REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Bruce Inns Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Bruce Inns Limited |
Bruce Inns Limited (Registered number: SC251516) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Bruce Inns Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Management Accountants |
Drumsheugh Toll |
2 Belford Road |
Edinburgh |
Midlothian |
EH4 3BL |
Bruce Inns Limited (Registered number: SC251516) |
Statement of Financial Position |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 10 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 12 | ( |
) | ( |
) |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their 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. |
Bruce Inns Limited (Registered number: SC251516) |
Statement of Financial Position - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bruce Inns Limited (Registered number: SC251516) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Bruce Inns Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tenants' leases |
The original set up costs of the tenants' leases have been capitalised and are being amortised on a straight line basis over 10 years. |
Tangible fixed assets |
Land and Buildings | - |
Fixtures and fittings | - |
The directors believe that the residual values of heritable properties will match or exceed their current net book values. Therefore no depreciation has been provided in the current year. |
Investment property |
Investment property is shown at most recent valuation. The properties are assessed for any impairment of their carrying value and where required the valuation is adjusted for impairment. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Where a fair value adjustment has been made, the amount has been transferred from retained earnings to a fair value reserve in order to distinguish between distributable and non distributable reserves. |
Depreciation shown against investment properties is accumulated depreciation which was held against the properties at the the point they were reclassified as investment properties. No further depreciation has been recognised since that date. |
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 accounts receivable and payable, loans from banks and other third parties. |
Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method. Where loans have been consolidated, this has been treated as a new loan agreement and the effective rate of interest has been recalculated. |
Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. |
Debtors payable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received. |
Bruce Inns Limited (Registered number: SC251516) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Tenants' |
Goodwill | Leases | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Bruce Inns Limited (Registered number: SC251516) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | and |
Buildings | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
and 30 June 2023 | 30,412 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2022 | (264,093 | ) |
Cost | 760,283 |
496,190 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 760,283 | 760,283 |
Aggregate depreciation | (30,411 | ) | (30,411 | ) |
Investment property was valued on an open market basis on 23 May 2022 by Colliers . |
The directors believe that the property values at the year end have not changed materially from those provided by Colliers in May 2022. |
Bruce Inns Limited (Registered number: SC251516) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
7. | STOCKS |
30.6.23 | 30.6.22 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
MGD Tax | - | 97 |
VAT | 8,344 | 6,236 |
Other creditors |
Directors' current accounts | 50,912 | 50,912 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
Cynergy bank hold a bond and floating charge over the company's assets. They also hold first standard |
securities over the properties owned by the company. |
There is an unlimited cross Company guarantee between Bruce Inns Limited, Bruce Bars Scotland Limited, Bruce Taverns Ltd, Bruce Property Ltd, Bruce Faith Ltd and Bruce Group Scotland Ltd. |
The directors K. Fullerton and S. Piatkowski have provided a guarantee for the sum of £350,000. |
Bruce Inns Limited (Registered number: SC251516) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | ( |
) | (11,806 | ) |
Profit for the year |
At 30 June 2023 | ( |
) | 15,705 |
13. | ULTIMATE CONTROLLING PARTY |
It is the view of the directors that there is no ultimate controlling party. The directors hold 100% of the issued share capital and each have an equal shareholding and equivalent voting rights. |