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REGISTERED NUMBER: SC484068 (Scotland)



















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

CREEBRIDGE MILL LIMITED

CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

CREEBRIDGE MILL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: K R McElrea
Mrs F McElrea
Mrs E C Fenton
M A Blount
R McElrea





REGISTERED OFFICE: 37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ





REGISTERED NUMBER: SC484068 (Scotland)





ACCOUNTANTS: Gilmour Hamilton
Chartered Accountants
37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ

CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 748,677 813,480
Tangible assets 5 506,402 210,443
1,255,079 1,023,923

CURRENT ASSETS
Stocks 95,591 96,575
Debtors 6 162,651 54,945
Cash at bank and in hand 62,463 152,428
320,705 303,948
CREDITORS
Amounts falling due within one year 7 554,445 453,733
NET CURRENT LIABILITIES (233,740 ) (149,785 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,021,339

874,138

CREDITORS
Amounts falling due after more than one
year

8

(934,489

)

(752,814

)

PROVISIONS FOR LIABILITIES (10,684 ) (10,887 )
NET ASSETS 76,166 110,437

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings 75,766 110,037
SHAREHOLDERS' FUNDS 76,166 110,437

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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

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 4 March 2025 and were signed on its behalf by:





K R McElrea - Director


CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Creebridge Mill 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.

The financial statements are presented in pounds sterling which is the functional currency of the company.

Whilst the company has net current liabilities at the year end, that is because of loans from directors and related parties and, having considered the ongoing availability of that and other funding, the directors are satisfied that the company can meet its debts as they fall due. The accounts have therefore been prepared on a going concern basis.

Revenue recognition
Revenue comprises sales of goods and services excluding value added tax. Revenue from the provision of goods is recognised when the risks and rewards of ownership have been transferred to the customer. Revenue from rendering services is measured by reference to the stage of completion of the service at the end of the reporting period, provided the outcome can be reliably estimated.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33.33% on cost and 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
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.

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 the profit and loss account over the relevant period. The capital element of future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014 and in 2017, is being amortised evenly over its estimated useful life of twenty years.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 26 ) .

CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 1,296,042
AMORTISATION
At 1 October 2023 482,562
Charge for year 64,803
At 30 September 2024 547,365
NET BOOK VALUE
At 30 September 2024 748,677
At 30 September 2023 813,480

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 189,531 343,364 532,895
Additions 290,852 41,544 332,396
At 30 September 2024 480,383 384,908 865,291
DEPRECIATION
At 1 October 2023 31,868 290,584 322,452
Charge for year 8,120 28,317 36,437
At 30 September 2024 39,988 318,901 358,889
NET BOOK VALUE
At 30 September 2024 440,395 66,007 506,402
At 30 September 2023 157,663 52,780 210,443

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 128,055 43,421
Other debtors 34,596 11,524
162,651 54,945

CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 64,519 61,401
Trade creditors 381,156 226,044
Taxation and social security 15,007 49,554
Other creditors 93,763 116,734
554,445 453,733

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 648,431 463,652
Other creditors 286,058 289,162
934,489 752,814

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 380,118 218,376

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 712,950 525,053

The Bank of Scotland Plc. hold a Bond and Floating Charge from Creebridge Mill Limited over the whole of its property and undertaking, as well as a Personal Bond and First Ranking Standard Security over the freehold land and buildings at Creebridge Mill, Newton Stewart, in connection with the loan advanced to the company.

10. LEASE COMMITMENTS

The company has total future lease commitments of £9,414 (2023: £12,842).

CREEBRIDGE MILL LIMITED (REGISTERED NUMBER: SC484068)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. RELATED PARTY DISCLOSURES

Included in other creditors: amounts falling due within one year, is a balance owed to Directors' of £49,602 (2023: £49,871). A similar balance of £163,925 (2023: £150,795) is included in creditors due in more than one year.

Other creditors due in more than one year includes a balance of £70,535 (2023: £90,874) owed to an entity controlled by two Director's of Creebridge Mill Limited.

Included in other creditors: amounts falling due within one year, is a balance owed to a former Director of £10,800 (2023: £10,800). A similar balance of £51,598 (2023: £47,493) is included in creditors due in more than one year.

Interest at 5% totalling £18,395 (2023: £39,365) has been charged to the income statement in connection with these loans which are unsecured.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CREEBRIDGE MILL LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Creebridge Mill Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Creebridge Mill Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Creebridge Mill Limited and state those matters that we have agreed to state to the Board of Directors of Creebridge Mill Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Creebridge Mill Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Creebridge Mill Limited. You consider that Creebridge Mill Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Creebridge Mill Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Gilmour Hamilton
Chartered Accountants
37 Portland Road
KILMARNOCK
Ayrshire
KA1 2DJ


4 March 2025