Black of Dunoon (Bakers) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Black of Dunoon (Bakers) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC063896 . The registered office is 113 George Street, Dunoon, Argyll, PA23 8BS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2. Turnover

Revenue recognition

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

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill, being the amount paid in connection of a business in 2001, is being amortised evenly over its estimated useful life of five years.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

2.4. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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.

Freehold	0%
Plant & Machinery	10% reducing balance
Fixtures & Fittings	10% reducing balance

No depreciation has been charged on heritable property which was revalued at the directors fair value estimate at 31 March 2017. No formal professional valuation was undertaken. The sum in the financial statements refers to all heritable property owned by the company re-stated as at 31 March 2017. If a standard rate of depreciation of 2% per annum had been charged this would amount to £12,880.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

...CONTINUED

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Black of Dunoon (Bakers) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Tangible Fixed Assets and Depreciation - continued

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.5. Leasing and Hire Purchase Contracts

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.

2.6. Stocks and Work in Progress

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

2.7. Taxation

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 tax, or a right to pay 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.

2.8. Investments

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

2.9. Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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Black of Dunoon (Bakers) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.10. Financial Instruments

A financial asset or a financial liabilitiy is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 29 (2024: 29)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	15,000

As at 31 March 2025	15,000

Amortisation
As at 1 April 2024	15,000

As at 31 March 2025	15,000

Net Book Value
As at 31 March 2025	-

As at 1 April 2024	-

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Black of Dunoon (Bakers) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 April 2024	614,000	415,494	115,677	1,145,171
Additions	-	2,262	1,770	4,032
Disposals	-	-	(420 )	(420 )

As at 31 March 2025	614,000	417,756	117,027	1,148,783

Depreciation
As at 1 April 2024	-	276,368	69,449	345,817
Provided during the period	-	14,059	6,138	20,197
Disposals	-	-	(420 )	(420 )

As at 31 March 2025	-	290,427	75,167	365,594

Net Book Value
As at 31 March 2025	614,000	127,329	41,860	783,189

As at 1 April 2024	614,000	139,126	46,228	799,354

6. Investments

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	40

As at 31 March 2025	40

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	40

As at 1 April 2024	40

7. Stocks

	2025	2024
	£	£
Stock	40,038	39,886

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Black of Dunoon (Bakers) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	319,286	371,274
Other debtors	40,971	39,256

	360,257	410,530

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	7,539	9,552
Trade creditors	141,644	135,154
Bank loans and overdrafts	38,266	38,266
Other loans	128,037	108,017
Other creditors	204,838	206,266
Taxation and social security	11,309	12,171

	531,633	509,426

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	20,104	27,643
Bank loans	29,236	63,571
Preference Shares	80,000	80,000

	129,340	171,214

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	7,539	9,552
Later than one year and not later than five years	20,104	27,643

	27,643	37,195

	27,643	37,195

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	20,000	20,000

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Black of Dunoon (Bakers) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

13. Directors Advances, Credits and Guarantees

Included within Creditors are the following loans from directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Charles Black	184,489	-	16,530	-	167,959
Mr Charles Black	2,101	-	178	-	1,923
Miss Sheona Black	2,009	-	2,009	-	-

The above loan is unsecured, interest free and repayable on demand.

14. Related Party Transactions

Blacks Transport Limited

Blacks Transport Limited is a company, registered in Scotland, which is controlled by the director C D C Black.

a) The company received services from Blacks Transport Limited to the value of £5,920. At 31 March 2025 the amount due to Blacks Transport Limited and included in trade creditors was £480.

b) At 31 March 2025 the non trade balance due by the company to Blacks Transport Limited and included in other creditors was £114,750. No interest is due on the outstanding amount.

c) The company carried out work during the year for Blacks Transport Limited to the value of £3,454. These transactions were in the normal course of business on an arms length basis. The amount due to the company by Blacks Transport Limited and included in trade debtors at 31 March 2025 was £1,434.

C M Black Bakers Distribution

C D C Black, G E Black and C E S Black are partners in C M Black Bakers Distribution.

a) The company carried our work during the year for C M Black Bakers Distribution to the value of £475,536. These transactions were in the normal course of business on an arms length basis. The amount due to the company by C M Black Bakers Distribution and included in trade debtors, at 31st March 2025, was £66,167.

b) At 31 March 2025 the non trade balance due from C M Black Bakers Distribution to the company and included in other creditors was £6,219. No interest is due on the amount outstanding.

c) The company received services from C M Black Bakers Distribution, to the value of £1,262, during the year. The amount due to C M Black at 31 March 2025 and included in trade creditors was £13,801.

R & S Distribution

C E S Black and S A M Black are partners in R & S Distribution.

a) The company carried out work during the year for R & S Distribution to the value of £193,015. These transactions were in the normal course of business on an arms length basis. The amount due to the company by R & S Distribution and included in trade debtors was £51,903.

b) At 31st March 2025 the non trade balance due by the company to R & S Distribution and included in other creditors was £7,068. No interest is due on the outstanding amount.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		783,189		799,354
Investments	6		40		40

			783,229		799,394
CURRENT ASSETS
Stocks	7	40,038		39,886
Debtors	8	360,257		410,530
Cash at bank and in hand		13,684		9,765

		413,979		460,181
Creditors: Amounts Falling Due Within One Year	9	(531,633 )		(509,426 )

NET CURRENT ASSETS (LIABILITIES)			(117,654 )		(49,245 )

TOTAL ASSETS LESS CURRENT LIABILITIES			665,575		750,149

Creditors: Amounts Falling Due After More Than One Year	10		(129,340 )		(171,214 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(6,570 )		(15,502 )

NET ASSETS			529,665		563,433

CAPITAL AND RESERVES
Called up share capital	12		20,000		20,000
Profit and Loss Account			509,665		543,433

SHAREHOLDERS' FUNDS			529,665		563,433