Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Christina Smith Derek Smith 25/09/2008 Evelyn Thomson 20/03/2015 30 January 2025 The principal activity of the Company during the financial year continued to be that of bread distribution and production of wholesale bakery products. SC078071 2024-04-30 SC078071 bus:Director2 2024-04-30 SC078071 bus:Director3 2024-04-30 SC078071 2023-04-30 SC078071 core:CurrentFinancialInstruments 2024-04-30 SC078071 core:CurrentFinancialInstruments 2023-04-30 SC078071 core:Non-currentFinancialInstruments 2024-04-30 SC078071 core:Non-currentFinancialInstruments 2023-04-30 SC078071 core:ShareCapital 2024-04-30 SC078071 core:ShareCapital 2023-04-30 SC078071 core:CapitalRedemptionReserve 2024-04-30 SC078071 core:CapitalRedemptionReserve 2023-04-30 SC078071 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC078071 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC078071 core:LandBuildings 2023-04-30 SC078071 core:OtherPropertyPlantEquipment 2023-04-30 SC078071 core:LandBuildings 2024-04-30 SC078071 core:OtherPropertyPlantEquipment 2024-04-30 SC078071 bus:OrdinaryShareClass1 2024-04-30 SC078071 2023-05-01 2024-04-30 SC078071 bus:FilletedAccounts 2023-05-01 2024-04-30 SC078071 bus:SmallEntities 2023-05-01 2024-04-30 SC078071 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC078071 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC078071 bus:Director1 2023-05-01 2024-04-30 SC078071 bus:Director2 2023-05-01 2024-04-30 SC078071 bus:Director3 2023-05-01 2024-04-30 SC078071 core:LandBuildings core:TopRangeValue 2023-05-01 2024-04-30 SC078071 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-05-01 2024-04-30 SC078071 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 SC078071 2022-05-01 2023-04-30 SC078071 core:LandBuildings 2023-05-01 2024-04-30 SC078071 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC078071 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 SC078071 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC078071 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC078071 (Scotland)

SCOTBAKE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

SCOTBAKE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

SCOTBAKE LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
SCOTBAKE LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,570,857 1,656,860
1,570,857 1,656,860
Current assets
Stocks 41,338 51,842
Debtors 4 409,962 463,842
Cash at bank and in hand 375,769 341,497
827,069 857,181
Creditors: amounts falling due within one year 5 ( 603,800) ( 669,926)
Net current assets 223,269 187,255
Total assets less current liabilities 1,794,126 1,844,115
Creditors: amounts falling due after more than one year 6 ( 4,541) ( 9,881)
Provision for liabilities 7 ( 199,545) ( 202,789)
Net assets 1,590,040 1,631,445
Capital and reserves
Called-up share capital 8 1,102 1,130
Capital redemption reserve 196 168
Profit and loss account 1,588,742 1,630,147
Total shareholders' funds 1,590,040 1,631,445

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Scotbake Limited (registered number: SC078071) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Derek Smith
Director
SCOTBAKE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
SCOTBAKE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Scotbake Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom. The principal place of business is 1 Burnett Road, Inverness, IV1 1RZ.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for the manufacture of wholesale bakery products and distribution from premises in Inverness, together with the operation of some retail outlets.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 5 - 8 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 55 57

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2023 1,745,168 187,196 1,932,364
Additions 0 416 416
Disposals ( 26,920) 0 ( 26,920)
At 30 April 2024 1,718,248 187,612 1,905,860
Accumulated depreciation
At 01 May 2023 171,523 103,981 275,504
Charge for the financial year 34,886 24,613 59,499
At 30 April 2024 206,409 128,594 335,003
Net book value
At 30 April 2024 1,511,839 59,018 1,570,857
At 30 April 2023 1,573,645 83,215 1,656,860

4. Debtors

2024 2023
£ £
Trade debtors 304,285 378,530
Other debtors 105,677 85,312
409,962 463,842

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 32,695 75,455
Trade creditors 62,196 103,058
Taxation and social security 115,281 115,510
Other creditors 393,628 375,903
603,800 669,926

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 4,541 9,881

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 199,545 202,789

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,102 Ordinary shares of £ 1.00 each (2023: 1,130 shares of £ 1.00 each) 1,102 1,130

9. Related party transactions

Transactions with the entity's directors

Advances

Derek Smith - with an opening balance of £64,197, advances of £63,099 were made in the year with repayments of £64,449, leaving a closing balance of £62,847. This balance is interest free and has no fixed terms of repayment.

Christina Smith - with an opening balance of £16,507, advances of £19,050 were made in the year with repayments of £16,583, leaving a closing balance of £18,974. This balance is interest free and has no fixed terms of repayment.