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Registered number: SC367817
SUTHERLAND CAKES LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC367817
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 102,590 81,439
Investments 6 40 -
102,630 81,439
CURRENT ASSETS
Stocks 7 73,039 61,674
Debtors 8 347,445 256,419
Cash at bank and in hand 38,691 74,397
459,175 392,490
Creditors: Amounts Falling Due Within One Year 9 (423,158 ) (428,089 )
NET CURRENT ASSETS (LIABILITIES) 36,017 (35,599 )
TOTAL ASSETS LESS CURRENT LIABILITIES 138,647 45,840
Creditors: Amounts Falling Due After More Than One Year 10 (33,567 ) (22,426 )
NET ASSETS 105,080 23,414
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 105,078 23,412
SHAREHOLDERS' FUNDS 105,080 23,414
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Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Thomas Sutherland
Director
26 March 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SUTHERLAND CAKES LIMITED is a private company, limited by shares, incorporated in Scotland, registered number SC367817 . The registered office is 15-17 Earl Haig Road, Hillington Park, Glasgow, G52 4JU.
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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
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 4% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
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.
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
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 26)
25 26
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Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 78,000
As at 31 March 2024 78,000
Amortisation
As at 1 April 2023 78,000
As at 31 March 2024 78,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 2,947 209,243 208,793 5,333 426,316
Additions - - 37,751 6,865 44,616
Disposals - - - (455 ) (455 )
As at 31 March 2024 2,947 209,243 246,544 11,743 470,477
Depreciation
As at 1 April 2023 2,947 173,379 164,999 3,552 344,877
Provided during the period - 7,173 14,422 1,694 23,289
Disposals - - - (279 ) (279 )
As at 31 March 2024 2,947 180,552 179,421 4,967 367,887
Net Book Value
As at 31 March 2024 - 28,691 67,123 6,776 102,590
As at 1 April 2023 - 35,864 43,794 1,781 81,439
6. Investments
Other
£
Cost
As at 1 April 2023 -
Additions 40
As at 31 March 2024 40
Provision
As at 1 April 2023 -
As at 31 March 2024 -
...CONTINUED
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Net Book Value
As at 31 March 2024 40
As at 1 April 2023 -
7. Stocks
2024 2023
£ £
Stock 73,039 61,674
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,471 124,512
Other debtors 210,477 103,410
318,948 227,922
Due after more than one year
Other debtors 28,497 28,497
347,445 256,419
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,126 1,813
Trade creditors 86,024 99,785
Other loans 10,148 9,948
Other creditors 61,017 80,998
Taxation and social security 256,843 235,545
423,158 428,089
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,295 -
Other loans 12,272 22,426
33,567 22,426
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5
Page 6
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Thomas Sutherland 86,280 66,329 - - 152,609
Interest is calculated at the HMRC approved rate of 2.25% per annum on the above loan.
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