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REGISTERED NUMBER: SC236976 (Scotland)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 June 2023

for

Bruce Group Scotland Limited

Bruce Group Scotland Limited (Registered number: SC236976)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Bruce Group Scotland 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
Striling
FK7 9JQ





REGISTERED NUMBER: SC236976 (Scotland)





AUDITORS: McLachlan & Tiffin
Clifton House
Crieff
PH7 4BN

Bruce Group Scotland Limited (Registered number: SC236976)

Group Strategic Report
for the Year Ended 30 June 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

The principal activity of the company is that of a holding company and the principal activities of the group are the development and operation of entertainment, leisure and property facilities.

Strategic Management

The year started free of the Covid-19 trading restrictions and the random disruption which had followed on from the initial Covid lockdown in March 2020. The return to normal trading, coupled with pent up demand which had built up through the lockdowns and restricted openings, saw turnover in excess of pre-Covid levels. Tourists started to return to the city and the Edinburgh Fringe also opened back up in Autumn 2022 which all contributed to a buoyant trading environment.

Turnover was further enhanced as Bruce Investments Ltd started trading, after the successful acquisition of the Drovers Inn in July 2022.

However, there were were also significant inflationary pressures on costs. Food and energy prices were both driven up by the war in Ukraine, whilst labour costs were pushed higher by increases in the national minimum wage, which started our year at £9.50 and closed at £10.42 - a 9.7% increase.

The cost of living increase and rising interest rates were also areas of concern, both in terms of the impact on consumer spending and our debt servicing costs.

Business Environment

Day trade in some of the food led outlets has been more challenging as people's working patterns have changed post Covid with hybrid working becoming more prevalent. This has had a knock on effect in daytime trade.
The daytime provision of some of the trading units has been altered as a result, but as many of the units are focused on the night time economy and live music, the group as a whole has been able to successfully adapt to the new patterns of demand.


Bruce Group Scotland Limited (Registered number: SC236976)

Group Strategic Report
for the Year Ended 30 June 2023

REVIEW OF BUSINESS
Revaluation of Property

As a revaluation had been recognised in the prior year, no further adjustments were made in the year to 30th June 2023.

Acquisitions

The acquisition of the Drovers, an iconic Inn located in Inverarnan, Loch Lomond was completed on 6th July 2022. This represented the culmination of 3 years of work, the completion of the deal being interrupted by Covid 19.

Trading Results

Turnover increased from £11,014,189 to £17,152,133. This was partially due to the acquisition of the Drovers Inn, which is traded through Bruce Investments Limited. The acquisition was completed on 6th July 2022, which allowed almost a complete year of trading to be included in the group accounts.

The group made an operating profit of £1,945,177 for the year. This was £161,196 down on the prior year. The acquisition of the Drovers and its inclusion in the group results helped mitigate some of the adverse impacts of cost increases.Gross profit margins were eroded due to increases in labour and food and drink costs, whilst overheads were impacted as Covid 19 rates relief support ended in the year to 30th June 2022 and utility bills increased substantially as a result of the war in Ukraine.

EBITDA (excluding the impact of investment property revaluations) fell to £2,258,011 (2022 : £2,410,063). Excluding the impact of the Drovers, like for like EBITDA was £1,995,566.

The group generated cash from operations (before tax and interest) of £2,725,295 which was an increase of £395,072 against the prior year of £2,330,223. The year to 30th June 2023 saw a net cash outflow of £395,483, compared to a cash inflow of £260,187 in the prior year.This was largely driven by the Drovers Inn acquisition. Debt increased from £6,568,162 to £8,664,914.

Re-banking

The Group completed its re-banking with Cynergy Bank. This was necessitated by the decision by AIB to close its Glasgow office. The directors believe that the facility secured with Cynergy Bank will provide stability over the medium / long term. As part of the re-banking, additional funds were secured to support the acquisition of the Drovers Inn.


Bruce Group Scotland Limited (Registered number: SC236976)

Group Strategic Report
for the Year Ended 30 June 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The economic environment is one of the greatest risks. Inflationary pressures on cost of living and rising interest rates are likely to see a dampening of consumer spending, which has been relatively buoyant after the suppression of demand in the lockdown periods.

We have been relatively successful at mitigating the impact of rising costs, by increasing our own prices, without any noticeable impact on demand. However, this is not a given in the future, particularly if consumers start to tighten their belts as a result of interest rates increasing or holding at their current levels.

The principal operational risks around the group remain the same as identified in previous years and are the losing of a premises licence on either a short term or long term basis. The senior management team work hard to ensure that the group is compliant with national and local laws and maintains good relationships with neighbours in the areas surrounding its operations.

Mckays on the Mile was opened in Q4 of the financial year. When the development of the unit started pre Covid, a higher level of daytime trade was anticipated from local office buildings. This has been lower than anticipated due to the change to hybrid working in many organisations. It remains a risk around the unit, although it is expected that it will trade well during the tourist seasons as it sits on the Royal Mile.

In February 2023, the popular Royal Mile Tavern was damaged by fire. Fortunately there were no casualties, but the unit has been closed since. The anticipated re-opening date remains uncertain. Although not one of the larger units, it does contribute a steady profit stream when open.

The plan to dispose of Dusk nightclub in Stirling was well advanced when a historic planning issue was uncovered as part of the sale due diligence. Although it is still expected that the sale will go ahead, this will not happen until the planning issue is resolved and at present, there is no certainty over the timescale for this.

ON BEHALF OF THE BOARD:





K Fullerton - Director


28 March 2024

Bruce Group Scotland Limited (Registered number: SC236976)

Report of the Directors
for the Year Ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of proprietors of licensed premises.

DIVIDENDS
Interim dividends of £55,000 per share were paid to the shareholders of the parent company on 5th April 2023. The directors recommend that no final dividend be paid.

Dividends of £33,600 were also issued to a non-controlling interest in the year. These were paid to the
non-controlling interest by a subsidiary company of the parent.

The total distribution of dividends by the group for the year ended 30 June 2023 was £143,600.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

K Fullerton
S Piatkowski

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, McLachlan & Tiffin, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K Fullerton - Director


28 March 2024

Report of the Independent Auditors to the Members of
Bruce Group Scotland Limited

Opinion
We have audited the financial statements of Bruce Group Scotland Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Bruce Group Scotland Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Bruce Group Scotland Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to loss reserves, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
- discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
- communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
- considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:
- making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
- gaining an understanding of the internal controls established to mitigate risks related to fraud;
- discussing amongst the engagement team the risks of fraud; and
- addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ralph Tiffin (Senior Statutory Auditor)
for and on behalf of McLachlan & Tiffin
Clifton House
Crieff
PH7 4BN

28 March 2024

Bruce Group Scotland Limited (Registered number: SC236976)

Consolidated Income Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

TURNOVER 17,152,133 11,014,189

Cost of sales 10,009,794 6,097,222
GROSS PROFIT 7,142,339 4,916,967

Administrative expenses 5,376,121 3,406,807
1,766,218 1,510,160

Other operating income 3 178,959 596,213
OPERATING PROFIT 5 1,945,177 2,106,373

Interest receivable and similar income 490 -
1,945,667 2,106,373
Gain/loss on revaluation of investment
property

-

1,718,850
1,945,667 3,825,223

Interest payable and similar expenses 6 552,020 232,219
PROFIT BEFORE TAXATION 1,393,647 3,593,004

Tax on profit 7 281,817 900,857
PROFIT FOR THE FINANCIAL YEAR 1,111,830 2,692,147
Profit attributable to:
Owners of the parent 1,110,444 2,659,577
Non-controlling interests 1,386 32,570
1,111,830 2,692,147

Bruce Group Scotland Limited (Registered number: SC236976)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

PROFIT FOR THE YEAR 1,111,830 2,692,147


OTHER COMPREHENSIVE INCOME
Revaluation heritable property - 3,568,122
Investment property disposal
Income tax relating to other comprehensive
income

-

(895,510

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

2,672,612
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,111,830

5,364,759

Total comprehensive income attributable to:
Owners of the parent 1,110,444 5,332,189
Non-controlling interests 1,386 32,570
1,111,830 5,364,759

Bruce Group Scotland Limited (Registered number: SC236976)

Consolidated Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 485,028 557,473
Tangible assets 11 13,596,780 9,655,731
Investments 12 - -
Investment property 13 6,541,447 6,541,447
20,623,255 16,754,651

CURRENT ASSETS
Stocks 14 305,589 262,241
Debtors 15 1,077,510 865,493
Cash at bank and in hand 1,528,230 1,923,713
2,911,329 3,051,447
CREDITORS
Amounts falling due within one year 16 3,167,034 3,240,632
NET CURRENT LIABILITIES (255,705 ) (189,185 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,367,550

16,565,466

CREDITORS
Amounts falling due after more than one year 17 (8,477,034 ) (5,711,493 )

PROVISIONS FOR LIABILITIES 21 (1,964,110 ) (1,895,797 )
NET ASSETS 9,926,406 8,958,176

CAPITAL AND RESERVES
Called up share capital 22 2 2
Revaluation reserve 23 2,784,113 2,800,588
Fair value reserve 23 2,835,210 2,835,210
Retained earnings 23 4,091,240 3,107,921
SHAREHOLDERS' FUNDS 9,710,565 8,743,721

NON-CONTROLLING INTERESTS 24 215,841 214,455
TOTAL EQUITY 9,926,406 8,958,176

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 Group Scotland Limited (Registered number: SC236976)

Company Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 125,748 125,747
Investment property 13 - -
125,748 125,747

CURRENT ASSETS
Debtors 15 967,345 861,021
Cash at bank 514 514
967,859 861,535
CREDITORS
Amounts falling due within one year 16 990,562 986,447
NET CURRENT LIABILITIES (22,703 ) (124,912 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,045

835

CAPITAL AND RESERVES
Called up share capital 22 2 2
Retained earnings 103,043 833
SHAREHOLDERS' FUNDS 103,045 835

Company's profit for the financial year 212,210 81,950

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 Group Scotland Limited (Registered number: SC236976)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 July 2021 2 1,696,525 144,450

Changes in equity
Total comprehensive income - 1,493,396 2,656,138
Dividends - (82,000 ) -
Balance at 30 June 2022 2 3,107,921 2,800,588

Changes in equity
Total comprehensive income - 1,126,919 (16,475 )
Dividends - (143,600 ) -
Balance at 30 June 2023 2 4,091,240 2,784,113
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 July 2021 1,652,555 3,493,532 181,885 3,675,417

Changes in equity
Total comprehensive income 1,182,655 5,332,189 32,570 5,364,759
Dividends - (82,000 ) - (82,000 )
Balance at 30 June 2022 2,835,210 8,743,721 214,455 8,958,176

Changes in equity
Total comprehensive income - 1,110,444 1,386 1,111,830
Dividends - (143,600 ) - (143,600 )
Balance at 30 June 2023 2,835,210 9,710,565 215,841 9,926,406

Bruce Group Scotland Limited (Registered number: SC236976)

Company Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 2 883 885

Changes in equity
Profit for the year - 81,950 81,950
Total comprehensive income - 81,950 81,950
Dividends - (82,000 ) (82,000 )
Balance at 30 June 2022 2 833 835

Changes in equity
Profit for the year - 212,210 212,210
Total comprehensive income - 212,210 212,210
Dividends - (110,000 ) (110,000 )
Balance at 30 June 2023 2 103,043 103,045

Bruce Group Scotland Limited (Registered number: SC236976)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,725,295 2,330,223
Interest paid (551,383 ) (211,339 )
Interest element of hire purchase payments
paid

(637

)

-
Tax paid (274,460 ) (328,064 )
Net cash from operating activities 1,898,815 1,790,820

Cash flows from investing activities
Purchase of tangible fixed assets (4,168,071 ) (903,118 )
Interest received 490 -
Net cash from investing activities (4,167,581 ) (903,118 )

Cash flows from financing activities
New loans in year 8,610,000 -
Loan repayments in year (6,541,035 ) (508,711 )
New HP finance 30,000 -
Capital repayments in year (2,213 ) -
Amount introduced by directors 214,494 283,097
Amount withdrawn by directors (294,363 ) (319,901 )
Equity dividends paid (143,600 ) (82,000 )
Net cash from financing activities 1,873,283 (627,515 )

(Decrease)/increase in cash and cash equivalents (395,483 ) 260,187
Cash and cash equivalents at beginning of
year

2

1,923,713

1,663,526

Cash and cash equivalents at end of year 2 1,528,230 1,923,713

Bruce Group Scotland Limited (Registered number: SC236976)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.6.23 30.6.22
£    £   
Profit before taxation 1,393,647 3,593,004
Depreciation charges 312,344 303,690
Loss on disposal of fixed assets 622 -
Gain on revaluation of fixed assets - (1,718,850 )
Reclassification of assets (13,500 ) -
Finance costs 552,020 232,219
Finance income (490 ) -
2,244,643 2,410,063
Increase in stocks (43,348 ) (91,612 )
Increase in trade and other debtors (212,017 ) (259,647 )
Increase in trade and other creditors 736,017 271,419
Cash generated from operations 2,725,295 2,330,223

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,528,230 1,923,713
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 1,923,713 1,663,526


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 1,923,713 (395,483 ) 1,528,230
1,923,713 (395,483 ) 1,528,230
Debt
Finance leases - (27,787 ) (27,787 )
Debts falling due within 1 year (856,669 ) 678,136 (178,533 )
Debts falling due after 1 year (5,711,493 ) (2,747,101 ) (8,458,594 )
(6,568,162 ) (2,096,752 ) (8,664,914 )
Total (4,644,449 ) (2,492,235 ) (7,136,684 )

Bruce Group Scotland Limited (Registered number: SC236976)

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

1. STATUTORY INFORMATION

Bruce Group Scotland 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 General 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" 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.

Basis of consolidation
The group accounts have been prepared using the acquisition accounting method.

Results of the subsidiaries have been consolidated based on the activities for their most recent accounting period.

All subsidiaries have the same year end date of 30th June.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Depreciation of tangible fixed assets

Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the group.

Investment property

The value of investment property is subject to prevailing market conditions and can be subject to short term
fluctuations driven by local demand or macro economic conditions. The investment property was valued by an independent professional valuer. The directors do not believe there has been a significant change in values since the last valuation in May 2022.

Heritable and leasehold property held as part of tangible fixed assets

The value of heritable and leasehold property is subject to prevailing market conditions and can be subject to short term fluctuations driven by local demand or macro economic conditions. The heritable and leasehold
property held within tangible fixed assets was valued by an independent professional valuer. The directors do not believe there has been a significant change in values since the last valuation in May 2022.

Turnover
Turnover represents net invoiced sale of goods, excluding value added tax. For properties held for rental purposes, rental income is recognised in the period in which it is due. The group's policy is to recognise a sale when substantively all risks and rewards in connection with the goods have been passed to the buyer.

Goodwill
Goodwill is comprised of two elements. Goodwill relating to the acquisition of Bruce Taverns and the acquisition of Bruce Faith is being amortised straight line over 20 years.The second element is goodwill on the acquisition of trading units within Bruce Taverns. This is being amortised straight line over 10 years.

Bruce Group Scotland Limited (Registered number: SC236976)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Heritable properties and investment 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 value of heritable properties will match or exceed their current net book values. Therefore no depreciation has been provided in the current year.

Included within heritable property is a Police Box. This is being depreciated at 4% per annum straight line. Other heritable property is being depreciated at 2% per annum straight line when a provision is made.

For other asset classes depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Lease costs capitalised in relation to the leasing of properties are depreciated on a straight line basis over the duration of the lease.

Short leasehold - Straight line over the duration of the lease.

Fixtures and fittings - 20% on straight line basis.

Motor vehicles - 25% on straight line basis.

Office equipment - 25% on a straight line basis.

Investment property
Investment property is shown at most recent valuation. 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.

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 Group 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 (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised cost 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 creditors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid.

Debtors receivable within one year, typically trade debtors, 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 Consolidated 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 Group Scotland Limited (Registered number: SC236976)

Notes to the Consolidated 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.

Foreign currencies
The company's functional and presentational currency is GBP.

Hire purchase and leasing commitments
Leases are assessed based on the substance of the transaction and are categorised as finance leases or operating leases accordingly.

Finance Leases

Where substantially all the risks and rewards incidental to ownership are borne by the lessee, the lease is
categorised as a finance lease. It is initially recognised in the statement of financial position as an asset with a corresponding liability.

The subsequent allocation of payments between the finance charge and the reduction of the outstanding liability are calculated using the effective interest method, so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Operating Leases

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. OTHER OPERATING INCOME
30.6.23 30.6.22
£    £   
Rents received 178,959 158,312
Sundry receipts - 38,391
Government grants - 399,510
178,959 596,213

4. EMPLOYEES AND DIRECTORS
30.6.23 30.6.22
£    £   
Wages and salaries 5,621,088 3,293,581
Social security costs 94,543 29,404
Other pension costs 63,316 37,320
5,778,947 3,360,305

Bruce Group Scotland Limited (Registered number: SC236976)

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

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.6.23 30.6.22

Management and operational staff 301 247

30.6.23 30.6.22
£    £   
Directors' remuneration 58,500 16,720

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.23 30.6.22
£    £   
Operating lease income (178,959 ) (158,312 )
Depreciation - owned assets 239,899 230,512
Loss on disposal of fixed assets 622 -
Goodwill amortisation 72,290 73,024
Tenants' Leases amortisation 155 155
Auditors remuneration 7,325 6,865
Other operating leases 822,406 731,379

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.23 30.6.22
£    £   
Bank interest 264 4,687
Bank loan interest 543,862 225,274
Interest payable 7,257 2,258
Hire purchase 637 -
552,020 232,219

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.23 30.6.22
£    £   
Current tax:
UK corporation tax 213,504 274,460

Deferred tax 68,313 626,397
Tax on profit 281,817 900,857

Bruce Group Scotland Limited (Registered number: SC236976)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.23 30.6.22
£    £   
Profit before tax 1,393,647 3,593,004
Profit multiplied by the standard rate of corporation tax in the UK of 20.500 %
(2022 - 19 %)

285,698

682,671

Effects of:
Expenses not deductible for tax purposes 182 164
Income not taxable for tax purposes (985 ) (333,876 )
Capital allowances in excess of depreciation (83,868 ) (73,071 )

Other timing differences (1,263 ) (1,116 )

Deferred tax on investment property revaluation - 536,196
Deferred tax movement on fixed asset timing differences originating in prior periods
112,272

90,738
Unrealised tax saving on goodwill amortisation on consolidation 4,986 4,622
Unused losses carried forward 859 849
Utilisation of tax losses - (5,784 )
Deferred tax adjustment (43,958 ) (536 )
Lease premium taxed but not recognised in period 7,894 -
Total tax charge 281,817 900,857

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 June 2023.

30.6.22
Gross Tax Net
£    £    £   
Revaluation heritable property 3,568,122 (895,510 ) 2,672,612
Investment property disposal
3,568,122 (895,510 ) 2,672,612

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30.6.23 30.6.22
£    £   
Ordinary shares of £1 each
Interim 143,600 82,000

Bruce Group Scotland Limited (Registered number: SC236976)

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

10. INTANGIBLE FIXED ASSETS

Group
Tenants'
Goodwill Leases Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 973,480 1,551 975,031
AMORTISATION
At 1 July 2022 416,579 979 417,558
Amortisation for year 72,290 155 72,445
At 30 June 2023 488,869 1,134 490,003
NET BOOK VALUE
At 30 June 2023 484,611 417 485,028
At 30 June 2022 556,901 572 557,473

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Heritable Short and
property leasehold fittings
£    £    £   
COST OR VALUATION
At 1 July 2022 7,728,533 1,820,500 2,859,768
Additions 3,405,015 180,915 519,156
Disposals - - (1,571 )
Reclassification/transfer - 13,500 -
At 30 June 2023 11,133,548 2,014,915 3,377,353
DEPRECIATION
At 1 July 2022 65,513 518,923 2,184,154
Charge for year - 46,495 182,662
Eliminated on disposal - - (1,426 )
At 30 June 2023 65,513 565,418 2,365,390
NET BOOK VALUE
At 30 June 2023 11,068,035 1,449,497 1,011,963
At 30 June 2022 7,663,020 1,301,577 675,614

Bruce Group Scotland Limited (Registered number: SC236976)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Office
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 36,883 21,921 12,467,605
Additions 62,985 - 4,168,071
Disposals (883 ) - (2,454 )
Reclassification/transfer - - 13,500
At 30 June 2023 98,985 21,921 16,646,722
DEPRECIATION
At 1 July 2022 23,851 19,433 2,811,874
Charge for year 9,778 964 239,899
Eliminated on disposal (405 ) - (1,831 )
At 30 June 2023 33,224 20,397 3,049,942
NET BOOK VALUE
At 30 June 2023 65,761 1,524 13,596,780
At 30 June 2022 13,032 2,488 9,655,731

Heritable property was valued on an open market basis on 23rd May 2022 by Colliers.

The leasehold assets are held under operating leases, with only the initial set up costs such as legal fees being capitalised.

Under FRS102 the fair value of these operating leases is not recognised on the balance sheet, but the value was £3,540,000 (2022 : £3,540,000). The valuations are based on a market valuation on 23rd May 2022 by Colliers. The combined net book value pertaining to these leases which is held in the balance sheet as at 30th June 2023 is £2,277,075. This is made up of a combination of lease costs, fixtures and fittings and goodwill.

Cost or valuation at 30 June 2023 is represented by:

Fixtures
Heritable Short and
property leasehold fittings
£    £    £   
Valuation in 2017 902,929 - -
Valuation in 2018 (128,030 ) - -
Valuation in 2019 (29,947 ) - -
Valuation in 2020 (686,962 ) - -
Valuation in 2022 3,568,122 - -
Cost 7,507,436 2,014,915 3,377,353
11,133,548 2,014,915 3,377,353

Bruce Group Scotland Limited (Registered number: SC236976)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Office
vehicles equipment Totals
£    £    £   
Valuation in 2017 - - 902,929
Valuation in 2018 - - (128,030 )
Valuation in 2019 - - (29,947 )
Valuation in 2020 - - (686,962 )
Valuation in 2022 - - 3,568,122
Cost 98,985 21,921 13,020,610
98,985 21,921 16,646,722

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.6.23 30.6.22
£    £   
Cost 7,507,436 4,102,421
Aggregate depreciation 74,882 74,882

Freehold land and buildings were valued on an open market basis on 23 May 2022 by Colliers .

The directors do not believe that the valuations at 30 June 2023 are significantly different.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 July 2022
and 30 June 2023 20,000
DEPRECIATION
At 1 July 2022
and 30 June 2023 20,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Bruce Group Scotland Limited (Registered number: SC236976)

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

12. FIXED ASSET INVESTMENTS

Company
Other
investments
£   
COST
At 1 July 2022 125,747
Additions 1
At 30 June 2023 125,748
NET BOOK VALUE
At 30 June 2023 125,748
At 30 June 2022 125,747

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Bruce Taverns Ltd
Registered office: c/o Macgregor Thomson Limited, Springfield House, Laurelhill Business Park, Stirling
Nature of business: Proprietors of licensed premises
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 6,180,460 5,459,746
Profit for the year 830,714 1,411,088

Bruce Bars Scotland Limited
Registered office: c/o Macgregor Thomson Limited, Springfield House, Laurelhill Business Park, Stirling
Nature of business: Proprietors of licensed premises
%
Class of shares: holding
Ordinary 76.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 899,338 893,563
Profit for the year 145,775 135,707

Bruce Faith Ltd
Registered office: c/o Macgregor Thomson Limited, Springfield House, Laurelhill Business Park, Stirling
Nature of business: Operator of late night music venue
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 2,524,397 2,461,654
Profit for the year 62,743 1,139,212

Bruce Group Scotland Limited (Registered number: SC236976)

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

12. FIXED ASSET INVESTMENTS - continued

Bruce Investments Ltd
Registered office: c/o Macgregor Thomson Limited, Springfield House, Laurelhill Business Park, Stirling
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 103,335 (417 )
Profit/(loss) for the year 103,752 (419 )

Bruce Property Limited
Registered office: c/o Macgregor Thomson Limited, Springfield House, Laurelhill Business Park, Stirling
Nature of business: Proprietors of licensed premises
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves (11,158 ) (8,517 )
Loss for the year (2,641 ) (3,458 )


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 6,573,450
DEPRECIATION
At 1 July 2022
and 30 June 2023 32,003
NET BOOK VALUE
At 30 June 2023 6,541,447
At 30 June 2022 6,541,447

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2017 1,645,941
Valuation in 2018 57,239
Valuation in 2019 1,798,623
Valuation in 2020 (1,626,711 )
Valuation in 2022 1,718,850
Cost 2,979,508
6,573,450

Bruce Group Scotland Limited (Registered number: SC236976)

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

13. INVESTMENT PROPERTY - continued

Group

If investment property had not been revalued it would have been included at the following historical cost:

30.6.23 30.6.22
£    £   
Cost 2,979,508 2,979,508
Aggregate depreciation 32,003 32,003

Investment property was valued on an open market basis basis on 23 May 2022 by Colliers .

The directors do not believe that the valuations at 30 June 2023 are significantly different.

14. STOCKS

Group
30.6.23 30.6.22
£    £   
Stocks 305,589 262,241

15. DEBTORS

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 26,712 5,798 - -
Amounts owed by group undertakings - - 967,241 860,917
Other debtors 35,584 4,798 - -
Bruce Inns Loan < 1 year 332,227 408,927 - -
Prepayments and accrued income 674,588 437,571 104 104
1,069,111 857,094 967,345 861,021

Amounts falling due after more than one year:
Other Debtors > 1 year 8,399 8,399 - -

Aggregate amounts 1,077,510 865,493 967,345 861,021

Bruce Group Scotland Limited (Registered number: SC236976)

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

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans and overdrafts (see note 18) 151,406 829,542 - -
Other loans (see note 18) 27,127 27,127 - -
Hire purchase contracts (see note 19) 9,347 - - -
Trade creditors 1,115,572 1,025,876 - -
Amounts owed to group undertakings - - 620,323 626,209
Tax 213,204 274,160 - -
Social security and other taxes 76,209 49,301 - -
Machine games duty - 1,516 - -
VAT 615,080 341,318 - -
Other creditors 149,784 24,125 - -
Directors' current accounts 460,385 540,254 366,189 356,188
Accrued expenses 348,920 127,413 4,050 4,050
3,167,034 3,240,632 990,562 986,447

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
30.6.23 30.6.22
£    £   
Bank loans (see note 18) 8,458,594 4,911,493
Other loans (see note 18) - 800,000
Hire purchase contracts (see note 19) 18,440 -
8,477,034 5,711,493

18. LOANS

An analysis of the maturity of loans is given below:

Group
30.6.23 30.6.22
£    £   
Amounts falling due within one year or on demand:
Bank loan < 1 year 151,406 829,542
Other loans - unsecured 27,127 27,127
178,533 856,669
Amounts falling due between one and two years:
Bank loans - 1-2 years 226,814 2,851,889
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,231,780 2,059,604
Other loans - 2-5 years - 800,000
8,231,780 2,859,604

Bruce Group Scotland Limited (Registered number: SC236976)

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

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 9,347 -
Between one and five years 18,440 -
27,787 -

Group
Non-cancellable operating leases
30.6.23 30.6.22
£    £   
Within one year 606,090 606,090
Between one and five years 2,066,000 2,136,000
In more than five years 4,444,353 4,908,353
7,116,443 7,650,443

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.6.23 30.6.22
£    £   
Bank loans 8,610,000 5,741,035
Other loans - 800,000
8,610,000 6,541,035

Cynergy Bank holds the following security:-

An unlimited cross company guarantee between Bruce Taverns Limited, Bruce Inns Limited, Bruce Bars Scotland Limited, Bruce Faith Limited, Bruce Property Limited and Bruce Group Scotland Limited. This is supported by the following:-

A bond and floating charge over the assets of Bruce Taverns Limited along with first standard securities over the properties held by Bruce Taverns Limited.

A bond and floating charge over the assets of Bruce Inns Limited along with first standard securities over the properties held by Bruce Inns Limited.

A bond and floating charge over the assets of Bruce Faith Limited along with first standard securities over the properties held by Bruce Faith Limited.

A bond and floating charge over the assets of Bruce Bars Scotland Limited.

A bond and floating charge over the assets of Bruce Property Scotland Limited.

A bond and floating charge over the assets of Bruce Group Scotland Limited.

A joint and several guarantee by the directors for the sum of £350,000.

Bruce Group Scotland Limited (Registered number: SC236976)

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

21. PROVISIONS FOR LIABILITIES

Group
30.6.23 30.6.22
£    £   
Deferred tax 1,964,110 1,895,797

Group
Deferred
tax
£   
Balance at 1 July 2022 1,895,797
Credit to Income Statement during year (43,958 )
Capital allowance timing 112,271
Balance at 30 June 2023 1,964,110

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
2 Ordinary £1 2 2

23. RESERVES

Group
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 July 2022 3,107,921 2,800,588 2,835,210 8,743,719
Profit for the year 1,110,444 1,110,444
Dividends (143,600 ) (143,600 )
Tfr to profit & loss 16,475 (16,475 ) - -
At 30 June 2023 4,091,240 2,784,113 2,835,210 9,710,563


24. NON-CONTROLLING INTERESTS

The minority interest relates to 24 £1 shares (24%) in Bruce Bars Scotland Ltd held by other parties. The minority interest share of profit and loss reserves is £215,817 (2022: £214,431).

25. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
30.6.23 30.6.22
£    £   
Amount due to related party 487,512 545,381

The loans provided are interest free and repayable upon demand.

Bruce Group Scotland Limited (Registered number: SC236976)

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

25. RELATED PARTY DISCLOSURES - continued

Other related parties
30.6.23 30.6.22
£    £   
Combined Gross Transfers 572,517 92,879
Amount due from related party 332,227 408,927

The related party transactions are with Bruce Inns Ltd, a company in which the directors of Bruce Group Ltd hold control through their majority shareholding.

26. 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 in Bruce Group Scotland Ltd, the parent of the group. They both have an equal shareholding and equivalent voting rights in that entity.