| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Basil Baird and Sons Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Basil Baird and Sons Limited |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Balance Sheet - continued |
| 31 October 2024 |
| 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 |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Basil Baird and Sons Limited is a private company, limited by shares, domiciled in Scotland, registration number SC033475. The registered office is Nethershiel Farm, East Calder, Livingston, West Lothian, EH53 0HT. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| The turnover shown in the profit and loss account represents amounts receivable during the year from haulage contracting and the sale of fuel and crops, exclusive of Value Added Tax. Turnover is recognised once the service is complete or the goods are delivered. |
| Tangible fixed assets and depreciation |
| Land and buildings | - |
| Plant and machinery etc | - |
| In accordance with the rules in relation to the transition to FRS 102, the company has taken the opportunity to treat the revalued cost per the revaluation of December 2008 as the original cost. The revaluation reserve has been transferred to the profit and loss reserve and there will no longer be regular revaluation of property. |
| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. |
| The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price. |
| 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. |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | 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. |
| Hire purchase and leasing commitments |
| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the payment is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
| Fixed asset investments |
| Fixed asset investments are stated at cost less provision for any permanent diminution in value. |
| Provisions |
| Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) |
| Transfer to ownership | (118,000 | ) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Transfer to ownership | (83,255 | ) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Basil Baird and Sons Limited (Registered number: SC033475) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank overdraft |
| Hire purchase contracts | 635,396 | 736,087 |
| The bank overdraft is secured by a bond and floating charge over the assets of the company and standard security over the farmhouse in East Calder. |
| Hire purchase agreements are secured on the assets to which they relate. |