REGISTERED NUMBER: SC210109 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Sandwick Baking Company Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Jamieson

Mrs E J Jamieson

SECRETARY:

Mrs E J Jamieson

REGISTERED OFFICE:

14A Gremista Industrial Estate

Gremista

Lerwick

Shetland

ZE1 OPX

REGISTERED NUMBER:

SC210109 (Scotland)

ACCOUNTANTS:

Victor T Fraser & Co Limited

Chartered Accountants

3-4 Market Place

Wick

Caithness

KW1 4LP

BANKERS:

Clydesdale Bank plc

106 Commercial Street

Lerwick

Shetland

SOLICITORS:

Harper Macleod LLP

St Olaf's Hall

Church Road

Lerwick

Shetland

ZE1 0FD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

546,377

571,529

546,377

571,529

CURRENT ASSETS

Stocks

89,022

77,173

Debtors

322,363

264,992

Cash at bank and in hand

61,121

64,815

472,506

406,980

CREDITORS

Amounts falling due within one year

751,424

738,840

NET CURRENT LIABILITIES

(278,918

)

(331,860

)

TOTAL ASSETS LESS CURRENT LIABILITIES

267,459

239,669

CREDITORS

Amounts falling due after more than one year

(38,752

)

(33,194

)

PROVISIONS FOR LIABILITIES

(29,589

)

(29,589

)

NET ASSETS

199,118

176,886

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

199,018

176,786

SHAREHOLDERS' FUNDS

199,118

176,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 October 2025 and were signed on its behalf by:

Mrs E J Jamieson - Director

1.	STATUTORY INFORMATION

Sandwick Baking Company 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Land and buildings

-

10% on reducing balance

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Government grants

Government Grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Grants relating to the purchase of assets are treated as deferred income and allocated to the profit and loss account over the useful life of the related assets. grants relating to expenses are treated as income in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2024 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2024

and 31 January 2025

14,000

AMORTISATION

At 1 February 2024

and 31 January 2025

14,000

NET BOOK VALUE

At 31 January 2025

-

At 31 January 2024

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2024

1,240,851

Additions

47,572

Disposals

(39,476

)

At 31 January 2025

1,248,947

DEPRECIATION

At 1 February 2024

669,322

Charge for year

57,458

Eliminated on disposal

(24,210

)

At 31 January 2025

702,570

NET BOOK VALUE

At 31 January 2025

546,377

At 31 January 2024

571,529

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 February 2024

96,181

Additions

37,200

Disposals

(39,476

)

At 31 January 2025

93,905

DEPRECIATION

At 1 February 2024

38,123

Charge for year

12,000

Eliminated on disposal

(24,210

)

At 31 January 2025

25,913

NET BOOK VALUE

At 31 January 2025

67,992

At 31 January 2024

58,058

6.	RELATED PARTY DISCLOSURES

Mr and Mrs Jamieson are directors of Shetland Freezer and Food Centre Limited

During the year purchases amounting to £340,962 (2024: £367,061) were made from Shetland Freezer and Food Centre Limited.

The balance owed to Shetland Freezer and Food Centre Limited as at 31 January 2025 amounted to £386,285 (2024: £374,526).