£
Changes in the fair value of investments
75,203
74,814
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
478,661
108,126
Deferred tax
Origination and reversal of timing differences
(206,402)
302,472
Total tax charge
272,259
410,598
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,416,522
2,189,928
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
854,131
416,086
Tax effect of expenses that are not deductible in determining taxable profit
2,191
3,005
Permanent capital allowances in excess of depreciation
(329,928)
(285,327)
Dividend income
(8,388)
(2,740)
Deferred tax adjustments
(206,402)
302,472
Fair value adjustment and profit on disposal of investment
(22,421)
(17,954)
Increase in fair value of investment properties
(16,924)
(4,944)
Taxation charge for the year
272,259
410,598
12
Dividends
2024
2023
£
£
Equity Dividends
160,000
100,000
13
Intangible fixed assets
Single Farm Payments Rights
£
Cost
At 1 April 2023 and 31 March 2024
31,800
Amortisation and impairment
At 1 April 2023 and 31 March 2024
31,800
Carrying amount
At 31 March 2024
At 31 March 2023
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
14
Tangible fixed assets
Heritable Property
Leasehold Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
19,654,492
1,107,950
14,928,431
723,763
769,407
37,184,043
Additions
1,573,689
2,540,471
75,704
135,489
4,325,353
Disposals
(49,287)
(373,422)
(124,804)
(11,944)
(559,457)
Transfer to investment property
(45,358)
(45,358)
At 31 March 2024
21,133,536
1,107,950
17,095,480
674,663
892,952
40,904,581
Depreciation and impairment
At 1 April 2023
5,611,400
805,231
9,665,986
398,096
465,791
16,946,504
Depreciation charged in the year
540,457
1,085,370
117,623
91,107
1,834,557
Eliminated in respect of disposals
(45,193)
(340,199)
(115,042)
(9,944)
(510,378)
At 31 March 2024
6,106,664
805,231
10,411,157
400,677
546,954
18,270,683
Carrying amount
At 31 March 2024
15,026,872
302,719
6,684,323
273,986
345,998
22,633,898
At 31 March 2023
14,043,092
302,719
5,262,446
325,666
303,616
20,237,539
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 23 -
The carrying value of land and buildings comprises:
2024
2023
£
£
Heritable
15,026,872
14,043,092
Leasehold
302,719
302,719
15,329,591
14,345,811
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
362,444
357,348
Depreciation charge for the year in respect of leased assets
89,815
79,696
Fixed assets with a net book value of £22,633,898 (2023 : £20,237,539) are held as security in favour of HSBC UK Bank plc.
15
Investment property
2024
£
Fair value
At 1 April 2023
1,085,500
Transfers from heritable property
45,358
Disposals
(51,353)
Net gains or losses through fair value adjustments
67,695
At 31 March 2024
1,147,200
Investment property comprises commercial properties let to third parties. The fair value of the investment property has been arrived at on the basis of a directors' valuation carried out at 31 March 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the area.
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
16
Fixed asset investments
2024
2023
£
£
Listed investments
2,399,012
1,724,972
Unlisted investments
128
128
2,399,140
1,725,100
Listed investments included above:
Listed investments carrying amount
2,399,012
1,724,972
The listed investments consist of a portfolio of UK Unit Trusts, Government Stock and UK Equities managed and valued by Tilney Investment Managers. At 31 March 2024 a fair value gain was recognised in the Statement of Income totalling £75,203 (2023 : £74,814 gain). This movement is attributable to the changes in the relevant investment market conditions.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2023
1,725,100
Additions
657,591
Valuation changes
89,684
Disposals
(73,235)
At 31 March 2024
2,399,140
Carrying amount
At 31 March 2024
2,399,140
At 31 March 2023
1,725,100
17
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Blairmill Limited
Scotland
Property letting
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Blairmill Limited
1
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
18
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,399,140
1,725,100
19
Stocks
2024
2023
£
£
Raw materials and consumables
656,392
510,297
Finished goods and goods for resale
606,982
638,754
1,263,374
1,149,051
The carrying amount of stocks includes £1,263,374 (2023: £1,149,051) pledged as security for liabilities.
20
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
244,485
201,720
Corporation tax recoverable
32,063
472,920
Other debtors
280,488
145,813
Prepayments and accrued income
446,849
342,440
1,003,885
1,162,893
21
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
96,636
80,967
Trade creditors
1,250,616
1,253,434
Corporation tax
485,899
Other taxation and social security
319,240
237,268
Government grants
24
109,438
115,962
Other creditors
67,152
113,791
Accruals and deferred income
1,177,130
900,263
3,506,111
2,701,685
Fixed assets with a net book value of £362,444 (2023: £357,348) are held as security in favour of the issuers of the hire purchase credit.
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
27,667
68,970
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liability
Liability
2024
2023
Balances:
£
£
Accelerated capital allowances
790,763
1,013,773
Fair value of investment property
(10,878)
(8,686)
Fair value of investments
150,321
131,521
930,206
1,136,608
2024
Movements in the year:
£
Liability at 1 April 2023
1,136,608
Credit to profit or loss
(206,402)
Liability at 31 March 2024
930,206
24
Government grants
2024
2023
£
£
Arising from government grants
109,438
115,962
109,438
115,962
Deferred income is included in the financial statements as follows:
2024
2023
£
£
Current liabilities
109,438
115,962
109,438
115,962
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
734,019
534,725
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
16,855
16,855
16,855
16,855
27
Capital redemption reserve
This records the nominal value of shares repurchased by the company.
28
Profit and Loss Account Reserves
This records retained earnings and accumulated losses and includes £306,407 (2023: £321,622) that is non distributable relating to the revaluation reserve and fair value reserve.
29
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
4,333
28,558
Between two and five years
438,859
412,146
In over five years
2,214,297
1,606,795
2,657,489
2,047,499
30
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
1,171,800
1,345,000
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
31
Related party transactions
During the year the company paid rent amounting to £7,800 (2023 : £7,800) for the use of farm land owned personally by directors.
During the year ended 31 March 2023, the company purchased land and buildings owned personally by two of the directors at a market value consideration of £423,710.
During the year the company made donations amounting to £18,000 (2023 : £1,010,000) to The Bayne's Charitable Trust. The directors of S M Bayne & Company Limited are also trustees in The Bayne's Charitable Trust.
Included within debtors due within one year is a directors loan balance of £67,000 (2023 : £Nil). This loan is interest free and repayable on demand.
The key management personnel are considered to be the directors of the company and therefore the aggregate of key management compensation is detailed in note 8.
32
Directors' transactions
The loan which is due to the director is interest free and repayable on demand. |
33
Ultimate controlling party
For the current and previous financial year, director S M Bayne, controlled the company by virtue of a controlling interest of the issued ordinary share capital.
34
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
3,144,263
1,779,330
Adjustments for:
Taxation charged
272,259
410,598
Investment income
(399,356)
(124,398)
Gain on disposal of tangible fixed assets
(29,738)
(114,721)
Gain on disposal of intangible assets
(14,482)
(19,681)
Fair value gain on investments
(75,203)
(74,816)
Depreciation and impairment of tangible fixed assets
1,834,557
1,650,340
Fair value adjustment on investment properties
(67,695)
(26,021)
Movements in working capital:
Increase in stocks
(114,323)
(306,166)
Increase in debtors
(281,849)
(155,128)
Increase/(decrease) in creditors
302,855
(218,548)
Decrease in deferred income
(6,524)
(6,524)
Cash generated from operations
4,564,764
2,794,265
S M BAYNE & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
35
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
6,383,972
453,570
6,837,542
Obligations under finance leases
(149,937)
25,634
(124,303)
6,234,035
479,204
6,713,239
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr S M BayneMr A D BayneMr J S BayneMrs L M BayneMrs L M BaynefalsefalseSC0304232023-04-012024-03-31SC030423bus:Director12023-04-012024-03-31SC030423bus:Director22023-04-012024-03-31SC030423bus:Director32023-04-012024-03-31SC030423bus:CompanySecretaryDirector12023-04-012024-03-31SC030423bus:CompanySecretary12023-04-012024-03-31SC030423bus:Director42023-04-012024-03-31SC030423bus:RegisteredOffice2023-04-012024-03-31SC030423bus:Agent12023-04-012024-03-31SC0304232024-03-31SC0304232022-04-012023-03-31SC030423core:ContinuingOperations2023-04-012024-03-31SC030423core:ContinuingOperations2022-04-012023-03-31SC030423core:RetainedEarningsAccumulatedLosses2023-03-31SC030423core:RetainedEarningsAccumulatedLosses2022-03-31SC030423core:RetainedEarningsAccumulatedLosses2024-03-31SC030423core:RetainedEarningsAccumulatedLosses2023-03-31SC030423core:ShareCapital2024-03-31SC030423core:ShareCapital2023-03-31SC030423core:CapitalRedemptionReserve2024-03-31SC030423core:CapitalRedemptionReserve2023-03-31SC0304232023-03-31SC030423core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31SC030423core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-31SC030423core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-31SC030423core:PlantMachinery2024-03-31SC030423core:FurnitureFittings2024-03-31SC030423core:MotorVehicles2024-03-31SC030423core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-31SC030423core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-31SC030423core:PlantMachinery2023-03-31SC030423core:FurnitureFittings2023-03-31SC030423core:MotorVehicles2023-03-31SC030423core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC030423core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC030423core:CurrentFinancialInstruments2024-03-31SC030423core:CurrentFinancialInstruments2023-03-31SC030423core:Non-currentFinancialInstruments2024-03-31SC030423core:Non-currentFinancialInstruments2023-03-31SC0304232023-03-31SC0304232022-03-31SC030423core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-31SC030423core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-31SC030423core:PlantMachinery2023-04-012024-03-31SC030423core:FurnitureFittings2023-04-012024-03-31SC030423core:MotorVehicles2023-04-012024-03-31SC030423core:UKTax2023-04-012024-03-31SC030423core:UKTax2022-04-012023-03-31SC03042312023-04-012024-03-31SC03042312022-04-012023-03-31SC03042322023-04-012024-03-31SC03042322022-04-012023-03-31SC03042332023-04-012024-03-31SC03042332022-04-012023-03-31SC030423core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31SC030423core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-31SC030423core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31SC030423core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-31SC030423core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-31SC030423core:PlantMachinery2023-03-31SC030423core:FurnitureFittings2023-03-31SC030423core:MotorVehicles2023-03-31SC030423core:LandBuildingscore:LongLeaseholdAssets2024-03-31SC030423core:LandBuildingscore:LongLeaseholdAssets2023-03-31SC030423core:ContinuingOperations2024-03-31SC030423core:ContinuingOperations2023-03-31SC030423core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2024-03-31SC030423core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2023-03-31SC03042312023-04-012024-03-31SC030423core:WithinOneYear2024-03-31SC030423core:WithinOneYear2023-03-31SC030423core:BetweenTwoFiveYears2024-03-31SC030423core:BetweenTwoFiveYears2023-03-31SC030423core:MoreThanFiveYears2024-03-31SC030423core:MoreThanFiveYears2023-03-31SC030423bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC030423bus:FRS1022023-04-012024-03-31SC030423bus:Audited2023-04-012024-03-31SC030423bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP