WILD HEARTH BAKERY LIMITED


Directors	J J Castley
	C A Rogers


Company Secretary	C A Rogers


Registered Address	42 Comrie Street
	Crieff
	PH7 4AX


Registered Number	SC543706 (Scotland)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the provisions of Section 1A' Small Entitles' (FRS102 section 1A) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

	Going concern
	After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Foreign currency translation
	Transactions in currencies other than the functional currency are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. All exchange differences are taken into profit and loss

Foreign currency translation

Transactions in currencies other than the functional currency are recorded at the rate of exchange on the date the transaction occurred.  Monetary items denominated in other currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date.  Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.  All exchange differences are taken into profit and loss

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured as the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	25	-
Fixtures and fittings	-	10
Vehicles	25	-
Office Equipment	33	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Finance leases and hire purchase contracts
	Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. Assets held under finance leases (which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company) and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of the useful lives or the term of the lease.

Finance leases and hire purchase contracts

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets held under finance leases (which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company) and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of the useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	35		30

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 24	110,747	355,632	127,220	7,102	600,701
Additions	246,905	118,335	-	2,010	367,250
Disposals	-	(14,627)	-	(2,494)	(17,121)
At 31 December 24	357,652	459,340	127,220	6,618	950,830
Depreciation and impairment
At 01 January 24	-	153,159	20,888	3,639	177,686
Charge for year	11,760	50,746	26,583	1,474	90,563
On disposals	-	(9,735)	-	(2,264)	(11,999)
At 31 December 24	11,760	194,170	47,471	2,849	256,250
Net book value
At 31 December 24	345,892	265,170	79,749	3,769	694,580
At 31 December 23	110,747	202,473	106,332	3,463	423,015


	Included in the net book value of land and buildings above is £259,221 (2023: £69,360) in respect of freehold land and buildings.

4.	Stocks

	2024	2023
	£	£
Raw materials and consumables	15,000	12,000
Total	15,000	12,000

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	30,194	42,514
Other debtors	3,412	4,693
Prepayments and accrued income	9,388	7,927
Total	42,994	55,134

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	23,590	1,628
Bank borrowings and overdrafts	45,157	22,500
Taxation and social security	14,462	41,681
Finance lease and HP contracts	50,811	23,083
Other creditors	64,245	43,038
Accrued liabilities and deferred income	460	4,675
Total	198,725	136,605

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	68,557	52,419
Other creditors	108,179	70,801
Total	176,736	123,220


	The bank borrowings and overdrafts relate to a Business Bounce Back Loan from Royal Bank of Scotland, guaranteed by the UK Government and is unsecured. It bears interest at 2.5% and is repayable over a 5 year term. They also include a £50,000 business loan from Royal Bank of Scotland drawn down in December 2023. This loan is unsecured bears interest at 8.55% and is repayable over a 4 year term. They also include a loan from Shawbrook Bank Limited of £70,000 drawn down in March 2024. This loan is unsecured bears interest at 18.36% and is repayable over 3 years. The other creditors comprise liabilities under finance leases and hire purchase contracts falling due after one year which are secured over the individual assets in respect of which the finance was taken.

The bank borrowings and overdrafts relate to a Business Bounce Back Loan from Royal Bank of Scotland, guaranteed by the UK Government and is unsecured.  It bears interest at 2.5% and is repayable over a 5 year term.
They also include a £50,000 business loan from Royal Bank of Scotland drawn down in December 2023.  This loan is unsecured bears interest at 8.55% and is repayable over a 4 year term. They also include a loan from Shawbrook Bank Limited of £70,000 drawn down in March 2024.  This loan is unsecured bears interest at 18.36% and is repayable over 3 years.
The other creditors comprise liabilities under finance leases and hire purchase contracts falling due after one year which are secured over the individual assets in respect of which the finance was taken.

8.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	108,179		70,802

9.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	78,671	35,756
Total	78,671	35,756

10.	Operating lease commitments
	At 31/12/2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £26,675 (2023: £42,329).

11.	Related party transactions
	At the year end the company owed the director £61,214 (2023: £40,570).

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		694,580		423,015
			694,580		423,015
Current assets
Stocks	4	15,000		12,000
Debtors	5	42,994		55,134
Cash at bank and on hand		59,291		79,429
		117,285		146,563
Creditors amounts falling due within one year	6	(198,725)		(136,605)
Net current assets (liabilities)			(81,440)		9,958
Total assets less current liabilities			613,140		432,973
Creditors amounts falling due after one year	7		(176,736)		(123,220)
Provisions for liabilities	9		(78,671)		(35,756)
Net assets			357,733		273,997
Capital and reserves
Called up share capital			10		10
Profit and loss account			357,723		273,987
Shareholders' funds			357,733		273,997