Silverfin false false 31/07/2023 01/08/2022 31/07/2023 A Tomkins 13/03/2013 29 July 2024 The principal activity of the Company during the financial year continued to be that of the leasing of a wine bar. SC444990 2023-07-31 SC444990 bus:Director1 2023-07-31 SC444990 2022-07-31 SC444990 core:CurrentFinancialInstruments 2023-07-31 SC444990 core:CurrentFinancialInstruments 2022-07-31 SC444990 core:Non-currentFinancialInstruments 2023-07-31 SC444990 core:Non-currentFinancialInstruments 2022-07-31 SC444990 core:ShareCapital 2023-07-31 SC444990 core:ShareCapital 2022-07-31 SC444990 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC444990 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC444990 core:OtherPropertyPlantEquipment 2022-07-31 SC444990 core:OtherPropertyPlantEquipment 2023-07-31 SC444990 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2023-07-31 SC444990 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2022-07-31 SC444990 core:CurrentFinancialInstruments 1 2023-07-31 SC444990 core:CurrentFinancialInstruments 1 2022-07-31 SC444990 bus:OrdinaryShareClass1 2023-07-31 SC444990 2022-08-01 2023-07-31 SC444990 bus:FilletedAccounts 2022-08-01 2023-07-31 SC444990 bus:SmallEntities 2022-08-01 2023-07-31 SC444990 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC444990 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC444990 bus:Director1 2022-08-01 2023-07-31 SC444990 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-08-01 2023-07-31 SC444990 2021-08-01 2022-07-31 SC444990 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 SC444990 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 SC444990 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC444990 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC444990 (Scotland)

GLASGOW BARS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

GLASGOW BARS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

GLASGOW BARS LTD.

BALANCE SHEET

AS AT 31 JULY 2023
GLASGOW BARS LTD.

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 35,989 50,227
35,989 50,227
Current assets
Debtors 4 97,502 94,502
Cash at bank and in hand 83 112
97,585 94,614
Creditors: amounts falling due within one year 5 ( 290,035) ( 274,908)
Net current liabilities (192,450) (180,294)
Total assets less current liabilities (156,461) (130,067)
Creditors: amounts falling due after more than one year 6 ( 84,205) ( 90,741)
Net liabilities ( 240,666) ( 220,808)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 240,766 ) ( 220,908 )
Total shareholder's deficit ( 240,666) ( 220,808)

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Glasgow Bars Ltd. (registered number: SC444990) were approved and authorised for issue by the Director on 29 July 2024. They were signed on its behalf by:

A Tomkins
Director
GLASGOW BARS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
GLASGOW BARS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Glasgow Bars Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2022 142,375 142,375
At 31 July 2023 142,375 142,375
Accumulated depreciation
At 01 August 2022 92,148 92,148
Charge for the financial year 14,238 14,238
At 31 July 2023 106,386 106,386
Net book value
At 31 July 2023 35,989 35,989
At 31 July 2022 50,227 50,227

4. Debtors

2023 2022
£ £
Amounts owed by connected companies 97,502 94,502

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,536 6,536
Amounts owed to connected persons 1,200 0
Amounts owed to connected companies 124,292 104,888
Other taxation and social security 36,632 36,409
Other creditors 121,375 127,075
290,035 274,908

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 84,205 90,741

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed to the director 94,291 101,291

Other related party transactions

2023 2022
£ £
Amounts owed to related parties 125,492 104,888
Amounts owed from related parties 97,502 94,502