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Registration number: SC620818

The Twa Tams Ltd

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

The Twa Tams Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

The Twa Tams Ltd

Company Information

Directors

C G H Woods

A I Stirton

Registered office

79-81 Scott Street
Perth
PH2 8JR

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Twa Tams Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Twa Tams Ltd for the year ended 29 February 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of The Twa Tams Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Twa Tams Ltd and state those matters that we have agreed to state to the Board of Directors of The Twa Tams Ltd, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Twa Tams Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Twa Tams Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Twa Tams Ltd. You consider that The Twa Tams Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Twa Tams Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

27 November 2024

 

The Twa Tams Ltd

(Registration number: SC620818)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,917

15,417

Tangible assets

5

320,353

323,344

 

333,270

338,761

Current assets

 

Stocks

6

13,811

6,850

Debtors

7

12,307

23,380

Cash at bank and in hand

 

1,741

22,452

 

27,859

52,682

Creditors: Amounts falling due within one year

8

(129,781)

(116,732)

Net current liabilities

 

(101,922)

(64,050)

Total assets less current liabilities

 

231,348

274,711

Creditors: Amounts falling due after more than one year

8

(384,777)

(388,361)

Net liabilities

 

(153,429)

(113,650)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(153,529)

(113,750)

Shareholders' deficit

 

(153,429)

(113,650)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Twa Tams Ltd

(Registration number: SC620818)
Balance Sheet as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
C G H Woods
Director

.........................................
A I Stirton
Director

 
     
 

The Twa Tams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
79-81 Scott Street
Perth
PH2 8JR

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the reporting date the company had net liabilities of £153,429 (2023: £113,650). The company meets its day to day working capital requirements through loans from it's directors and a secured loan from Caledonian Heritable.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the lenders as noted above. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to amend the balance sheet values to their recoverable amounts and to provide for further liabilities which might arise.

The directors believe it is appropriate to prepare the accounts on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities as a public house. Turnover is shown net of value added tax.

The company recognises revenue when goods and services have been provided to the customer.

 

The Twa Tams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% and 33% on cost

Fixtures and fittings

15% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.

 

The Twa Tams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

 

The Twa Tams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.


 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 14 (2023 - 18).

 

The Twa Tams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

25,000

25,000

At 29 February 2024

25,000

25,000

Amortisation

At 1 March 2023

9,583

9,583

Amortisation charge

2,500

2,500

At 29 February 2024

12,083

12,083

Carrying amount

At 29 February 2024

12,917

12,917

At 28 February 2023

15,417

15,417

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

298,401

47,444

345,845

Additions

-

3,394

3,394

At 29 February 2024

298,401

50,838

349,239

Depreciation

At 1 March 2023

-

22,501

22,501

Charge for the year

-

6,385

6,385

At 29 February 2024

-

28,886

28,886

Carrying amount

At 29 February 2024

298,401

21,952

320,353

At 28 February 2023

298,401

24,943

323,344

Included within the net book value of land and buildings above is £298,401 (2023 - £298,401) in respect of freehold land and buildings.
 

 

The Twa Tams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

13,811

6,850

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

1,231

Prepayments

11,374

10,353

Other debtors

933

11,796

 

12,307

23,380

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

64,157

63,231

Trade creditors

 

34,155

26,702

Taxation and social security

 

26,919

23,083

Accruals and deferred income

 

4,060

3,149

Other creditors

 

490

567

 

129,781

116,732

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

384,777

388,361

 

The Twa Tams Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,659

9,591

Other borrowings

54,498

53,640

64,157

63,231

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,091

30,818

Other borrowings

363,686

357,543

384,777

388,361

Other borrowings

The loan from Caledonian Heritable Limited is denominated in £ sterling with a nominal interest rate of 8%. The carrying amount at year end is £379,885 (2023 - £372,883).

The loan is secured by a standard security over the property at 79-81 Scott Street, Perth, and a floating charge over the assets of the company.