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COMPANY REGISTRATION NUMBER: SC395175
Newlands Home Bakery Limited
Filleted Unaudited Financial Statements
30 June 2024
Newlands Home Bakery Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Newlands Home Bakery Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Newlands Home Bakery Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newlands Home Bakery Limited for the year ended 30 June 2024, which comprise the statement of financial position 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Newlands Home Bakery Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Newlands Home Bakery Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newlands Home Bakery Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Newlands Home Bakery 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 profit of Newlands Home Bakery Limited. You consider that Newlands Home Bakery 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 Newlands Home Bakery 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
24 March 2025
Newlands Home Bakery Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
21,221
24,249
Tangible assets
6
300,144
281,517
---------
---------
321,365
305,766
Current assets
Stocks
19,269
20,137
Debtors
7
122,634
116,999
Cash at bank and in hand
120,287
161,352
---------
---------
262,190
298,488
Creditors: amounts falling due within one year
8
202,680
207,827
---------
---------
Net current assets
59,510
90,661
---------
---------
Total assets less current liabilities
380,875
396,427
Creditors: amounts falling due after more than one year
9
13,381
33,912
Provisions
Taxation including deferred tax
44,803
40,004
---------
---------
Net assets
322,691
322,511
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
312,691
312,511
---------
---------
Shareholders funds
322,691
322,511
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Newlands Home Bakery Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
A Irvine
S Irvine
Director
Director
Company registration number: SC395175
Newlands Home Bakery Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is generated by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Amortised over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
10% reducing balance
Plant & Machinery
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured 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 the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 78 (2023: 79 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
60,587
--------
Amortisation
At 1 July 2023
36,338
Charge for the year
3,028
--------
At 30 June 2024
39,366
--------
Carrying amount
At 30 June 2024
21,221
--------
At 30 June 2023
24,249
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
139,854
385,103
108,456
633,413
Additions
16,232
17,455
24,330
58,017
Disposals
( 20,000)
( 20,000)
---------
---------
---------
---------
At 30 June 2024
156,086
402,558
112,786
671,430
---------
---------
---------
---------
Depreciation
At 1 July 2023
59,905
239,786
52,205
351,896
Charge for the year
8,744
15,001
15,077
38,822
Disposals
( 19,432)
( 19,432)
---------
---------
---------
---------
At 30 June 2024
68,649
254,787
47,850
371,286
---------
---------
---------
---------
Carrying amount
At 30 June 2024
87,437
147,771
64,936
300,144
---------
---------
---------
---------
At 30 June 2023
79,949
145,317
56,251
281,517
---------
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
56,264
69,772
Other debtors
66,370
47,227
---------
---------
122,634
116,999
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
26,525
19,255
Trade creditors
76,755
75,121
Corporation tax
26,477
40,781
Social security and other taxes
34,932
27,244
Other creditors
37,991
45,426
---------
---------
202,680
207,827
---------
---------
The company's borrowings with Bank of Scotland are secured by a floating charge over the company assets.
In addition, the directors, have provided a personal guarantee of £30,000 in relation to overdraft facilities.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,381
33,912
--------
--------
10. Directors' advances, credits and guarantees
As at the 30th June 2024, the company owed key management personnel £12,978 (2023: £25,761). As at the 30th June 2024, key management personnel owed £4,192 to the company (2023: £nil). The loan was repaid within 9 months of the year end. These are interest free loans with no fixed repayment dates. During the year to 30th June 2024, dividends of £92,000 (2023: £82,000) were paid to key management personnel. As at 30th June 2024 the company was due £22,083 (2023: £22,083) by a company under common control. This loan is interest free and has no fixed repayment date.
11. Controlling party
The company was under the control of Mr S Irvine and Mr A Irvine , both Directors and shareholders, throughout the current period.