Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Drew Graham Webster 25/04/2016 Kevin Scott Webster 03/10/2014 Mr K S Webster 29 November 2024 The principal activity of the Company continues to be that of a bar and restaurant. SC488067 2024-03-31 SC488067 bus:Director1 2024-03-31 SC488067 bus:Director2 2024-03-31 SC488067 2023-03-31 SC488067 core:CurrentFinancialInstruments 2024-03-31 SC488067 core:CurrentFinancialInstruments 2023-03-31 SC488067 core:ShareCapital 2024-03-31 SC488067 core:ShareCapital 2023-03-31 SC488067 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC488067 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC488067 core:LandBuildings 2023-03-31 SC488067 core:OtherPropertyPlantEquipment 2023-03-31 SC488067 core:LandBuildings 2024-03-31 SC488067 core:OtherPropertyPlantEquipment 2024-03-31 SC488067 2022-03-31 SC488067 bus:OrdinaryShareClass1 2024-03-31 SC488067 bus:OrdinaryShareClass2 2024-03-31 SC488067 2023-04-01 2024-03-31 SC488067 bus:FilletedAccounts 2023-04-01 2024-03-31 SC488067 bus:SmallEntities 2023-04-01 2024-03-31 SC488067 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC488067 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC488067 bus:Director1 2023-04-01 2024-03-31 SC488067 bus:Director2 2023-04-01 2024-03-31 SC488067 bus:Director3 2023-04-01 2024-03-31 SC488067 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 SC488067 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC488067 2022-04-01 2023-03-31 SC488067 core:LandBuildings 2023-04-01 2024-03-31 SC488067 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC488067 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC488067 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC488067 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC488067 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC488067 (Scotland)

PORTERS BAR AND RESTAURANT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

PORTERS BAR AND RESTAURANT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

PORTERS BAR AND RESTAURANT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
PORTERS BAR AND RESTAURANT LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 23,068 37,085
23,068 37,085
Current assets
Stocks 4 11,530 13,519
Debtors 5 14,931 8,032
Cash at bank and in hand 6 46,672 197,759
73,133 219,310
Creditors: amounts falling due within one year 7 ( 47,931) ( 174,770)
Net current assets 25,202 44,540
Total assets less current liabilities 48,270 81,625
Provision for liabilities 8, 9 ( 5,767) ( 9,271)
Net assets 42,503 72,354
Capital and reserves
Called-up share capital 10 200 200
Profit and loss account 42,303 72,154
Total shareholder's funds 42,503 72,354

For the financial year ending 31 March 2024 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 Porters Bar and Restaurant Limited (registered number: SC488067) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Mr K S Webster
Director
PORTERS BAR AND RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PORTERS BAR AND RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

Porters Bar and Restaurant 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 109 East High Street, Forfar, DD8 2EQ, 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 £.

Turnover

Turnover represents amounts receivable for bar and restaurant sales net of VAT and trade discounts.

Revenue is recognised on a cash basis.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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, 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:

Land and buildings 10 years straight line
Plant and machinery etc. 4 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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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 sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 and deposits held at call with banks.

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, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 16

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 154,277 41,502 195,779
Additions 0 3,983 3,983
Disposals ( 180) ( 2,115) ( 2,295)
At 31 March 2024 154,097 43,370 197,467
Accumulated depreciation
At 01 April 2023 121,579 37,115 158,694
Charge for the financial year 15,427 2,555 17,982
Disposals ( 162) ( 2,115) ( 2,277)
At 31 March 2024 136,844 37,555 174,399
Net book value
At 31 March 2024 17,253 5,815 23,068
At 31 March 2023 32,698 4,387 37,085

4. Stocks

2024 2023
£ £
Stocks 11,530 13,519

5. Debtors

2024 2023
£ £
Trade debtors 6,592 3,601
Other debtors 8,339 4,431
14,931 8,032

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 46,672 197,759

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 8,184 26,371
Amounts owed to Group undertakings 0 100,000
Taxation and social security 22,678 33,048
Other creditors 17,069 15,351
47,931 174,770

8. Provision for liabilities

2024 2023
£ £
Deferred tax 5,767 9,271

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 9,271) ( 13,338)
Credited to the Statement of Income and Retained Earnings 3,504 4,067
At the end of financial year ( 5,767) ( 9,271)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary B shares of £ 1.00 each 100 100
200 200