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Registered Number: SC705400
Scotland

 

 

 

PLANT BAR 2 LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Directors Mr M A Forbes
Mrs K Forbes
Mr A C Forbes
Registered Number SC705400
Registered Office 91/7 Constitution Street
Edinburgh
EH6 7AE
Accountants M & S Accountancy and Taxation Limited
Unit 26, Dunfermline Business Centre
Izatt Avenue
Dunfermline
Fife
KY11 3BZ
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 26,846    30,046 
26,846    30,046 
Current assets      
Stocks 4 6,200    7,600 
Debtors 5 7,257    3,530 
Cash at bank and in hand 2,692    2,643 
16,149    13,773 
Creditors: amount falling due within one year 6 (41,754)   (28,997)
Net current assets (25,605)   (15,224)
 
Total assets less current liabilities 1,241    14,822 
Creditors: amount falling due after more than one year 7 (92,400)   (78,000)
Net assets (91,159)   (63,178)
 

Capital and reserves
     
Called up share capital 8 101    101 
Profit and loss account (91,260)   (63,279)
Shareholders' funds (91,159)   (63,178)
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 March 2025 and were signed on its behalf by:


-------------------------------
Mr M A Forbes
Director
2
General Information

Plant Bar 2 Limited is a private company, limited by shares, registered in Scotland, registration number SC705400, registration address 91/7 Constitution Street, Edinburgh, EH6 7AE.

1.

Accounting policies

Significant accounting policies

The accounts have been prepared under the historical cost convention and in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern basis

These financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The director has agreed to provide financial assistance to the company to ensure that all liabilities are met as they fall due and they will not seek repayment of amounts due to them until there are sufficient cash reserves to do so. The director has considered a period of twelve months from the date of approval of the financial statements.
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred taxation

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold improvements 10% Straight Line
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 33% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.                                                                                                                                             
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Leasehold improvements   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 July 2023 26,300    8,170    474    34,944 
Additions     779    779 
Disposals      
At 30 June 2024 26,300    8,170    1,253    35,723 
Depreciation
At 01 July 2023 3,186    1,532    180    4,898 
Charge for year 2,630    995    354    3,979 
On disposals      
At 30 June 2024 5,816    2,527    534    8,877 
Net book values
Closing balance as at 30 June 2024 20,484    5,643    719    26,846 
Opening balance as at 01 July 2023 23,114    6,638    294    30,046 


4.

Stocks

2024
£
  2023
£
Stocks 6,200    7,600 
6,200    7,600 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 368   
Other Debtors 3,351    3,530 
Directors' Current Accounts 3,538   
7,257    3,530 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
PAYE & Social Security 140   
Accrued Expenses 7,820    5,534 
Other Creditors 31,198    22,352 
VAT 2,596    1,111 
41,754    28,997 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 92,400    78,000 
92,400    78,000 

8.

Share Capital

Allotted, called up and partly paid
2024
£
  2023
£
18 Class A shares of £1.00 each 18    18 
34 Class B shares of £1.00 each 34    34 
34 Class C shares of £1.00 each 34    34 
15 Class D shares of £1.00 each 15    15 
101    101 

9.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Other related parties118,831 89,549 

There are no fixed terms of repayment, interest is charged annually at 4%.
10.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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).
11.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
12.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
13.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
14.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
15.

Ultimate Controlling Party

The company's ultimate controlling party is Plant Bar Limited by virtue of it's ownership of 100% of the issued share capital in the company.


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