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Registered number: SC021805










R. T. STUART LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

 
R. T. STUART LIMITED
 

COMPANY INFORMATION


Directors
Mr K J Stuart 
Mr M M Stuart 
Mr A J Stuart 
Mrs J M Stuart 
Mr S I Haig 
Mr D McMahon 




Company secretary
Mr S I Haig



Registered number
SC021805



Registered office
Dubbieside Bakery
Harbour View

Methil Docks

Methil

Fife

KY8 3RE




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
R. T. STUART LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Statement of cash flows
12 - 13
Analysis of net debt
13
Notes to the financial statements
14 - 26


 
R. T. STUART LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 31 March 2025.

Business review
 
The principal activities during the current year and the previous year manufacturing of fresh baked goods.
The Company had a good year across all departments and the directors would like to thank all of the teams for their hard work throughout the year. Our Lundin Links shop was refitted in August 2024, and since has seen good results. All necessary applications and permissions for the planned bakery extension have been made.  However, preliminary budgets are still to be finalised. Key performance indicators continue to be monitored over a number of areas. Robust control over all aspects of working capital, strict monitoring of all aspects of cash flow and the monitoring of actual results against a detailed budget, including unit gross profit calculations for each physical unit of productive activity, by division. The outlook for the forthcoming year looks positive with continued profit levels expected.
The Company is supported and works closely with fellow group companies, R T Stuart Holdings Ltd and R T Stuart Baker Limited. The Company has no indebtedness to any financial institution and functions without the need to operate a bank overdraft.

Principal risks and uncertainties
 
The directors continually monitor any risks facing the company which are primarily deemed to be normal commercial risks. These are reviewed on a regular basis to consider potential impact and mitigation. These are typically raw material price fluctuation and any loss of business.These are managed through strong customer and supplier relationships.
Exposure to credit risk is minimal due to robust internal process and other appropriate mechanisms.

Financial key performance indicators
 
The Company has developed a number of KPI reports that are monitored daily by the directors and the senior management team across the business. These reports measure various performances within the business that are directly linked to revenue, gross margins, overall profitability, quality and production efficiency rates. The directors recognise that with any reward, there are risks and uncertainties attached, and these are monitored constantly by the board.
Turnover £10,375,469 (2024 - £9,573,796)
Gross profit £4,116,747 (2024 - £3,498,603)
Operating profit £1,547,310 (2024 - £1,473,921)

Safety and health, environment and quality
 
The Company recognises the importance of, and has policies and procedures in place to ensure its environmental, health and safety requirements are met at all times.


This report was approved by the board on 19 June 2025 and signed on its behalf.



Mr S I Haig
Director

Page 1

 
R. T. STUART LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.



Results and dividends

The profit for the year, after taxation, amounted to £1,135,397 (2024 - £1,110,531).

Particulars of dividends paid are detailed in the notes to the financial statements

Page 2

 
R. T. STUART LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


Directors

The directors who served during the year were:

Mr K J Stuart 
Mr M M Stuart 
Mr A J Stuart 
Mrs J M Stuart 
Mr S I Haig 
Mr D McMahon 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr S I Haig
Director

Date: 19 June 2025

Page 3

 
R. T. STUART LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. T. STUART LIMITED
 

Opinion


We have audited the financial statements of R. T. Stuart Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
R. T. STUART LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. T. STUART LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
R. T. STUART LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. T. STUART LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
R. T. STUART LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R. T. STUART LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants
Statutory Auditors
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

19 June 2025
Page 7

 
R. T. STUART LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

  

Turnover
 4 
10,375,469
9,573,796

Cost of sales
  
(6,258,722)
(6,075,193)

Gross profit
  
4,116,747
3,498,603

Distribution costs
  
(1,459,188)
(1,359,279)

Administrative expenses
  
(1,119,922)
(785,353)

Other operating income
 5 
9,673
119,950

Operating profit
 6 
1,547,310
1,473,921

Interest receivable and similar income
 9 
13,336
8,471

Interest payable and similar expenses
 10 
(10,371)
(6,779)

Profit before tax
  
1,550,275
1,475,613

Tax on profit
 11 
(414,878)
(365,082)

Profit for the financial year
  
1,135,397
1,110,531

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

Page 8

 
R. T. STUART LIMITED
REGISTERED NUMBER: SC021805

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
£
£

  

Fixed assets
  

Tangible assets
 13 
155,920
2,892,303

Investments
 14 
40
41

  
155,960
2,892,344

Current assets
  

Stocks
 15 
198,522
151,181

Debtors: amounts falling due within one year
 16 
664,799
613,230

Cash at bank and in hand
 17 
737,769
1,529,021

  
1,601,090
2,293,432

Creditors: amounts falling due within one year
 18 
(1,164,784)
(718,168)

Net current assets
  
 
 
436,306
 
 
1,575,264

Total assets less current liabilities
  
592,266
4,467,608

  

Creditors: amounts falling due after more than one year
 19 
(151,483)
(103,418)

  
440,783
4,364,190

Provisions for liabilities
  

Deferred taxation
 22 
(37,693)
(511,791)

  
 
 
(37,693)
 
 
(511,791)

  

Net assets
  
403,090
3,852,399


Capital and reserves
  

Called up share capital 
 23 
1,950
1,950

Capital redemption reserve
 24 
64,374
64,374

Profit and loss account
 24 
336,766
3,786,075

  
403,090
3,852,399


Page 9

 
R. T. STUART LIMITED
REGISTERED NUMBER: SC021805

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr K J Stuart
Mr M M Stuart
Director
Director


Date: 19 June 2025

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
R. T. STUART LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2024
1,950
64,374
3,786,075
3,852,399



Profit for the year
-
-
1,135,397
1,135,397

Dividends: Equity capital
-
-
(4,584,706)
(4,584,706)


At 31 March 2025
1,950
64,374
336,766
403,090


The notes on pages 14 to 26 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
1,950
64,374
3,643,144
3,709,468



Profit for the year
-
-
1,110,531
1,110,531

Dividends: Equity capital
-
-
(967,600)
(967,600)


At 31 March 2024
1,950
64,374
3,786,075
3,852,399


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
R. T. STUART LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
1,135,397
1,110,531

Adjustments for:

Depreciation of tangible assets
153,215
281,786

Loss on disposal of tangible assets
-
(64,502)

Interest paid
10,371
6,779

Interest received
(13,336)
(8,471)

Taxation charge
414,878
365,082

(Increase)/decrease in stocks
(47,341)
4,986

(Increase)/decrease in debtors
(37,567)
382,313

(Increase) in amounts owed by groups
(14,002)
(4,305)

(Decrease) in creditors
(49,150)
(178,859)

Corporation tax (paid)
(392,691)
(293,000)

Net cash generated from operating activities

1,159,774
1,602,340


Cash flows from investing activities

Purchase of tangible fixed assets
(446,806)
(508,770)

Sale of tangible fixed assets
-
64,502

Assets transferred within group
3,029,974
-

Sale of fixed asset investments
1
-

Interest received
13,336
8,471

HP interest paid
(10,371)
(6,779)

Net cash from investing activities

2,586,134
(442,576)
Page 12

 
R. T. STUART LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


2025
2024

£
£



Cash flows from financing activities

Repayment of other loans
(7,488)
(7,488)

Repayment of/new finance leases
53,091
74,609

Loans due from/(repaid to) directors
1,943
(2,598)

Dividends paid
(4,584,706)
(967,600)

Net cash used in financing activities
(4,537,160)
(903,077)

Net (decrease)/increase in cash and cash equivalents
(791,252)
256,687

Cash and cash equivalents at beginning of year
1,529,021
1,272,334

Cash and cash equivalents at the end of year
737,769
1,529,021


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
737,769
1,529,021

737,769
1,529,021



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025





At 1 April 2024
Cash flows
New finance leases
At 31 March 2025
£

£

£

£

Cash at bank and in hand

1,529,021

(791,252)

-

737,769

Debt due after 1 year

(28,704)

7,488

-

(21,216)

Debt due within 1 year

(7,488)

-

-

(7,488)

Finance leases

(97,270)

25,348

(78,439)

(150,361)



1,395,559
(758,416)
(78,439)
558,704

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

R.T. Stuart Limited is a private company, limited by shares, incorporated in Scotland, registration number SC021805. The registered office is Dubbieside Bakery, Harbour View, Methil Docks, Methil, Fife KY8 3RE. 
The financial statements are presented in sterling which is the financial currency of the company and is rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 14

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 15

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line
Plant and machinery
-
15% Reducing balance
Motor vehicles
-
15% Reducing balance
Assets under construction
-
0%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented 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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 16

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the company's financial statement relates to the depreciation and valuation of tangible fixed assets. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset.
The directors also require judgment in assessing recoverability within trade debtors and make appropriate provision where their credit control procedures indicate that trade debtors may not be fully recoverable. 

Page 17

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Bakery and butchery products
10,375,469
9,573,796


All turnover arose within the United Kingdom.


5.


Other operating income

2025
2024
£
£

Other operating income
18
102,758

Net rents receivable
9,655
17,192

9,673
119,950



6.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Fees payable to the company's auditor of the audit of the company's financial statements
10,600
10,000

Depreciation on tangible fixed assets
153,215
281,786

Operating lease rentals
70,623
14,172

Gain on sale of asset
-
(64,502)

Page 18

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Employees

2025
2024
£
£

Wages and salaries
3,015,653
2,788,862

Social security costs
237,518
208,730

Cost of defined contribution scheme
202,933
180,419

3,456,104
3,178,011


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Directors
6
6



Bakery, butchery and retail
131
128



Management and administration
24
22

161
156


8.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
79,046
80,176

Company contributions to defined contribution pension schemes
114,264
100,392

Compensation for loss of office
-
49,130

193,310
229,698


During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.


9.


Interest receivable

2025
2024
£
£


Other interest receivable
13,336
8,471


10.


Interest payable and similar expenses

2025
2024
£
£


Finance leases and hire purchase contracts
10,371
6,779

Page 19

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
317,698
314,649

Adjustments in respect of previous periods
21,813
-


339,511
314,649


Total current tax
339,511
314,649

Deferred tax


Origination and reversal of timing differences
76,719
50,433

Adjustments in respect of previous periods
(1,352)
-

Total deferred tax
75,367
50,433


Tax on profit
414,878
365,082

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
1,550,275
1,475,613


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
387,569
368,903

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,194
2,305

Adjustments to tax charge in respect of prior periods
20,461
-

Depreciation on non qualifying asset
2,654
6,249

Gain on disposal of non qualifying asset
-
(12,375)

TOTAL TAX CHARGE FOR THE YEAR
414,878
365,082


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

12.


Dividends

2025
2024
£
£


Dividends paid on ordinary shares
4,584,706
967,600


13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Assets under construction
Total

£
£
£
£
£



Cost or valuation


At 1 April 2024
1,573,900
4,020,814
104,190
43,609
5,742,513


Additions
-
362,117
84,689
-
446,806


Transfers intra group
(1,573,900)
(4,382,931)
-
(43,609)
(6,000,440)



At 31 March 2025

-
-
188,879
-
188,879



DEPRECIATION


At 1 April 2024
519,269
2,318,411
12,530
-
2,850,210


Charge for the year on owned assets
14,928
117,858
20,429
-
153,215


Transfers intra group
(534,197)
(2,436,269)
-
-
(2,970,466)



At 31 March 2025

-
-
32,959
-
32,959



NET BOOK VALUE



At 31 March 2025
-
-
155,920
-
155,920



At 31 March 2024
1,054,631
1,702,403
91,660
43,609
2,892,303

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2025
2024
£
£



Motor vehicles
155,920
91,660

Page 21

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Fixed asset investments





Investments in subsidiary companies
Trade investments
Total

£
£
£



Cost or valuation


At 1 April 2024
1
40
41


Disposals
(1)
-
(1)



At 31 March 2025
-
40
40




On 1 September 2024, the Company transferred 100% of its shareholding of R T Stuart Bakers Limited to R T Stuart Holdings Ltd.


15.


Stocks

2025
2024
£
£

Raw materials
198,522
151,181



16.


Debtors

2025
2024
£
£


Trade debtors
479,748
422,497

Amounts owed by group undertakings
81,973
67,971

Other debtors
88,585
121,480

Prepayments and accrued income
14,493
1,282

664,799
613,230



17.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
737,769
1,529,021


Page 22

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

18.


Creditors: amounts falling due within one year

2025
2024
£
£

Other loans
7,488
7,488

Trade creditors
360,400
409,778

Amounts owed to group undertakings
549,465
-

Corporation tax
60,605
113,750

Other taxation and social security
57,973
51,440

Net obligations under finance lease and hire purchase contracts
20,094
22,556

Other creditors
22,575
14,653

Accruals and deferred income
86,184
98,503

1,164,784
718,168


Finance lease and hire purchase contracts are secured by the assets to which they relate. 


19.


Creditors: amounts falling due after more than one year

2025
2024
£
£

Other loans
21,216
28,704

Net obligations under finance leases and hire purchase contracts
130,267
74,714

151,483
103,418


Finance lease and hire purchase contracts are secured by the assets to which they relate. 


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
20,094
22,556

Between 1-5 years
130,267
74,714

150,361
97,270

Page 23

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

21.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets measured at fair value through profit or loss
737,769
1,529,021

Financial assets that are debt instruments measured at amortised cost
568,333
543,977


Financial liabilities


Financial liabilities measured at amortised cost
(510,571)
(559,721)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand 


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors and loans.


22.


Deferred taxation




2025


£






At beginning of year
(511,791)


Charged to profit or loss
(75,367)


Transfer intra group
549,465



At end of year
(37,693)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(38,980)
(513,526)

Other timing differences
1,287
1,735

(37,693)
(511,791)

Page 24

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

23.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



1,908 (2024 - 1,908) Ordinary shares of £1.00 each
1,908
1,908
30 (2024 - 30) 'A' Ordinary shares of £1.00 each
30
30
5 (2024 - 5) 'B' Ordinary shares of £1.00 each
5
5
7 (2024 - 7) 'C' Ordinary shares of £1.00 each
7
7

1,950

1,950



24.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses


25.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are hold separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £202,933 (2024 - £180,419). Contributions totaling £5,147 (2024 - £6,940) were payable to the fund at the reporting date and included in creditors.


26.


Commitments under operating leases

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
211,915
230,390

Later than 1 year and not later than 5 years
158,802
235,672

370,717
466,062

Page 25

 
R. T. STUART LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

27.


Related party transactions

The company has taken the exemption available under s33.1A of FRS 102 not to disclose transactions with other wholly owned members of the group headed by R T Stuart Holdings Ltd, the Company's ultimate parent company.
During the year the Company entered into the following transactions with other related parties:


2025
2024
£
£

Sales to other related parties other than group companies
1,340,071
1,030,352
Purchases from other related parties other than group companies
321,706
204,944
Net trading balances due from/(to) other related parties other than group companies
117,279
71,303


28.


Controlling party

The immediate and ultimate parent company is R T Stuart Holdings Ltd, a private company registered in Scotland, whose registered office is the same as the company's.

Page 26