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REGISTERED NUMBER: SC316253 (Scotland)




















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: Mr P J Ford
Mrs E L Ford
Mr G T Ford
Ms M Hashem



SECRETARY: Whitelaw Wells



REGISTERED OFFICE: Unit 22
Mid Road Industrial Estate
Mid Road
Prestonpans
East Lothian
EH32 9ER



REGISTERED NUMBER: SC316253 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
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 4 555,841 587,466
Investments 5 8,040 8,040
Investment property 6 210,000 324,102
773,881 919,608

CURRENT ASSETS
Stocks 81,216 88,424
Debtors 7 298,903 316,577
Cash at bank 385 290
380,504 405,291
CREDITORS
Amounts falling due within one year 8 416,151 555,497
NET CURRENT LIABILITIES (35,647 ) (150,206 )
TOTAL ASSETS LESS CURRENT LIABILITIES 738,234 769,402

CREDITORS
Amounts falling due after more than one
year

9

(169,565

)

(260,197

)

PROVISIONS FOR LIABILITIES (147,969 ) (153,496 )
NET ASSETS 420,700 355,709

The Premium Bakery Limited (Registered number: SC316253)

Balance Sheet - continued
28 February 2025

2025 2024
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 12 55,754 90,509
Retained earnings 12 364,846 265,100
SHAREHOLDERS' FUNDS 420,700 355,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:




Mr P J Ford - Director Mrs E L Ford - Director




Mr G T Ford - Director Ms M Hashem - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 10% on cost

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 46 (2024 - 47 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2024 1,514,889
Additions 169,992
Disposals (44,409 )
At 28 February 2025 1,640,472
DEPRECIATION
At 1 March 2024 927,423
Charge for year 191,087
Eliminated on disposal (33,879 )
At 28 February 2025 1,084,631
NET BOOK VALUE
At 28 February 2025 555,841
At 29 February 2024 587,466

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 389,075
Additions 87,686
Disposals (28,735 )
Transfer to ownership (217,112 )
At 28 February 2025 230,914
DEPRECIATION
At 1 March 2024 185,622
Charge for year 76,063
Eliminated on disposal (28,735 )
Transfer to ownership (136,342 )
At 28 February 2025 96,608
NET BOOK VALUE
At 28 February 2025 134,306
At 29 February 2024 203,453

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 40
NET BOOK VALUE
At 28 February 2025 40
At 29 February 2024 40

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 324,102
Disposals (114,102 )
At 28 February 2025 210,000
NET BOOK VALUE
At 28 February 2025 210,000
At 29 February 2024 324,102

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 284,721 271,816
Other debtors 14,182 44,761
298,903 316,577

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 119,685 238,934
Hire purchase contracts (see note 10) 51,875 57,986
Trade creditors 83,170 108,979
Taxation and social security 136,081 103,028
Other creditors 25,340 46,570
416,151 555,497

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans 134,915 225,975
Hire purchase contracts (see note 10) 34,650 31,722
Other creditors - 2,500
169,565 260,197

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 51,875 57,986
Between one and five years 34,650 31,722
86,525 89,708

Non-cancellable operating leases
2025 2024
£    £   
Within one year 123,338 150,389
Between one and five years 10,153 21,229
133,491 171,618

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 179,888 280,984

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 265,100 90,509 355,609
Profit for the year 293,169 293,169
Dividends (228,178 ) (228,178 )
Transfer 34,755 (34,755 ) -
At 28 February 2025 364,846 55,754 420,600

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
£    £   
Mr P J Ford
Balance outstanding at start of year (10,000 ) -
Amounts advanced 10,000 -
Amounts repaid - (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (10,000 )

Mrs E L Ford
Balance outstanding at start of year (10,000 ) -
Amounts advanced 10,000 -
Amounts repaid - (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (10,000 )

Ms M Hashem
Balance outstanding at start of year 26 26
Amounts repaid (26 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 26

The directors' current accounts are unsecured, interest free and repayable on demand.