IRIS Accounts Production v24.3.2.46 SC262192 Board of Directors 1.4.23 31.3.24 31.3.24 the operation and management of restaurants, bars, and hotels in Lanarkshire, as well as the operation of a golf club. true false true true false false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2621922023-03-31SC2621922024-03-31SC2621922023-04-012024-03-31SC2621922022-03-31SC2621922022-04-012023-03-31SC2621922023-03-31SC262192ns15:Scotland2023-04-012024-03-31SC262192ns14:PoundSterling2023-04-012024-03-31SC262192ns10:Director12023-04-012024-03-31SC262192ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC262192ns10:FRS1022023-04-012024-03-31SC262192ns10:Audited2023-04-012024-03-31SC262192ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC262192ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-31SC262192ns10:FullAccounts2023-04-012024-03-31SC26219212023-04-012024-03-31SC262192ns10:OrdinaryShareClass12023-04-012024-03-31SC262192ns10:OrdinaryShareClass22023-04-012024-03-31SC262192ns10:OrdinaryShareClass32023-04-012024-03-31SC262192ns10:Director22023-04-012024-03-31SC262192ns10:Director32023-04-012024-03-31SC262192ns10:Director42023-04-012024-03-31SC262192ns10:Director52023-04-012024-03-31SC262192ns10:Director62023-04-012024-03-31SC262192ns10:CompanySecretary12023-04-012024-03-31SC262192ns10:RegisteredOffice2023-04-012024-03-31SC262192ns5:CurrentFinancialInstruments2024-03-31SC262192ns5:CurrentFinancialInstruments2023-03-31SC262192ns5:Non-currentFinancialInstruments2024-03-31SC262192ns5:Non-currentFinancialInstruments2023-03-31SC262192ns5:ShareCapital2024-03-31SC262192ns5:ShareCapital2023-03-31SC262192ns5:RetainedEarningsAccumulatedLosses2024-03-31SC262192ns5:RetainedEarningsAccumulatedLosses2023-03-31SC262192ns5:ShareCapital2022-03-31SC262192ns5:RetainedEarningsAccumulatedLosses2022-03-31SC262192ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31SC262192ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31SC26219212023-04-012024-03-31SC26219212022-04-012023-03-31SC262192ns5:NetGoodwill2023-04-012024-03-31SC262192ns5:ReportableOperatingSegment12023-04-012024-03-31SC262192ns5:ReportableOperatingSegment12022-04-012023-03-31SC262192ns5:ReportableOperatingSegment22023-04-012024-03-31SC262192ns5:ReportableOperatingSegment22022-04-012023-03-31SC262192ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-31SC262192ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-31SC262192ns10:HighestPaidDirector2023-04-012024-03-31SC262192ns10:HighestPaidDirector2022-04-012023-03-31SC262192ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-31SC262192ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-04-012023-03-31SC262192ns5:OwnedAssets2023-04-012024-03-31SC262192ns5:OwnedAssets2022-04-012023-03-31SC262192112023-04-012024-03-31SC262192112022-04-012023-03-31SC262192ns5:HirePurchaseContracts2023-04-012024-03-31SC262192ns5:HirePurchaseContracts2022-04-012023-03-31SC262192ns10:OrdinaryShareClass12022-04-012023-03-31SC262192ns10:OrdinaryShareClass22022-04-012023-03-31SC262192ns10:OrdinaryShareClass32022-04-012023-03-31SC262192ns5:NetGoodwill2023-03-31SC262192ns5:NetGoodwill2024-03-31SC262192ns5:NetGoodwill2023-03-31SC262192ns5:LandBuildings2023-03-31SC262192ns5:LeaseholdImprovements2023-03-31SC262192ns5:PlantMachinery2023-03-31SC262192ns5:LandBuildings2023-04-012024-03-31SC262192ns5:LeaseholdImprovements2023-04-012024-03-31SC262192ns5:PlantMachinery2023-04-012024-03-31SC262192ns5:LandBuildings2024-03-31SC262192ns5:LeaseholdImprovements2024-03-31SC262192ns5:PlantMachinery2024-03-31SC262192ns5:LandBuildings2023-03-31SC262192ns5:LeaseholdImprovements2023-03-31SC262192ns5:PlantMachinery2023-03-31SC262192ns5:FurnitureFittings2023-03-31SC262192ns5:MotorVehicles2023-03-31SC262192ns5:FurnitureFittings2023-04-012024-03-31SC262192ns5:MotorVehicles2023-04-012024-03-31SC262192ns5:FurnitureFittings2024-03-31SC262192ns5:MotorVehicles2024-03-31SC262192ns5:FurnitureFittings2023-03-31SC262192ns5:MotorVehicles2023-03-31SC262192ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC262192ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC262192ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-31SC262192ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-31SC262192ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-31SC262192ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31SC262192ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC262192ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC262192ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-31SC262192ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-31SC262192ns5:HirePurchaseContracts2024-03-31SC262192ns5:HirePurchaseContracts2023-03-31SC262192ns5:Secured2024-03-31SC262192ns5:Secured2023-03-31SC262192ns5:DeferredTaxation2023-03-31SC262192ns5:DeferredTaxation2024-03-31SC262192ns10:OrdinaryShareClass12024-03-31SC262192ns10:OrdinaryShareClass22024-03-31SC262192ns10:OrdinaryShareClass32024-03-31SC262192ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: SC262192 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements For The Year Ended 31 March 2024

for

Lisini Pub Company Limited

Lisini Pub Company Limited (Registered number: SC262192)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


Lisini Pub Company Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: Mr T Caplan
Mrs S P Edwards
Mr N H A Hood
Mrs K Hood
Mr G P Hood
Ms L C McGaw





SECRETARY: Mrs S P Edwards





REGISTERED OFFICE: 70 West Regent Street
Glasgow
G2 2QZ





REGISTERED NUMBER: SC262192 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Lisini Pub Company Limited (Registered number: SC262192)

Strategic Report
For The Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

The principal activities of Lisini are the operation and management of restaurants, bars, and hotels in Lanarkshire, as well as the operation of a Golf Club in Scotland.

REVIEW OF BUSINESS
Considering the current market conditions facing the hospitality sector, the directors are satisfied with the overall trading performance of the business where this year's trading resulted in a 11.77% increase in sales, to £13,555,472 compared to £12,128,420 in 2022/2023. Gross Profit increased by 10.65% to £9,083,952. Despite the challenging market conditions, the directors are pleased to report an increase in operating profits by 15.3% from £513,059 in 22/23 to £591,629 in 23/24.

The continued pressure on our net profit is due to the return of 100% business rates and the unfairness in the non-domestic rating system; a sharp increase in national minimum wage; VAT rates not reflective of pressures on the sector; higher levels of interest rates; the cost-of-living crisis; supply changes; inflation and crippling increases in energy costs. However, the board have made increased efforts to control the cost base and maximise trading revenue.
The increased focus on the cost base; increasing margins and overall profitability was a key focus for this year and all efforts by the team to increase profits have been very well received. Further progress is expected with a range of KPI's that measure guest satisfaction, consumer confidence and adopting an EOS model of accountability.

The company won 2 awards during the year - Best Scottish Hospitality Employer 2024 and Best Casual Dining Venue for Angels Hotel. Sustainability remains a key focus for the group.

Overall, the board is content with the with company's performance against unprecedented pressures and in particular the management of costs and cashflow during this period. The board remains optimistic on the continuation of higher margins and an increase in net profit.

PRINCIPAL RISKS AND UNCERTAINTIES
The company has bank loans and is further exposed to any increases in interest rates. This coupled with inflationary costs, supply chain increases and shrinkflation requires a robust response in overall procurement. The team are working hard to mitigate pressures that they can control.

Continued lack of government support for the hospitality trade is of great concern and the company is frustrated by the government's inability to inject confidence into a struggling sector. External factors such as the continuing crippling cost of utilities and the increased costs of insurance, corporation tax, national insurance contributions and national minimum wage rates pose a continued risk to the company's profitability.

Borrowing facilities & Liquidity Risk
The company strives to keep facilities to ensure it has adequate funds available to finance operations. Cashflow remains healthy due to a reduction in spend, controlling of costs and procurement negotiation.

Interest Rate Risk
Interest rates are continuously monitored, and the impact of interest rate rises is regularly reviewed in context to the current business performance. While the company uses external debt, its exposure to interest rate risk is kept to a minimum. The board will revisit the appropriateness of this policy should the company's operations change in size or nature.

Price Risk
There is evidence of increased price uncertainty associated with the importation of goods from the EU as a direct result of Brexit negotiations and supply/ import restrictions.

To address the pressure of operating in a competitive environment, the directors constantly review operations to identify opportunities to improve profitability. As part of that process the company keeps strong links with its exceptional supplier base and places a high value on the longstanding relationships created over time.


Lisini Pub Company Limited (Registered number: SC262192)

Strategic Report
For The Year Ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Disabled employees
The company considers applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practical in the same or an alternative position and to provide appropriate training to achieve this aim.

Employee involvement
The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. During the year, the policy of providing employees with information about the company has been continued through employee engagement surveys, regular monthly business update meetings and general surveys where employees are encouraged to share their suggestions and views on the company's performance.

Major disruption/disaster
Business continuity planning is reviewed and tested to ensure that risks are minimised in all properties, in particular, security of IT networks and ensuring the safety of employees and guests at all locations.

The effect of legislation or other regulatory activities
The company monitors forthcoming and current legislation on a regular basis, including new regulations and developments in areas such as health and safety, food provisioning and waste management.

ON BEHALF OF THE BOARD:





Mrs S P Edwards - Director


25 March 2025

Lisini Pub Company Limited (Registered number: SC262192)

Report of the Directors
For The Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr T Caplan
Mrs S P Edwards
Mr N H A Hood
Mrs K Hood
Mr G P Hood
Ms L C McGaw

DISABLED EMPLOYEES
The company considers applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practical in the same or an alternative position and to provide appropriate training to achieve this aim.

EMPLOYEE INVOLVEMENT
The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. During the year, the policy of providing employees with information about the company has been continued through employee engagement surveys, regular monthly business update meetings and general surveys where employees are encouraged to share their suggestions and views on the company's performance.

STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C (11) to set out in the company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and risks in relation to financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lisini Pub Company Limited (Registered number: SC262192)

Report of the Directors
For The Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mrs S P Edwards - Director


25 March 2025

Report of the Independent Auditors to the Members of
Lisini Pub Company Limited

Opinion
We have audited the financial statements of Lisini Pub Company Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lisini Pub Company Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Lisini Pub Company Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

The most relevant laws & regulations identified include:
- Companies Act 2006;
- UK VAT and Corporation Tax legislation; Health and safety regulations;
- Licensing laws and regulations; and
- UK Generally Accepted Accounting Practice.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud, specifically, the controls surrounding the recording of cash transactions.
- Consider the internal controls in place to mitigate the risk of non-compliance with laws and regulations.

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential management bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance for reference to breaches of laws and regulation or any indication of potential litigation or claims or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
- Enquiring of management as to actual and potential litigation and claims; and
- Requesting correspondence with HMRC, Companies House and the company's legal advisors.


Report of the Independent Auditors to the Members of
Lisini Pub Company Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Logan CA (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

26 March 2025

Lisini Pub Company Limited (Registered number: SC262192)

Statement of Comprehensive
Income
For The Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 13,555,472 12,128,420

Cost of sales 4,471,520 3,918,942
GROSS PROFIT 9,083,952 8,209,478

Administrative expenses 8,492,323 7,702,307
591,629 507,171

Other operating income 4 - 5,888
OPERATING PROFIT 6 591,629 513,059

Interest receivable and similar income 20,422 8,302
612,051 521,361

Interest payable and similar expenses 7 415,429 124,937
PROFIT BEFORE TAXATION 196,622 396,424

Tax on profit 8 175,799 68,718
PROFIT FOR THE FINANCIAL YEAR 20,823 327,706

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

20,823

327,706

Lisini Pub Company Limited (Registered number: SC262192)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 7,122,975 7,286,677
7,122,975 7,286,677

CURRENT ASSETS
Stocks 12 102,302 115,709
Debtors 13 244,467 346,282
Cash at bank and in hand 1,292,799 863,691
1,639,568 1,325,682
CREDITORS
Amounts falling due within one year 14 3,336,439 2,723,591
NET CURRENT LIABILITIES (1,696,871 ) (1,397,909 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,426,104

5,888,768

CREDITORS
Amounts falling due after more than one year 15 (3,378,605 ) (3,867,822 )

PROVISIONS FOR LIABILITIES 19 (204,193 ) (198,463 )
NET ASSETS 1,843,306 1,822,483

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 1,843,206 1,822,383
SHAREHOLDERS' FUNDS 1,843,306 1,822,483

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Mrs S P Edwards - Director


Lisini Pub Company Limited (Registered number: SC262192)

Statement of Changes in Equity
For The Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 1,594,677 1,594,777

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 327,706 327,706
Balance at 31 March 2023 100 1,822,383 1,822,483

Changes in equity
Total comprehensive income - 20,823 20,823
Balance at 31 March 2024 100 1,843,206 1,843,306

Lisini Pub Company Limited (Registered number: SC262192)

Statement of Cash Flows
For The Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,439,596 1,053,573
Interest paid (415,429 ) (123,204 )
Interest element of hire purchase payments
paid

-

(1,733

)
Tax paid (89,635 ) (232,223 )
Net cash from operating activities 934,532 696,413

Cash flows from investing activities
Purchase of tangible fixed assets (57,078 ) (140,156 )
Interest received 20,422 8,302
Net cash from investing activities (36,656 ) (131,854 )

Cash flows from financing activities
New loans in year - 1,893
Loan repayments in year (381,514 ) (524,545 )
Capital repayments in year (14,182 ) (8,101 )
Amount introduced by directors (73,072 ) -
Amount withdrawn by directors - (171,072 )
Government grants - 5,679
Equity dividends paid - (100,000 )
Net cash from financing activities (468,768 ) (796,146 )

Increase/(decrease) in cash and cash equivalents 429,108 (231,587 )
Cash and cash equivalents at beginning of
year

2

863,691

1,095,278

Cash and cash equivalents at end of year 2 1,292,799 863,691

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Statement of Cash Flows
For The Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 196,622 396,424
Depreciation charges 220,780 268,050
Government grants - (5,679 )
Finance costs 415,429 124,937
Finance income (20,422 ) (8,302 )
812,409 775,430
Decrease in stocks 13,407 5,840
Decrease/(increase) in trade and other debtors 101,815 (226,940 )
Increase in trade and other creditors 511,965 499,243
Cash generated from operations 1,439,596 1,053,573

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,292,799 863,691
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 863,691 1,095,278


Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Statement of Cash Flows
For The Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 863,691 429,108 1,292,799
863,691 429,108 1,292,799
Debt
Finance leases (32,347 ) 14,182 (18,165 )
Debts falling due within 1 year (458,455 ) (21,311 ) (479,766 )
Debts falling due after 1 year (3,846,581 ) 477,632 (3,368,949 )
(4,337,383 ) 470,503 (3,866,880 )
Total (3,473,692 ) 899,611 (2,574,081 )

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Lisini Pub Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
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 upon the trading performance of the company and the support where necessary of the company's bank. On the basis that this support will continue in the short to medium term, the directors believe the going concern basis to be appropriate. The directors assessed forecasted cashflows for a period of at least 12 months from the date of approval of the financial statements to conclude the going concern basis is appropriate.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that might not be readily apparent from other sources. Where that is the case estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The principle estimates and judgements that could have a significant effect upon the company's results relate to the estimated residual value of freehold property and improvements to property, which are considered to be such that any accumulated depreciation charge at the period end would be immaterial. Based on the information available to them the directors consider that the carrying amount in respect of freehold property and improvements to property of £6.1m at the period end is not in excess of the recoverable amount.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when goods are delivered to customers or services are performed. Deposits received in advance of delivery are included in creditors.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life, which is estimated to be ten years.

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are recognised at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows

Freehold property - not provided
Improvements to property - not provided
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

On disposal, the difference between the net disposal proceeds and the carrying amount Of the item sold is recognised in profit or loss.

Depreciation is not provided on most freehold property and improvements to property on the grounds that it would be immaterial because the estimated residual values of the properties are not materially different from their carrying values.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Stocks
Stocks are stated at the lower of cost and net realisable value. Net realisable value means estimated selling price less costs to complete and sell.

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account, except investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch, or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

The company has entered into some hire purchase agreements for certain machinery assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.

Assets held under finance leases are capitalised and corresponding obligation to lessors under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of fair value of the assets and the present value of the minimum lease payments, determined at the inception of the lease.
Lease payments are apportioned between finance charges and reduction of outstanding lease liabilities using the effective interest method, so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in profit or loss.

Assets held under finance leases are included in property, plant and equipment and are depreciated and reviewed for impairment in the same way as assets owned outright.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in liabilities.

Rental income
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments.

Impairment losses
At each reporting date fixed assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sales of goods 12,828,716 11,471,990
Rendering of services 726,756 656,430
13,555,472 12,128,420

4. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts - 209
Government grants - 5,679
- 5,888

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,325,138 4,654,730
Social security costs 362,680 328,238
Other pension costs 236,114 176,738
5,923,932 5,159,706

The average number of employees during the year was as follows:
2024 2023

Administration 23 28
Bar and cleaning 226 223
Kitchen 83 72
Golf 3 4
335 327

2024 2023
£    £   
Directors' remuneration 470,290 382,417
Directors' pension contributions to money purchase schemes 157,860 108,347

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 5

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 212,970 148,344
Pension contributions to money purchase schemes 66,930 39,081

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 14,205 16,205
Depreciation - owned assets 220,780 268,050
Auditors' remuneration 11,500 15,500
Government grants - (5,679 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 196,587 123,204
Directors loan interest 218,842 -
Hire purchase - 1,733
415,429 124,937

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 170,069 89,634

Deferred tax 5,730 (20,916 )
Tax on profit 175,799 68,718

UK corporation tax has been charged at 25% .

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 196,622 396,424
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

49,156

75,321

Effects of:
Expenses not deductible for tax purposes 80,961 1,280
Capital allowances in excess of depreciation - (2,862 )
Depreciation in excess of capital allowances 39,952 -
Deferred tax 5,730 (5,021 )
Total tax charge 175,799 68,718

9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim - 57,500
Ordinary B shares of £1 each
Interim - 17,500
Ordinary C shares of £1 each
Interim - 25,000
- 100,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 1,649,304
AMORTISATION
At 1 April 2023
and 31 March 2024 1,649,304
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

11. TANGIBLE FIXED ASSETS
Improvements Fixed
Freehold to plant and
property property equipment
£    £    £   
COST
At 1 April 2023 6,235,603 126,775 1,768,815
Additions - - 14,505
At 31 March 2024 6,235,603 126,775 1,783,320
DEPRECIATION
At 1 April 2023 218,366 - 1,359,603
Charge for year - - 72,161
At 31 March 2024 218,366 - 1,431,764
NET BOOK VALUE
At 31 March 2024 6,017,237 126,775 351,556
At 31 March 2023 6,017,237 126,775 409,212

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 3,441,154 21,474 11,593,821
Additions 28,573 14,000 57,078
At 31 March 2024 3,469,727 35,474 11,650,899
DEPRECIATION
At 1 April 2023 2,718,050 11,125 4,307,144
Charge for year 146,204 2,415 220,780
At 31 March 2024 2,864,254 13,540 4,527,924
NET BOOK VALUE
At 31 March 2024 605,473 21,934 7,122,975
At 31 March 2023 723,104 10,349 7,286,677

Included within net book value of plant and machinery is an amount of £30,383 (2023: £35,058) relating to assets held under hire purchase contracts classified as finance leases.

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

12. STOCKS
2024 2023
£    £   
Raw materials 32,264 34,805
Finished goods 70,038 80,904
102,302 115,709

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 71,045 68,097
Other debtors 61,494 107,057
Other loans 111,928 171,128
244,467 346,282

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' loan accounts (see note 16) 60,000 75,000
Bank loans and overdrafts (see note 16) 419,766 381,720
Other loans (see note 16) - 1,735
Hire purchase contracts (see note 17) 8,509 11,106
Trade creditors 555,280 667,743
Tax 169,974 89,540
Social security and other taxes 91,753 92,304
VAT 453,901 374,085
Other creditors 953,467 818,928
Accrued expenses 623,789 211,430
3,336,439 2,723,591

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Directors' loan accounts (see note 16) 1,006,382 1,064,454
Bank loans (see note 16) 2,362,567 2,782,127
Hire purchase contracts (see note 17) 9,656 21,241
3,378,605 3,867,822

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Directors' loan accounts 60,000 75,000
Bank loans 419,766 381,720
Other loans - 1,735
479,766 458,455

Amounts falling due between one and two years:
Directors' loan accounts - 1-2 years 60,000 75,000
Bank loans - 1-2 years 419,766 381,720
479,766 456,720

Amounts falling due between two and five years:
Directors' loan accounts - 2-5 years 180,000 225,000
Bank loans - 2-5 years 1,224,360 1,145,160
1,404,360 1,370,160

Amounts falling due in more than five years:

Repayable by instalments
Directors' loan accounts > 5 years 766,382 764,454
Bank loans more 5 yr by instal 718,441 1,255,247
1,484,823 2,019,701

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 8,509 11,106
Between one and five years 9,656 21,241
18,165 32,347

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,782,333 3,163,847
Hire purchase contracts 18,165 32,347
Directors' loan account 1,075,982 1,139,454
Other loans 1,735 1,735
3,878,215 4,337,383

The bank loans are secured by a fixed and floating charges over all of the assets of the company held by The Royal Bank of Scotland PLC

The directors' loan account is secured over the company's property known as and forming Angels Hotel.

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 204,193 198,463

Deferred
tax
£   
Balance at 1 April 2023 198,463
Movement in year 5,730
Balance at 31 March 2024 204,193

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary A £1 50 50
25 Ordinary B £1 25 25
25 Ordinary C £1 25 25
100 100

Lisini Pub Company Limited (Registered number: SC262192)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

21. RESERVES
Retained
earnings
£   

At 1 April 2023 1,822,383
Profit for the year 20,823
At 31 March 2024 1,843,206

22. RELATED PARTY DISCLOSURES

During the year, the company made loan repayments to directors totalling £73,072 (2023 - £171,072). At the year end, the total sums due to the directors amounted to £1,066,382 (2023 - £1,139,454). Under the terms of a loan agreement, interest is payable on loans from directors at a commercial rate, and cumulative interest charges since the commencement of the loan agreement of £218,842 have been accrued in the financial statements.

At the year end, the company was owed a sum of £111,928 (2023 - £171,128) from Haka Properties Ltd, a company with common directors. During the year, the company advanced sums totalling £30,800 to Haka Properties Ltd. The company has made a provision of £90,000 in the financial statements against the total loan sums advanced to Haka Properties Ltd, on the basis that this sum may be irrecoverable.