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REGISTERED NUMBER: SC210109 (Scotland)












Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Sandwick Baking Company Limited

Sandwick Baking Company Limited (Registered number: SC210109)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Sandwick Baking Company Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: J R Jamieson
Mrs E J Jamieson



SECRETARY: Mrs E J Jamieson



REGISTERED OFFICE: 14A Gremista Industrial Estate
Gremista
Lerwick
Shetland
ZE1 OPX



REGISTERED NUMBER: SC210109 (Scotland)



ACCOUNTANTS: Victor T Fraser & Co Limited
Chartered Accountants
3-4 Market Place
Wick
Caithness
KW1 4LP



BANKERS: Clydesdale Bank plc
106 Commercial Street
Lerwick
Shetland



SOLICITORS: Harper Macleod LLP
St Olaf's Hall
Church Road
Lerwick
Shetland
ZE1 0FD

Sandwick Baking Company Limited (Registered number: SC210109)

Abridged Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 571,529 585,601
571,529 585,601

CURRENT ASSETS
Stocks 77,173 67,279
Debtors 264,992 263,461
Cash at bank and in hand 64,815 62,426
406,980 393,166
CREDITORS
Amounts falling due within one year 738,840 741,157
NET CURRENT LIABILITIES (331,860 ) (347,991 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

239,669

237,610

CREDITORS
Amounts falling due after more than one year (33,194 ) (69,311 )

PROVISIONS FOR LIABILITIES (29,589 ) (29,589 )
NET ASSETS 176,886 138,710

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 176,786 138,610
SHAREHOLDERS' FUNDS 176,886 138,710

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Sandwick Baking Company Limited (Registered number: SC210109)

Abridged Balance Sheet - continued
31 January 2024


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 January 2024 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 23 January 2025 and were signed on its behalf by:





Mrs E J Jamieson - Director


Sandwick Baking Company Limited (Registered number: SC210109)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

Sandwick Baking Company Limited 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

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.

Sandwick Baking Company Limited (Registered number: SC210109)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


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.

Government grants
Government Grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Grants relating to the purchase of assets are treated as deferred income and allocated to the profit and loss account over the useful life of the related assets. grants relating to expenses are treated as income in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 41 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 14,000
AMORTISATION
At 1 February 2023
and 31 January 2024 14,000
NET BOOK VALUE

At 31 January 2024 -
At 31 January 2023 -

Sandwick Baking Company Limited (Registered number: SC210109)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023 1,209,560
Additions 75,511
Disposals (44,220 )
At 31 January 2024 1,240,851
DEPRECIATION
At 1 February 2023 623,959
Charge for year 69,481
Eliminated on disposal (24,118 )
At 31 January 2024 669,322
NET BOOK VALUE
At 31 January 2024 571,529
At 31 January 2023 585,601

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

Totals
£   
COST
At 1 February 2023
and 31 January 2024 96,181
DEPRECIATION
At 1 February 2023 28,123
Charge for year 10,000
At 31 January 2024 38,123
NET BOOK VALUE
At 31 January 2024 58,058
At 31 January 2023 68,058

6. RELATED PARTY DISCLOSURES

Mr and Mrs Jamieson are directors of Shetland Freezer and Food Centre Limited

During the year purchases amounting to £367,061 (2023: £258,409) were made from Shetland Freezer and Food Centre Limited.

The balance owed to Shetland Freezer and Food Centre Limited as at 31 January 2024 amounted to £374,526 (2023: £322,274).