REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2023 |
for |
Bruce Bars Scotland Ltd |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 30 June 2023 |
for |
Bruce Bars Scotland Ltd |
Bruce Bars Scotland Ltd (Registered number: SC343040) |
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 Bars Scotland Ltd |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Clifton House |
Crieff |
PH7 4BN |
Bruce Bars Scotland Ltd (Registered number: SC343040) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 Bars Scotland Ltd (Registered number: SC343040) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Bruce Bars Scotland Ltd 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. |
Rental income is recognised in the period in which it is due. |
Intangible assets |
Intangible assets are the initial costs of setting up lease agreements for tenanted properties. They are being amortised on a straight line basis over 10 years. |
Tangible fixed assets |
Tangible fixed assets are being 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. |
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. |
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. |
Bruce Bars Scotland Ltd (Registered number: SC343040) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Tenants |
Leases |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Bruce Bars Scotland Ltd (Registered number: SC343040) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Leasehold property was valued in May 2022 by Colliers. Under FRS102 the leasehold assets are held under operating leases and as such their fair value does not appear on the balance sheet. The value of these assets was £1,213,749. |
Investment Property Rented to Another Group Entity |
The company has chosen to apply the cost model to investment property rented to another group entity. The net book carrying value of these assets is nil. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Tax |
VAT | 12,327 | 12,615 |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans - 1-2 years |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Within one year |
10. | SECURED DEBTS |
Cynergy bank hold a bond and floating charge over the company's assets. |
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. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Bruce Bars Scotland Ltd (Registered number: SC343040) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
30.06.23 | 30.06.22 |
£ | £ |
Amount due to related party | (106,324 | ) | 76 |
Other related parties |
30.06.23 | 30.06.22 |
£ | £ |
Amount due from related parties | 753,524 | 652,225 |
The loans provided to these parties were provided interest free and have been classified as short term loans as there are no set repayment terms. The outstanding amount is included in amounts owed by / owed to group undertakings. |
During the year, dividends of £140,000 (2022 - £Nil) were declared to the shareholders. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Bruce Group Scotland Limited. |
The issued share capital of Bruce Bars Scotland Limited is 76% owned by Bruce Group Scotland Ltd, whose registered office is:- |
Springfield House |
Laurelhill Business Park |
Stirling |
FK7 9JQ |
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. |