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REGISTERED NUMBER: SC363319 (Scotland)















Audited Financial Statements for the Year Ended 30 June 2023

for

Bruce Investments Limited

Bruce Investments Limited (Registered number: SC363319)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Bruce Investments Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: K Fullerton
S Piatkowski





SECRETARY: A M M Thomson





REGISTERED OFFICE: Springfield House
Laurelhill Business Park
Stirling
FK7 9JQ





REGISTERED NUMBER: SC363319 (Scotland)





AUDITORS: McLachlan & Tiffin
Clifton House
Crieff
PH7 4BN

Bruce Investments Limited (Registered number: SC363319)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,322,848 -

CURRENT ASSETS
Stocks 5 22,376 -
Debtors 6 76,102 -
Cash at bank and in hand 306,287 2
404,765 2
CREDITORS
Amounts falling due within one year 7 1,769,131 419
NET CURRENT LIABILITIES (1,364,366 ) (417 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,958,482

(417

)

CREDITORS
Amounts falling due after more than one year 8 (1,831,730 ) -

PROVISIONS FOR LIABILITIES (23,417 ) -
NET ASSETS/(LIABILITIES) 103,335 (417 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 103,333 (419 )
SHAREHOLDERS' FUNDS 103,335 (417 )

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 Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





K Fullerton - Director


Bruce Investments Limited (Registered number: SC363319)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Bruce Investments 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided 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 shorter.

Heritable properties- 2% on cost, where the residual value is assessed to be below the current net book
value
Fixtures and fittings- 20% on cost
Motor vehicles- 25% on cost
Computer equipment- 25% on cost

Heritable properties are being held under the revaluation model. All other tangible fixed assets are held under the cost model.

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.

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.

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 Investments Limited (Registered number: SC363319)

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 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.

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 17 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
Additions 3,229,182 82,009 19,445 3,330,636
At 30 June 2023 3,229,182 82,009 19,445 3,330,636
DEPRECIATION
Charge for year - 4,952 2,836 7,788
At 30 June 2023 - 4,952 2,836 7,788
NET BOOK VALUE
At 30 June 2023 3,229,182 77,057 16,609 3,322,848

The directors responsible for the assessment of the property value do not hold any relevant professional qualifications in respect of property valuations, but have significant experience of owning and operating properties of this type and are therefore well placed to make a fair value assessment. Freehold property was valued by the directors at 30 June 2023 and is not considered to be materially different from market value.

5. STOCKS
30.6.23 30.6.22
£    £   
Stocks 22,376 -

Bruce Investments Limited (Registered number: SC363319)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Other debtors 24,260 -
Prepayments and accrued income 51,842 -
76,102 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 28,270 -
Trade creditors 126,987 -
Amounts owed to group undertakings 1,342,178 262
Tax 5,497 -
Social security and other taxes 10,918 -
VAT 95,431 -
Other creditors 78,137 -
Accrued expenses 81,713 157
1,769,131 419

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans - 1-2 years 33,970 -
Bank loans - 2-5 years 1,797,760 -
1,831,730 -

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 1,860,000 -

Cynergy bank hold a bond and floating charge over the company's assets. They also hold first standard
securities over the property owned by the company.

The directors K. Fullerton and S. Piatkowski have provided a guarantee for the sum of £378,000.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ralph Tiffin (Senior Statutory Auditor)
for and on behalf of McLachlan & Tiffin

11. ULTIMATE CONTROLLING PARTY

The controlling party is Bruce Group Scotland Limited.

It is the view of the directors that there is no ultimate controlling party. The directors hold 100% of the issued share capital of the ultimate parent Bruce Group Scotland Ltd and have an equal shareholding and equivalent voting rights in that entity.