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REGISTERED NUMBER: 07146388 (England and Wales)















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: W K Morris
J P Tether





REGISTERED OFFICE: Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF





REGISTERED NUMBER: 07146388 (England and Wales)





ACCOUNTANTS: Sowerby
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 4 549,177 559,386

CURRENT ASSETS
Stocks 4,000 4,000
Debtors 5 7,185 5,925
Cash in hand 8,890 8,890
20,075 18,815
CREDITORS
Amounts falling due within one year 6 177,334 184,210
NET CURRENT LIABILITIES (157,259 ) (165,395 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

391,918

393,991

CREDITORS
Amounts falling due after more than one year 7 (376,248 ) (378,200 )

PROVISIONS FOR LIABILITIES (5,508 ) (2,027 )
NET ASSETS 10,162 13,764

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 10,160 13,762
SHAREHOLDERS' FUNDS 10,162 13,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:




W K Morris - Director



J P Tether - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 15% on cost

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 9 (2023 - 12 ) .

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 527,144 71,956 599,100
DEPRECIATION
At 28 February 2023 - 39,714 39,714
Charge for year - 10,209 10,209
At 27 February 2024 - 49,923 49,923
NET BOOK VALUE
At 27 February 2024 527,144 22,033 549,177
At 27 February 2023 527,144 32,242 559,386

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 6,620
Transfer to ownership (6,620 )
At 27 February 2024 -
DEPRECIATION
At 28 February 2023 745
Transfer to ownership (745 )
At 27 February 2024 -
NET BOOK VALUE
At 27 February 2024 -
At 27 February 2023 5,875

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 7,185 5,925

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 37,510 83,157
Hire purchase contracts - 1,513
Trade creditors 42,273 7,486
Taxation and social security 60,520 46,168
Other creditors 37,031 45,886
177,334 184,210

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 376,248 378,200

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 300,000 300,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 394,884 452,583
Hire purchase contracts - 1,513
394,884 454,096

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.