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REGISTERED NUMBER: SC251516 (Scotland)















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: K Fullerton
S Piatkowski
A Piatkowski





SECRETARY: A M M Thomson





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





REGISTERED NUMBER: SC251516 (Scotland)





ACCOUNTANTS: One Accounting Ltd
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 5 136,348 138,497
Investment property 6 465,778 465,778
602,126 604,275

CURRENT ASSETS
Stocks 7 5,210 6,315
Debtors 8 21,151 13,916
Cash at bank and in hand 76,713 104,972
103,074 125,203
CREDITORS
Amounts falling due within one year 9 443,909 741,164
NET CURRENT LIABILITIES (340,835 ) (615,961 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

261,291

(11,686

)

CREDITORS
Amounts falling due after more than one year 10 245,466 -
NET ASSETS/(LIABILITIES) 15,825 (11,686 )

CAPITAL AND RESERVES
Called up share capital 120 120
Fair value reserve 12 (220,409 ) (220,409 )
Retained earnings 12 236,114 208,603
SHAREHOLDERS' FUNDS 15,825 (11,686 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 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 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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - not provided
Fixtures and fittings - 20% on reducing balance

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 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Tenants'
Goodwill Leases Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 30,000 650 30,650
AMORTISATION
At 1 July 2022
and 30 June 2023 30,000 650 30,650
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 127,331 210,056 337,387
Additions - 1,321 1,321
At 30 June 2023 127,331 211,377 338,708
DEPRECIATION
At 1 July 2022 5,093 193,797 198,890
Charge for year - 3,470 3,470
At 30 June 2023 5,093 197,267 202,360
NET BOOK VALUE
At 30 June 2023 122,238 14,110 136,348
At 30 June 2022 122,238 16,259 138,497

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 496,190
DEPRECIATION
At 1 July 2022
and 30 June 2023 30,412
NET BOOK VALUE
At 30 June 2023 465,778
At 30 June 2022 465,778

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 5,210 6,315

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 5,342 1,800
Prepayments and accrued income 15,809 12,116
21,151 13,916

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 4,534 234,707
Trade creditors 32,479 27,736
Amounts owed to group undertakings 332,227 408,927
Social security and other taxes 1,210 1,662
MGD Tax - 97
VAT 8,344 6,236
Other creditors 9,112 7,538
Directors' current accounts 50,912 50,912
Accrued expenses 5,091 3,349
443,909 741,164

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans - 1-2 years 7,134 -
Bank loans - 2-5 years 238,332 -
245,466 -

11. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 250,000 234,707

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 208,603 (220,409 ) (11,806 )
Profit for the year 27,511 27,511
At 30 June 2023 236,114 (220,409 ) 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.