REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2024 |
FOR |
SCARLET LOUNGE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2024 |
FOR |
SCARLET LOUNGE LIMITED |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 27 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SCARLET LOUNGE LIMITED |
COMPANY INFORMATION |
for the Year Ended 27 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
BALANCE SHEET |
27 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
BALANCE SHEET - continued |
27 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 27 February 2024 |
1. | STATUTORY INFORMATION |
Scarlet Lounge Limited is a private company, limited by shares, registered in England. It has its registered office at Beckside Court, Annie Reed Road, Beverley, HU17 0LF and principle place of business at 25-27 Dock Street, Hull, HU1 3DL. |
The principal activities of the company in the year under review were that of a nightclub together with a restaurant. |
The presentational currency is pound sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
Turnover from the sale of goods is recognised at the point of sale. |
Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. Stock is calculated on the first in first out basis. |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 28 February 2023 |
and 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Charge for year |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 28 February 2023 |
Transfer to ownership | (6,620 | ) |
At 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Transfer to ownership | (745 | ) |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | - | 1,513 |
The bank loan is secured on the freehold property and supported by director personal guarantees.The Hire Purchase borrowings are secured on the specific asset. |
SCARLET LOUNGE LIMITED (REGISTERED NUMBER: 07146388) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date the company owed its directors £31,800 (2023: £30,000). The loan is free from interest and repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the company directors who between them own 100% of the ordinary share capital. |
The dividends paid during the year amounting to £12,000 (2023 : £90,000) were paid to the director/shareholders. |