Company No: SC262159 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	208,525		199,055
Tangible assets	4	1,660,439		1,348,481
		1,868,964		1,547,536
Current assets
Stocks		362,636		340,878
Debtors	5	622,171		651,225
Cash at bank and in hand		41,856		32,090
		1,026,663		1,024,193
Creditors: amounts falling due within one year	6	( 1,613,422)		( 1,436,575)
Net current liabilities		(586,759)		(412,382)
Total assets less current liabilities		1,282,205		1,135,154
Creditors: amounts falling due after more than one year	7	( 494,068)		( 328,877)
Provision for liabilities	8	( 211,392)		( 196,184)
Net assets		576,745		610,093
Capital and reserves
Called-up share capital	9	250,042		250,042
Profit and loss account		326,703		360,051
Total shareholders' funds		576,745		610,093

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Macleans Highland Bakery Ltd. (registered number: SC262159) were approved and authorised for issue by the Board of Directors on 11 December 2025. They were signed on its behalf by:

Lewis Maclean Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Macleans Highland Bakery Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 16 West Road, Forres, IV36 2GW, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £576,745. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for operation of a manufacturing bakery and retail outlets net of VAT and trade discounts.

Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	20 years straight line
Other intangible assets	3 - 6 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Plant and machinery etc.	10 - 25 % reducing balance
	3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are initially recognised as deferred income when there is reasonable assurance that the conditions attached will be met and the grant will not be repayable. The grant is credited to the Profit and Loss Account when the conditions have been fulfilled and the grant is no longer subject to clawback.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	105		101

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 April 2024	120,000		515,089		635,089
Additions	0		69,840		69,840
At 31 March 2025	120,000		584,929		704,929
Accumulated amortisation
At 01 April 2024	114,000		322,034		436,034
Charge for the financial year	6,000		54,370		60,370
At 31 March 2025	120,000		376,404		496,404
Net book value
At 31 March 2025	0		208,525		208,525
At 31 March 2024	6,000		193,055		199,055

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	520,807		2,589,149		3,109,956
Additions	215,608		275,665		491,273
Disposals	0		( 57,482)		( 57,482)
At 31 March 2025	736,415		2,807,332		3,543,747
Accumulated depreciation
At 01 April 2024	242,395		1,519,080		1,761,475
Charge for the financial year	16,620		122,679		139,299
Disposals	0		( 17,466)		( 17,466)
At 31 March 2025	259,015		1,624,293		1,883,308
Net book value
At 31 March 2025	477,400		1,183,039		1,660,439
At 31 March 2024	278,412		1,070,069		1,348,481

5. Debtors

	2025		2024
	£		£
Trade debtors	404,752		503,567
Other debtors	217,419		147,658
	622,171		651,225

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	73,088		21,266
Trade creditors	453,772		538,473
Amounts owed to related parties	31,301		49,051
Other taxation and social security	91,131		51,901
Obligations under finance leases and hire purchase contracts	63,221		67,703
Other creditors	900,909		708,181
	1,613,422		1,436,575

The hire purchase liability is secured over the asset to which the agreement relates.

The bank loans are secured over the assets of the company or guaranteed by the UK Government under the Bounce Back Loan Scheme.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	259,874		11,667
Obligations under finance leases and hire purchase contracts	120,137		42,641
Other creditors	114,057		274,569
	494,068		328,877

The hire purchase liability is secured over the asset to which the agreement relates.

The bank loans are secured over the assets of the company or guaranteed by the UK Government under the Bounce Back Loan Scheme.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	211,392		196,184

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
10 A Ordinary shares of £ 1.00 each	10		10
10 B Ordinary shares of £ 1.00 each	10		10
10 C Ordinary shares of £ 1.00 each	10		10
10 D Ordinary shares of £ 1.00 each	10		10
250,002 Ordinary shares of £ 1.00 each	250,002		250,002
	250,042		250,042

10. Financial commitments

Commitments

Capital commitments are as follows:

	2025		2024
	£		£
Contracted for but not provided for:
Finance leases entered into	10,750		34,500

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to key management personnel	103,767		271,620
Amounts owed to related parties	31,301		49,051

These loans are unsecured, interest free and have no fixed terms of repayment.