LOCHRISE LIMITED

Company Registration Number:
SC403247 (Scotland)

Unaudited abridged accounts for the year ended 28 February 2023

Period of accounts

Start date: 26 February 2022

End date: 28 February 2023

LOCHRISE LIMITED

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Notes

LOCHRISE LIMITED

Balance sheet

As at 28 February 2023


Notes

2023

2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks: 0 0
Debtors: 3 635,539 243,102
Cash at bank and in hand: 4,809 98,354
Investments:   0 0
Total current assets: 640,348 341,456
Creditors: amounts falling due within one year: 4 (1,589,022) (1,657,238)
Net current assets (liabilities): (948,674) (1,315,782)
Total assets less current liabilities: (948,674) (1,315,782)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Total net assets (liabilities): (948,674) (1,315,782)
Capital and reserves
Called up share capital: 200 200
Share premium account: 27,743 27,743
Profit and loss account: (976,617) (1,343,725)
Shareholders funds: (948,674) (1,315,782)

The notes form part of these financial statements

LOCHRISE LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 16 February 2024
and signed on behalf of the board by:

Name: Paul Smith
Status: Director

The notes form part of these financial statements

LOCHRISE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue RecognitionTurnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible AssetsTangible 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.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Fixtures and fittings 20% straight lineMotor vehicles 25% straight lineComputer equipment 20% straight lineImpairment of Fixed AssetsA 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.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.Fixtures & Fittings at Cost as at 28 Feb 2023 £39,776 (25 Feb 2022 £39,776)Depreciation as at 28 Feb 2023 £39,776 (25 Feb 2022 £39,776)Net Book Value as at 28 Feb 2023 Nil (25 Feb 2022 Nil)Motor Vehicles at Cost as at 28 Feb 2023 £7000 ( 25 Feb 2022 £7,000)Depreciation as at 28 Feb 2023 £7,000 ( 25 Feb 2022 £7,000)Net Book Value as at 28 Feb 2023 Nil ( 25 Feb 2022 Nil)Equipment at Cost as at 28 Feb 2023 £30,339 ( 25 Feb 2022 £30,339)Depreciation as at 28 Feb 2023 £30,339 ( 25 Feb 2022 £30,339)Net Book Value as at 28 Feb 2023 Nil (25 Feb 2022 Nil)

LOCHRISE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

2. Employees

2023 2022
Average number of employees during the period 0 0

LOCHRISE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Debtors

2023 2022
££
Debtors due after more than one year: 0 0

Amounts owed by group undertakings 2023 £635,539 (2022 £243,102)

LOCHRISE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Creditors: amounts falling due within one year note

Trade Creditors and Accruals 2023 £358,983 (2022 £338,983)Amounts owed by group undertakings 2023 £1,139,760 (2022 £1,139,760)Social Security and other Taxes 2023 £47,622 (2022 £58,275)Other Creditors 2023 £42,657 (2022 £120,220)

LOCHRISE LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Related party transactions

Name of the related party: City Falkirk Ltd
Relationship:
Related Company
Description of the Transaction: During the year City Falkirk Ltd advanced net funds of £66,582 to the company.
£
Balance at 26 February 2022 0
Balance at 28 February 2023 66,582
Name of the related party: Fubar Stirling Ltd
Relationship:
Related Company
Description of the Transaction: During the year the company charged Fubar Stirling Ltd management fees of £500,000.
£
Balance at 26 February 2022 0
Balance at 28 February 2023 379,531
Name of the related party: Cheers Dumbarton Ltd
Relationship:
Related Company
Description of the Transaction: During the year,Lochrise Ltd charged a management fee £500,000 (2022 £nil) on behalf of Fubar Stirling Ltd and transferred funds of £26,450 to the company
£
Balance at 26 February 2022 620
Balance at 28 February 2023 96,880
Name of the related party: Reynold 123 Ltd
Relationship:
Related Company
Description of the Transaction: During the period a loan of £107,563 was written off as a bad debt as it was held to be irrecoverable
£
Balance at 26 February 2022 0
Balance at 28 February 2023 0