| REGISTERED NUMBER: |
| The Premium Bakery Limited |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2025 |
| REGISTERED NUMBER: |
| The Premium Bakery Limited |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2025 |
| The Premium Bakery Limited (Registered number: SC316253) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| The Premium Bakery Limited |
| Company Information |
| for the Year Ended 28 February 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 9 Ainslie Place |
| Edinburgh |
| Midlothian |
| EH3 6AT |
| BANKERS: |
| Edinburgh West End Office |
| 142-144 Princes Street |
| Edinburgh |
| EH2 4EQ |
| The Premium Bakery Limited (Registered number: SC316253) |
| Balance Sheet |
| 28 February 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| The Premium Bakery Limited (Registered number: SC316253) |
| Balance Sheet - continued |
| 28 February 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 12 |
| Retained earnings | 12 |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2025 |
| 1. | STATUTORY INFORMATION |
| The Premium Bakery Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover and revenue recognition |
| Turnover represents net invoiced sales of bakery products, excluding value added tax. Turnover is recognised when the products are supplied to the customer. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investment property |
| Investment properties are shown at their open market value. The surplus or deficit arising from the revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. |
| This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view. |
| Stocks |
| Inventories are valued at the lower of cost and estimated selling price less cost to sell, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| All loans with related parties are all repayable on demand. |
| 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. |
| 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss 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. |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Valuation of investments |
| Investments in listed company shares are included at market value at the balance sheet date. Any gains or losses are recognised in the profit and loss for the period. |
| Other investments |
| Other investments are included at market value at the balance sheet date. Any gains or losses are recognised in the profit and loss for the period. |
| Provisions |
| Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 March 2024 |
| Additions |
| Disposals | ( |
) |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 March 2024 |
| Additions |
| Disposals | ( |
) |
| Transfer to ownership | (217,112 | ) |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Transfer to ownership | (136,342 | ) |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| 2025 | 2024 |
| £ | £ |
| Other investments not loans | 8,040 | 8,040 |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| Additional information is as follows: |
| Other |
| investments |
| £ |
| COST |
| At 1 March 2024 |
| and 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Investments (neither listed nor unlisted) were as follows: |
| 2025 | 2024 |
| £ | £ |
| Archerfield debenture | 8,000 | 8,000 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2024 |
| Disposals | ( |
) |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Fair value at 28 February 2025 is represented by: |
| £ |
| Valuation in 2023 | 74,339 |
| Cost | 135,661 |
| 210,000 |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 6. | INVESTMENT PROPERTY - continued |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2025 | 2024 |
| £ | £ |
| Cost | 135,661 | 212,639 |
| The properties are shown at the directors' estimated valuation as at 28 February 2025. The directors are not professional valuers. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 10) |
| Other creditors |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 11,282 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| The rent is payable to the trustees of the Premium Roll Company Retirement Benefits Scheme. The directors are trustees of this scheme. |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| The Royal Bank of Scotland plc have a Bond and Floating Charge over the assets of the company. The Royal Bank of Scotland has a standard security over one of the properties. |
| In addition, the directors of the company have granted a personal guarantee for £205,000 in respect of bank loans from The Royal Bank of Scotland PLC. |
| 12. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 March 2024 | 355,609 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Transfer | 34,755 | (34,755 | ) | - |
| At 28 February 2025 | 420,600 |
| The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings. |
| The Premium Bakery Limited (Registered number: SC316253) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 28 February 2025 and 29 February 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The directors' current accounts are unsecured, interest free and repayable on demand. |