REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2024 |
for |
Eric Neil (Bakers) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2024 |
for |
Eric Neil (Bakers) Limited |
Eric Neil (Bakers) Limited (Registered number: SC074000) |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Eric Neil (Bakers) Limited |
Company Information |
for the Year Ended 31 October 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
18 North Silver Street |
Aberdeen |
AB10 1JU |
Eric Neil (Bakers) Limited (Registered number: SC074000) |
Balance Sheet |
31 October 2024 |
31.10.24 | 31.10.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Eric Neil (Bakers) Limited (Registered number: SC074000) |
Balance Sheet - continued |
31 October 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Eric Neil (Bakers) Limited (Registered number: SC074000) |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | STATUTORY INFORMATION |
Eric Neil (Bakers) Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts. |
Turnover and other income recognition |
Turnover is measured at fair value of the consideration received or receivable net discounts. The policies adopted for the recognition of turnover are as follows: |
Rental Property |
Rental income is recognised based on monthly rental periods, in accordance with property rental agreements. |
Investment Income |
Investment bond interest is recognised at the company's right to receive payment is established. |
Tangible fixed assets |
Motor vehicles | - |
Tangible fixed assets are stated at deemed cost less accumulated deprecation and accumulated impairment. |
Investment property |
Investment property for which fair value can be measured reliably without undue cost of effort are measured at fair value at each reporting date with changes in the fair value recognised in the Income Statement. Deferred tax is provided on any gains at the rate expected to apply when the property is sold. |
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. |
Eric Neil (Bakers) Limited (Registered number: SC074000) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
3. | 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. |
Deferred tax on revalued investment properties is measured using the rates and allowances that apply tot he sale of the asset. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising for impairment are recognised in the profit and loss accounts in other administrative expenses. |
Investments |
Fixed asset investments are recognised initially ar fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at fair value through the profit and loss if the shares are publicly traded ot their fair value can otherwise be measured reliably. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss unless the asset is carried at a revalued amounts where the impairment loess is a revaluation decrease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Eric Neil (Bakers) Limited (Registered number: SC074000) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Fair value at 31 October 2024 is represented by: |
£ |
Valuation in 2013 | 498,277 |
Valuation in 2015 | 9,963 |
Valuation in 2016 | 356,419 |
Valuation in 2021 | (760,500 | ) |
Cost | 1,058,341 |
1,162,500 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31.10.24 | 31.10.23 |
£ | £ |
Cost | 1,058,341 | 1,058,341 |
Investment property was valued on an open market basis on 31 October 2024 by the Director . |
If the investment properties were sold at their revalued amounts this would result in additional corporation tax (at the current rate of 19%) of £19,790 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CURRENT ASSET INVESTMENTS |
31.10.24 | 31.10.23 |
£ | £ |
Listed investments | 207,981 | 200,148 |
Eric Neil (Bakers) Limited (Registered number: SC074000) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 November 2023 |
Transfer (to)/from profit and loss reserve | 1,061 |
At 31 October 2024 |