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Registration number: SC540789

Path Tavern 1750 Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Path Tavern 1750 Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Path Tavern 1750 Limited

Company Information

Director

Jodie Mackay

Company secretary

George P Mackay

Registered office




Registered number

7 Mid Street
Kirkcaldy
Fife
KY1 2PE

SC540789
 

Accountants

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Path Tavern 1750 Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Path Tavern 1750 Limited for the year ended 28 February 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. . Our work has been undertaken solely to prepare for your approval the financial information of Path Tavern 1750 Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountnats of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that Path Tavern 1750 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Path Tavern 1750 Limited. You consider that Path Tavern 1750 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Path Tavern 1750 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

4 October 2023

 

Path Tavern 1750 Limited

(Registration number: SC540789)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

3,398

4,699

Current assets

 

Stock

8

6,886

6,976

Debtors

9

22,072

6,940

Cash at bank and in hand

 

7,566

68,904

 

36,524

82,820

Creditors: Amounts falling due within one year

10

(29,016)

(38,518)

Net current assets

 

7,508

44,302

Total assets less current liabilities

 

10,906

49,001

Creditors: Amounts falling due after more than one year

10

(22,500)

(32,500)

Net (liabilities)/assets

 

(11,594)

16,501

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(11,596)

16,499

Shareholders' (deficit)/funds

 

(11,594)

16,501

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 October 2023
 

.........................................
Jodie Mackay
Director

 

Path Tavern 1750 Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
7 Mid Street
Kirkcaldy
Fife
KY1 2PE
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost less residual value of assets, over their estimated useful lives, as follows:

 

Path Tavern 1750 Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Asset class

Depreciation method and rate

Furniture and fittings

20%

Impairment of assests
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
 

Stock

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

Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 7).

 

4

Taxation

The tax charge on the profit for the year was as follows:

2023

2022

£

£

Corporation tax charge

(4,977)

5,205

 

5

Other operating income

2022
£

Other operatiing income

Furlough claims

21,956

Insurance moneys

18,585

Government grants receivable

24,450

 

64,991

 

Path Tavern 1750 Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

2,451

4,048

6,499

At 28 February 2023

2,451

4,048

6,499

Depreciation

At 1 March 2022

903

897

1,800

Charge for the year

491

810

1,301

At 28 February 2023

1,394

1,707

3,101

Carrying amount

At 28 February 2023

1,057

2,341

3,398

At 28 February 2022

1,548

3,151

4,699

7

Investment properties

2023
£

There has been no valuation of investment property by an independent valuer.

8

Stock

2023
£

2022
£

Bar and food stock

6,886

6,976

9

Debtors

2023
£

2022
£

Prepayments

748

-

Other debtors

21,324

6,940

22,072

6,940

Other debtors include £15,217(2022 - £3,444) which comprise payments on behalf of a director and family member and is repayable on demand.

 

Path Tavern 1750 Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

14

12,647

18,436

Trade creditors

 

826

7,466

Taxation and social security

 

10,989

12,319

Accruals and deferred income

 

4,554

250

Other creditors

 

-

47

 

29,016

38,518

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

14

22,500

32,500

Coronavirus Bounce Back Loan is repayable over 6 years. Interest is charged at 2 ½ % with the government covering the first year.

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £5,000.00) per ordinary share

 

-

 

10,000

         
 

12

Commitments

The company is subject to an annual property rental of £36,000.

 

13

Contingent Liability

The company has provided a floating charge in favour of the Bank of Scotland.

 

Path Tavern 1750 Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

14

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Other borrowings

2,647

8,436

12,647

18,436