Registration number:
The Art Cafe at Robertsons Limited
for the Year Ended 31 July 2024
The Art Cafe at Robertsons Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Art Cafe at Robertsons Limited
Company Information
Directors |
Mrs S Robertson Mr G Robertson |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Art Cafe at Robertsons Limited
for the Year Ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Art Cafe at Robertsons Limited for the year ended 31 July 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of The Art Cafe at Robertsons Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that The Art Cafe at Robertsons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Art Cafe at Robertsons Limited. You consider that The Art Cafe at Robertsons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Art Cafe at Robertsons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
The Art Cafe at Robertsons Limited
(Registration number: SC510957)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(7,535) |
7,397 |
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Shareholders' (deficit)/funds |
(7,435) |
7,497 |
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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The Art Cafe at Robertsons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
UK
The principal place of business is:
Eastfield Business Park
H3 Newark Road South
Glenrothes
Fife
KY7 4NS
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
At the balance sheet date the company had net liabilities of £7,435 (2023 net assets of £7,497). The directors have confirmed their continued support for the company and based on this these financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
Government grants
Grants that are received in respect of expenditure incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable. No grants were received in the year ended 31 July 2024 (2023 nil).
Insurance income
Insurance monies are included as income in the profit and loss account on receipt.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is provided at rates calculated so as to write off the cost less residual value of each asset over its expected useful life, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% per annum straight line |
Equipment |
25% per annum straight line |
The Art Cafe at Robertsons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Tax
The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Stock
Stock is stated at the lower of cost and net realisable value and comprises baking ingredients, soft drinks and food for resale.
Trade creditors
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 rate of interest.
Defined contribution pension obligation
The company operates a defined contribution pension scheme, whose assets are held separately from those of the company. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Other operating income |
2024 |
2023 |
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£ |
£ |
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Insurance claims |
5,310 |
3,425 |
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Other income |
5,500 |
- |
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10,810 |
3,425 |
Taxation |
2024 |
2023 |
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£ |
£ |
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UK corporation tax |
540 |
(1,853) |
The Art Cafe at Robertsons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tangible assets |
Fixtures and fittings |
Equipment |
Total |
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Cost |
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At 1 August 2023 |
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Additions |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Debtors |
2024 |
2023 |
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Other debtors |
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Other debtors include loan balances of £35,300 (2023 £58,000) due to the company from Robertson Art Group Limited; and £10,311 (2023 £10,311) due from Mrs Robertson, director. The loans are interest free and repayable on demand. Further details of related parties are stated at note 10.
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors include loan balances of £22,900 (2023 £29,843) due to Robertson Fine Art Limited and £1,654 (2023 £1,654) due to Robertsons Picture Gallery Limited. The loans are interest free and repayable on demand. Further details of related parties are stated at note 10.
The Art Cafe at Robertsons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
In 2022 the company's shares were acquired by Robertson Art Group Limited, whose shareholders and directors, Mr G Robertson and Mrs S Robertson, are also directors of The Art Cafe at Robertsons Limited and Robertsons Picture Gallery Limited. Mr G Robertson is also the director of Robertson Fine Art Limited.
Transactions with directors |
2024 |
At 1 August 2023 |
At 31 July 2024 |
Mrs S Robertson |
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Loan |
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2023 |
At 1 August 2022 |
At 31 July 2023 |
Mrs S Robertson |
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Loan |
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