Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 SC284517 Mr G R Reid Mrs T A Reid Mr G R Reid iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC284517 2023-03-31 SC284517 2024-03-31 SC284517 2023-04-01 2024-03-31 SC284517 frs-core:CurrentFinancialInstruments 2024-03-31 SC284517 frs-core:Non-currentFinancialInstruments 2024-03-31 SC284517 frs-core:BetweenOneFiveYears 2024-03-31 SC284517 frs-core:ComputerEquipment 2024-03-31 SC284517 frs-core:ComputerEquipment 2023-04-01 2024-03-31 SC284517 frs-core:ComputerEquipment 2023-03-31 SC284517 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 SC284517 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 SC284517 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 SC284517 frs-core:NetGoodwill 2024-03-31 SC284517 frs-core:NetGoodwill 2023-04-01 2024-03-31 SC284517 frs-core:NetGoodwill 2023-03-31 SC284517 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 SC284517 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 SC284517 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 SC284517 frs-core:MotorVehicles 2024-03-31 SC284517 frs-core:MotorVehicles 2023-04-01 2024-03-31 SC284517 frs-core:MotorVehicles 2023-03-31 SC284517 frs-core:OtherResidualIntangibleAssets 2024-03-31 SC284517 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC284517 frs-core:OtherResidualIntangibleAssets 2023-03-31 SC284517 frs-core:PlantMachinery 2024-03-31 SC284517 frs-core:PlantMachinery 2023-04-01 2024-03-31 SC284517 frs-core:PlantMachinery 2023-03-31 SC284517 frs-core:WithinOneYear 2024-03-31 SC284517 frs-core:ShareCapital 2024-03-31 SC284517 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC284517 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC284517 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC284517 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC284517 frs-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC284517 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC284517 frs-bus:Director1 2023-04-01 2024-03-31 SC284517 frs-bus:Director2 2023-04-01 2024-03-31 SC284517 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 SC284517 frs-countries:Scotland 2023-04-01 2024-03-31 SC284517 2022-03-31 SC284517 2023-03-31 SC284517 2022-04-01 2023-03-31 SC284517 frs-core:CurrentFinancialInstruments 2023-03-31 SC284517 frs-core:Non-currentFinancialInstruments 2023-03-31 SC284517 frs-core:BetweenOneFiveYears 2023-03-31 SC284517 frs-core:WithinOneYear 2023-03-31 SC284517 frs-core:ShareCapital 2023-03-31 SC284517 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: SC284517
Reid's Bakery (Thurso) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of Reid's Bakery (Thurso) Limited for the year ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reid's Bakery (Thurso) Limited which comprise the Profit and Loss Account, the 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Reid's Bakery (Thurso) Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Reid's Bakery (Thurso) Limited and state those matters that we have agreed to state to the directors of Reid's Bakery (Thurso) Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reid's Bakery (Thurso) Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Reid's Bakery (Thurso) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Reid's Bakery (Thurso) Limited . You consider that Reid's Bakery (Thurso) 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 accounts of Reid's Bakery (Thurso) 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 financial statements.
Signed
04/03/2025
Axiom Business Consultancy Limited
Chartered Certified Accountants
Montgoldrum Farm
Arbuthnott
Laurencekirk
Aberdeenshire
AB30 1LS
Page 1
Page 2
Balance Sheet
Registered number: SC284517
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 26,544 32,591
Tangible Assets 5 803,173 812,890
829,717 845,481
CURRENT ASSETS
Stocks 6 213,237 217,124
Debtors 7 269,686 202,227
Cash at bank and in hand 15,696 11,450
498,619 430,801
Creditors: Amounts Falling Due Within One Year 8 (702,893 ) (496,267 )
NET CURRENT ASSETS (LIABILITIES) (204,274 ) (65,466 )
TOTAL ASSETS LESS CURRENT LIABILITIES 625,443 780,015
Creditors: Amounts Falling Due After More Than One Year 9 (256,840 ) (523,073 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (26,097 ) (28,496 )
NET ASSETS 342,506 228,446
CAPITAL AND RESERVES
Called up share capital 11 4 4
Profit and Loss Account 342,502 228,442
SHAREHOLDERS' FUNDS 342,506 228,446
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Page 3
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G R Reid
Director
Mrs T A Reid
Director
04/03/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Reid's Bakery (Thurso) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC284517 . The registered office is Unit 17 Ormlie Industrial Estate, Henderson Street, Thurso, Caithness, KW14 7QU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write the cost, less any estimated residual value, over their useful life as follows:
Asset class                                                                                    Amortisation method and rate
Development Costs                                                                        10% Straight line
Branding                                                                                       10% Straight line
Website                                                                                         10% Straight line
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 1% Reducing balance
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 33.33% Reducing balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 32)
32 32
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4. Intangible Assets
Goodwill Other Development Costs Total
£ £ £ £
Cost
As at 1 April 2023 8,839 5,330 148,397 162,566
As at 31 March 2024 8,839 5,330 148,397 162,566
Amortisation
As at 1 April 2023 5,312 2,724 121,939 129,975
Provided during the period 504 373 5,170 6,047
As at 31 March 2024 5,816 3,097 127,109 136,022
Net Book Value
As at 31 March 2024 3,023 2,233 21,288 26,544
As at 1 April 2023 3,527 2,606 26,458 32,591
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 775,200 442,829 13,430 13,106 1,244,565
Additions - 12,402 25,200 - 37,602
Disposals - (56,290 ) - - (56,290 )
As at 31 March 2024 775,200 398,941 38,630 13,106 1,225,877
Depreciation
As at 1 April 2023 102,650 305,390 10,666 12,969 431,675
Provided during the period 6,727 20,170 5,941 87 32,925
Disposals - (41,896 ) - - (41,896 )
As at 31 March 2024 109,377 283,664 16,607 13,056 422,704
Net Book Value
As at 31 March 2024 665,823 115,277 22,023 50 803,173
As at 1 April 2023 672,550 137,439 2,764 137 812,890
Included within the net book value of land and buildings above is £672,550 (2021: £679,344) in respect of long leasehold land and buildings.
6. Stocks
2024 2023
£ £
Stock 213,237 217,124
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 249,812 159,187
Prepayments and accrued income 1,298 4,487
Other debtors 18,576 38,553
269,686 202,227
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,350 6,200
Trade creditors 168,122 146,654
Bank loans and overdrafts 80,549 -
Other loans 146,341 65,516
Corporation tax 20,405 -
Other taxes and social security 21,865 21,302
Other creditors 45,038 256,595
Government grants within one year 163,040 -
Directors' loan accounts 47,183 -
702,893 496,267
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,087 13,950
Bank loans 233,053 -
Other loans - 346,083
Accruals and deferred income 6,700 163,040
256,840 523,073
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,350 6,200
Later than one year and not later than five years 17,087 13,950
27,437 20,150
27,437 20,150
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
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