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REGISTERED NUMBER: SC490200 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

SoCo Catering Co. Limited

SoCo Catering Co. Limited (Registered number: SC490200)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SoCo Catering Co. Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: G Crolla



REGISTERED OFFICE: 14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



REGISTERED NUMBER: SC490200 (Scotland)



ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



BANKERS: Bank of Scotland plc
PO Box 1000
BX2 1LB

SoCo Catering Co. Limited (Registered number: SC490200)

Statement of Financial Position
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 583,654 583,654

CURRENT ASSETS
Stocks - 19,700
Debtors 5 1,500 1,500
Prepayments and accrued income 6,379 -
Cash at bank and in hand 39,503 154,425
47,382 175,625
CREDITORS
Amounts falling due within one year 6 1,472,285 1,445,640
NET CURRENT LIABILITIES (1,424,903 ) (1,270,015 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(841,249

)

(686,361

)

CREDITORS
Amounts falling due after more than one
year

7

25,000

35,000
NET LIABILITIES (866,249 ) (721,361 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (866,349 ) (721,461 )
SHAREHOLDERS' FUNDS (866,249 ) (721,361 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2023 and were signed by:





G Crolla - Director


SoCo Catering Co. Limited (Registered number: SC490200)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

SoCo Catering Co. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
At the year end the company was insolvent and it relies on the financial support of the director and shareholders. The director and the shareholders have confirmed that they will continue to provide adequate support for the foreseeable future and the director considers it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity ot the provision of bar and catering services.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Leasehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments 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.

Leasehold properties - nil to over 30 years

Depreciation and impairment losses are charged to the Income Statement within administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


SoCo Catering Co. Limited (Registered number: SC490200)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2021 - 36 ) .

4. TANGIBLE FIXED ASSETS
Leasehold
property
£   
COST
At 1 January 2022
and 31 December 2022 583,654
NET BOOK VALUE
At 31 December 2022 583,654
At 31 December 2021 583,654

The directors are of the opinion that cost is a fair value of the leasehold property.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Other debtors 1,500 1,500

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 27,750 12,942
Taxation and social security 197,451 184,679
Other creditors 1,237,084 1,238,019
1,472,285 1,445,640

SoCo Catering Co. Limited (Registered number: SC490200)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans 25,000 35,000

8. RELATED PARTY DISCLOSURES

At the year end, SoCo Catering Co. Limited is due £864,179 to Rapido Restaurants Limited and £203,229 to Broughton Properties Limited. SoCo Catering Co. Limited is due £1,500 from The Courtyard and Market Trading Co Ltd All the noted companies are controlled by Mr G Crolla.These loans are interest free, unsecured and are repayable on demand.

The director has also given the company a loan of £14,800. This loan is interest free, unsecured and repayable on demand.