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Registered number: 14237902














BULLS AYE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 
BULLS AYE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
BULLS AYE LIMITED
REGISTERED NUMBER:14237902

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
206,093

Current assets
  

Stocks
  
898,057

Debtors: amounts falling due within one year
 5 
170,048

Cash at bank and in hand
  
134,483

  
1,202,588

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(2,528,339)

Net current liabilities
  
 
 
(1,325,751)

  

Net liabilities
  
(1,119,658)


Capital and reserves
  

Called up share capital 
 7 
2

Profit and loss account
  
(1,119,660)

  
(1,119,658)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Page 1

 
BULLS AYE LIMITED
REGISTERED NUMBER:14237902
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




R N W Bankes
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BULLS AYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Bulls Aye Limited is a private company, limited by shares, incorporated in England and Wales. Its  business and registered office address is 1 Stephen Street, London, W1T 1AL.
The Company was incorporated on 15 July 2022 and commenced trading from 1 January 2023. The principal activities are the operation of hotels, restaurants and bars.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a loss of £1,119,660 for the period and at the reporting date had current and net liabilities of £1,325,751 and £1,119,658 respectively. The ultimate parent company has confirmed to the directors that it will continue to provide such financial support as may be required to enable the Company to meet its financial obligations as and when they fall due for at least 12 months from the date of their approval of the financial statements. The financial statements have been prepared under going concern on this basis by the directors.

 
2.3

Revenue

Turnover comprises revenue recognised by the Company in respect of accommodation fees and the sale of food and drinks, exclusive of Value Added Tax.
Revenue for accommodation is recognised in the period to which it relates, amounts received in advance are carried forward as deferred income. Revenue from the sales of food and drinks is recognised at the point of sale.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Pensions

Defined contribution pension plan
The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
BULLS AYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line
Computer equipment
-
20%
straight line

Assets under construction have not been depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for out of date and impaired items.

 
2.8

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. 

 
2.11

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 debtors and creditors, loans to and from  related parties.

Page 4

 
BULLS AYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the period was 16.


4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost 


Additions
74,874
126,110
27,070
228,054



At 31 December 2023

74,874
126,110
27,070
228,054



Depreciation


Charge for the period on owned assets
5,206
16,031
724
21,961



At 31 December 2023

5,206
16,031
724
21,961



Net book value



At 31 December 2023
69,668
110,079
26,346
206,093

Page 5

 
BULLS AYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

2023
£


Trade debtors
7,515

Amounts owed by group undertakings
463

Other debtors
83,967

Prepayments and accrued income
78,103

170,048



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
159,952

Amounts owed to group undertakings
1,113,032

Other taxation and social security
77,512

Other creditors
1,067,738

Accruals and deferred income
110,105

2,528,339



7.


Share capital

2023
£
Allotted, called up and fully paid


200 Ordinary shares of £0.01 each
2


100 Ordinary shares of £0.01 each were allotted on incorporation to provide initial capital. A further 100 Ordinary shares of £0.01 each were allotted and paid on 8 August 2023.


8.


Controlling party

Until 3 July 2023 Freud 3.0 Limited, a company registered in England and Wales, was the ultimate parent undertaking. Following a group reconstruction the Company became part of a small group headed by Freud Hospitality Group Limited, a company registered in England and Wales.

Page 6

 
BULLS AYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
In forming our opinion, we have considered the adequacy of the disclosures made in Note 2.2 in the financial statements concerning the uncertainty as to the dependence of the company on the continued financial support of the company's loan creditors. In view of the significance of this uncertainty we consider that it should be drawn to your attention but our opinion is not qualified in this respect.

The audit report was signed on 24 September 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 7