Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr S Mcpherson 01/06/2023 Mrs G S Morton 22/12/2015 Mr R Morton 22/12/2015 27 July 2024 The principal activity of the company continued to be that of operating a restaurant. SC523038 2023-12-31 SC523038 bus:Director1 2023-12-31 SC523038 bus:Director2 2023-12-31 SC523038 bus:Director3 2023-12-31 SC523038 2022-12-31 SC523038 core:CurrentFinancialInstruments 2023-12-31 SC523038 core:CurrentFinancialInstruments 2022-12-31 SC523038 core:Non-currentFinancialInstruments 2023-12-31 SC523038 core:Non-currentFinancialInstruments 2022-12-31 SC523038 core:ShareCapital 2023-12-31 SC523038 core:ShareCapital 2022-12-31 SC523038 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC523038 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC523038 core:Goodwill 2022-12-31 SC523038 core:Goodwill 2023-12-31 SC523038 core:PlantMachinery 2022-12-31 SC523038 core:Vehicles 2022-12-31 SC523038 core:FurnitureFittings 2022-12-31 SC523038 core:ComputerEquipment 2022-12-31 SC523038 core:PlantMachinery 2023-12-31 SC523038 core:Vehicles 2023-12-31 SC523038 core:FurnitureFittings 2023-12-31 SC523038 core:ComputerEquipment 2023-12-31 SC523038 bus:OrdinaryShareClass1 2023-12-31 SC523038 bus:OrdinaryShareClass2 2023-12-31 SC523038 2023-01-01 2023-12-31 SC523038 bus:FilletedAccounts 2023-01-01 2023-12-31 SC523038 bus:SmallEntities 2023-01-01 2023-12-31 SC523038 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC523038 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC523038 bus:Director1 2023-01-01 2023-12-31 SC523038 bus:Director2 2023-01-01 2023-12-31 SC523038 bus:Director3 2023-01-01 2023-12-31 SC523038 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 SC523038 core:Goodwill 2023-01-01 2023-12-31 SC523038 core:PlantMachinery 2023-01-01 2023-12-31 SC523038 core:Vehicles 2023-01-01 2023-12-31 SC523038 core:FurnitureFittings 2023-01-01 2023-12-31 SC523038 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC523038 2022-01-01 2022-12-31 SC523038 core:ComputerEquipment 2023-01-01 2023-12-31 SC523038 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC523038 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC523038 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC523038 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC523038 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC523038 (Scotland)

LOVE BREA LIMITED

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

LOVE BREA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

LOVE BREA LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
LOVE BREA LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 65,707 55,014
65,707 55,014
Current assets
Stocks 11,781 10,552
Debtors 5 1,089 1,151
Cash at bank and in hand 32,863 22,454
45,733 34,157
Creditors: amounts falling due within one year 6 ( 92,321) ( 56,399)
Net current liabilities (46,588) (22,242)
Total assets less current liabilities 19,119 32,772
Creditors: amounts falling due after more than one year 7 0 ( 4,642)
Provision for liabilities ( 10,507) ( 12,116)
Net assets 8,612 16,014
Capital and reserves
Called-up share capital 8 260 260
Profit and loss account 8,352 15,754
Total shareholders' funds 8,612 16,014

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

Directors' responsibilities:

The financial statements of Love Brea Limited (registered number: SC523038) were approved and authorised for issue by the Board of Directors on 27 July 2024. They were signed on its behalf by:

Mrs G S Morton
Director
LOVE BREA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
LOVE BREA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Love Brea Limited (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 5 Baker Street, Stirling, FK8 1BJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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 from restaurant sales is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

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 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the #tErmh1 as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors 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.

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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 19

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 1,000 1,000
At 31 December 2023 1,000 1,000
Accumulated amortisation
At 01 January 2023 1,000 1,000
At 31 December 2023 1,000 1,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 31,611 48,717 45,231 14,822 140,381
Additions 1,891 0 26,249 4,163 32,303
At 31 December 2023 33,502 48,717 71,480 18,985 172,684
Accumulated depreciation
At 01 January 2023 15,167 25,458 34,408 10,334 85,367
Charge for the financial year 3,470 5,815 8,258 4,067 21,610
At 31 December 2023 18,637 31,273 42,666 14,401 106,977
Net book value
At 31 December 2023 14,865 17,444 28,814 4,584 65,707
At 31 December 2022 16,444 23,259 10,823 4,488 55,014

5. Debtors

2023 2022
£ £
Prepayments 1,089 323
Corporation tax 0 828
1,089 1,151

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,277 20,045
Amounts owed to directors 37,071 581
Accruals 3,375 2,796
Other taxation and social security 27,863 26,230
Obligations under finance leases and hire purchase contracts 4,642 6,747
Other creditors 1,093 0
92,321 56,399

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 0 4,642

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

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
130 Ordinary "A" Class shares of £ 1.00 each 130 130
130 Ordinary "B" Class shares of £ 1.00 each 130 130
260 260

9. Financial commitments

Other financial commitments

2023 2022
£ £
-within one year 21,500 21,500
-between one and five years 86,000 86,000
-after five years 43,000 64,500
150,500 172,000