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Registration number: SC620818

The Twa Tams Ltd

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

The Twa Tams Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

The Twa Tams Ltd

Company Information

Directors

C G H Woods

A I Stirton

G I Russell

R G Arnott

Registered office

79-81 Scott Street
Perth
PH2 8JR

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Twa Tams Ltd
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 accounts of The Twa Tams Ltd for the year ended 28 February 2023 as set out on pages 3 to 11 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.

This report is made solely to the Board of Directors of The Twa Tams Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Twa Tams Ltd and state those matters that we have agreed to state to the Board of Directors of The Twa Tams Ltd, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Twa Tams Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Twa Tams Ltd 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 The Twa Tams Ltd. You consider that The Twa Tams Ltd 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 The Twa Tams Ltd. 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.

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

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

14 November 2023

 

The Twa Tams Ltd

(Registration number: SC620818)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,417

17,917

Tangible assets

5

323,344

328,204

 

338,761

346,121

Current assets

 

Stocks

6

6,850

7,230

Debtors

7

23,380

23,335

Cash at bank and in hand

 

22,452

70,903

 

52,682

101,468

Creditors: Amounts falling due within one year

8

(116,732)

(105,785)

Net current liabilities

 

(64,050)

(4,317)

Total assets less current liabilities

 

274,711

341,804

Creditors: Amounts falling due after more than one year

8

(388,361)

(413,597)

Net liabilities

 

(113,650)

(71,793)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(113,750)

(71,893)

Shareholders' deficit

 

(113,650)

(71,793)

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Twa Tams Ltd

(Registration number: SC620818)
Balance Sheet as at 28 February 2023

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 Board on 14 November 2023 and signed on its behalf by:
 

.........................................
C G H Woods
Director

.........................................
A I Stirton
Director

 
     
 

The Twa Tams Ltd

Notes to the Unaudited 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:
79-81 Scott Street
Perth
PH2 8JR

These financial statements were authorised for issue by the Board on 14 November 2023.

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

At the reporting date the company had net liabilities of £113,650 (2022: £71,793). The company meets its day to day working capital requirements through loans from it's directors and a secured loan from Caledonian Heritable.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the lenders as noted above. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to amend the balance sheet values to their recoverable amounts and to provide for further liabilities which might arise.

The directors believe it is appropriate to prepare the accounts on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities as a public house. Turnover is shown net of value added tax.

The company recognises revenue when goods and services have been provided to the customer.

 

The Twa Tams Ltd

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

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% and 33% on cost

Fixtures and fittings

15% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.

 

The Twa Tams Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

 

The Twa Tams Ltd

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

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.


 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 18 (2022 - 13).

 

The Twa Tams Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

25,000

25,000

At 28 February 2023

25,000

25,000

Amortisation

At 1 March 2022

7,083

7,083

Amortisation charge

2,500

2,500

At 28 February 2023

9,583

9,583

Carrying amount

At 28 February 2023

15,417

15,417

At 28 February 2022

17,917

17,917

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

298,401

45,869

344,270

Additions

-

1,575

1,575

At 28 February 2023

298,401

47,444

345,845

Depreciation

At 1 March 2022

-

16,066

16,066

Charge for the year

-

6,435

6,435

At 28 February 2023

-

22,501

22,501

Carrying amount

At 28 February 2023

298,401

24,943

323,344

At 28 February 2022

298,401

29,803

328,204

Included within the net book value of land and buildings above is £298,401 (2022 - £298,401) in respect of freehold land and buildings.
 

 

The Twa Tams Ltd

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

6

Stocks

2023
£

2022
£

Other inventories

6,850

7,230

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,231

2,130

Prepayments

10,353

10,651

Other debtors

11,796

10,554

 

23,380

23,335

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

63,231

62,926

Trade creditors

 

26,702

16,102

Taxation and social security

 

23,083

16,430

Accruals and deferred income

 

3,149

9,134

Other creditors

 

567

1,193

 

116,732

105,785

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

388,361

413,597

 

The Twa Tams Ltd

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,591

10,000

Other borrowings

53,640

52,926

63,231

62,926

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,818

40,000

Other borrowings

357,543

373,597

388,361

413,597

Other borrowings

The loan from Caledonian Heritable Limited is denominated in £ sterling with a nominal interest rate of 6%. The carrying amount at year end is £372,883 (2022 - £388,223).

The loan is secured by a standard security over the property at 79-81 Scott Street, Perth, and a floating charge over the assets of the company.