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REGISTERED NUMBER: SC523586 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

Junkyard Bars Limited

Junkyard Bars Limited (Registered number: SC523586)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Junkyard Bars Limited

COMPANY INFORMATION
for the Year Ended 28 February 2024







DIRECTOR: Mr B O'Neill





REGISTERED OFFICE: 25 Chapel Street
Hamilton
South Lanarkshire
ML3 6AP





REGISTERED NUMBER: SC523586 (Scotland)





ACCOUNTANTS: R.A.M.
Unit 17, Colvilles Park
Kelvin Industrial Estate
East Kilbride
South Lanarkshire
G75 0GZ

Junkyard Bars Limited (Registered number: SC523586)

BALANCE SHEET
28 February 2024

28.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 243,408 249,484

CURRENT ASSETS
Stocks 7,750 9,500
Cash at bank and in hand 68,883 80,068
76,633 89,568
CREDITORS
Amounts falling due within one year 5 264,605 254,314
NET CURRENT LIABILITIES (187,972 ) (164,746 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,436

84,738

CREDITORS
Amounts falling due after more than one
year

6

(30,758

)

(36,617

)

PROVISIONS FOR LIABILITIES 9 (4,666 ) (5,372 )
NET ASSETS 20,012 42,749

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 19,912 42,649
SHAREHOLDERS' FUNDS 20,012 42,749

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Junkyard Bars Limited (Registered number: SC523586)

BALANCE SHEET - continued
28 February 2024


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 director and authorised for issue on 29 March 2024 and were signed by:





Mr B O'Neill - Director


Junkyard Bars Limited (Registered number: SC523586)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2024


1. STATUTORY INFORMATION

Junkyard Bars 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.

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.
Freehold property - 1% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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

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.

Junkyard Bars Limited (Registered number: SC523586)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 227,919 1,735 77,349 632 307,635
Additions - - 2,500 - 2,500
At 28 February 2024 227,919 1,735 79,849 632 310,135
DEPRECIATION
At 1 March 2023 6,835 1,003 50,102 211 58,151
Charge for year 2,233 183 5,949 211 8,576
At 28 February 2024 9,068 1,186 56,051 422 66,727
NET BOOK VALUE
At 28 February 2024 218,851 549 23,798 210 243,408
At 28 February 2023 221,084 732 27,247 421 249,484

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 7) 5,948 5,948
Trade creditors 8,787 10,358
Tax 13,631 25,439
Social security and other taxes 530 722
VAT 11,211 12,543
Directors' loan accounts 223,915 193,399
Accrued expenses 583 5,905
264,605 254,314

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.24 28.2.23
£    £   
Bank loans (see note 7) 30,758 36,617

7. LOANS

An analysis of the maturity of loans is given below:

28.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,948 5,948

Junkyard Bars Limited (Registered number: SC523586)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2024


7. LOANS - continued
28.2.24 28.2.23
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 30,758 36,617

8. SECURED DEBTS

The following secured debts are included within creditors:

28.2.24 28.2.23
£    £   
Bank loans 36,706 42,565

The bank loan is secured by a Floating Charge in favour of The Royal Bank of Scotland plc, dated 27 March 2019.

9. PROVISIONS FOR LIABILITIES
28.2.24 28.2.23
£    £   
Deferred tax 4,666 5,372

Deferred
tax
£   
Balance at 1 March 2023 5,372
Provided during year (706 )
Balance at 28 February 2024 4,666

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.24 28.2.23
value: £    £   
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
100 100