Fubar Stirling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC416425 (Scotland)

Financial Statements for the Year Ended 28 February 2019

for

Fubar Stirling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Smith

S W Smith

SECRETARY:

K Liddle

REGISTERED OFFICE:

2nd Floor Offices

52-54 King Street

Stirling

FK8 1AY

REGISTERED NUMBER:

SC416425 (Scotland)

SENIOR STATUTORY AUDITOR:

Derek J Smith

AUDITORS:

Rennie Smith & Co

Statutory Auditors

Chartered Accountants

64 Murray Place

Stirling

FK8 2BX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,527,391

1,564,165

1,527,391

1,564,165

CURRENT ASSETS

Stocks

26,189

24,643

Debtors

6

27,069

13,732

Cash at bank and in hand

42,304

80,962

95,562

119,337

CREDITORS

Amounts falling due within one year

7

839,051

687,617

NET CURRENT LIABILITIES

(743,489

)

(568,280

)

TOTAL ASSETS LESS CURRENT LIABILITIES

783,902

995,885

CREDITORS

Amounts falling due after more than one year

8

393,964

579,444

NET ASSETS

389,938

416,441

CAPITAL AND RESERVES

Called up share capital

10

100

189

Share premium

589,682

589,682

Capital redemption reserve

89

-

Retained earnings

(199,933

)

(173,430

)

SHAREHOLDERS' FUNDS

389,938

416,441

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 on 29 November 2019 and were signed on its behalf by:

P Smith - Director

1.	STATUTORY INFORMATION

Fubar Stirling 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.

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.

Significant judgements and estimates

In preparing the financial statements the directors have made the following judgements

Taxation

Management establish provisions for taxation based on reasonable estimates, for possible consequences of

taxation.The amount of the provision is based on various factors.Management's estimation is required to

determine the amount of deferred tax that can be recognized , based on likely timing and level of future taxable

profits.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and mat vary depending on a

number of factors. In re-assessing assets lives, factors such as technology innovation and maintenance

programmes are taken into account. Residual value assessments consider issues such as future market conditions,

the remaining life of the asset and projected disposal values.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the

year, exclusive of Value Added Tax and trade discounts.

Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of its

identifiable assets and liabilities. It is amortised to the Profit and Loss account over its estimated economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

20% 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the entity after deducting all of its financial liabilities.

Where the contractual obligations of its financial instruments (including share capital) are equivalent to a similar

debt instrument those financial instruments are classified as financial liabilities. Financial liabilities are presented

as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the

profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding

liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability

then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited

direct to equity.

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.

Deferred tax

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.

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 is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments and are readily convertible to known

amounts of cash with insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2018 - 55 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 March 2018

and 28 February 2019

1

1

2

AMORTISATION

At 1 March 2018

and 28 February 2019

1

1

2

NET BOOK VALUE

At 28 February 2019

-

-

-

At 28 February 2018

-

-

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2018

1,746,794

239,101

1,985,895

Additions

-

8,121

8,121

At 28 February 2019

1,746,794

247,222

1,994,016

DEPRECIATION

At 1 March 2018

209,611

212,119

421,730

Charge for year

34,936

9,959

44,895

At 28 February 2019

244,547

222,078

466,625

NET BOOK VALUE

At 28 February 2019

1,502,247

25,144

1,527,391

At 28 February 2018

1,537,183

26,982

1,564,165

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by associates

5,801

2,341

Other debtors

21,268

11,391

27,069

13,732

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

30,738

26,349

Amounts owed to associates

543,516

371,155

Taxation and social security

34,918

43,421

Other creditors

229,879

246,692

839,051

687,617

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

393,964

579,444

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Other loans

579,280

754,968

The security trustee holds a floating charge over all the property or undertakings of the company together with a

standard security over the company;s heritable property up to a value of £850,000. The company,s bankers also

hold a standard security over the property as junior creditors

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary shares

£1

100

100

100

Ordinary A shares

£0.01

-

1

589,770

Ordinary B shares

£0.00015

-

88

100

189

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Derek J Smith (Senior Statutory Auditor)

for and on behalf of Rennie Smith & Co

12.	RELATED PARTY DISCLOSURES

The following related party transactions accrued during the year ended 28th February 2019:-

a)

Lochrise Limited

During the year, Lochrise Limited incurred expenses totalling £104,614 (2018 - £135,192) on behalf

Fubar Stirling Limited and Lochrise Limited was re-imbursed amounts owed in respect of this by way

of cash advances and income collected on behalf of the company totalling £61,555 (2018 - £184,197).In addition, the company paid management fees to Lochrise of £325,000 (2018- £459,923) during the year under review.

At the period end, amounts owed to/(by) the company to/(by) related undertakings were as follows:

2019

2018

£

£

Lochrise Limited

(222,574)

(49,515)

Amounts owed above are unsecured, interest free and repayable on demand.

Lochrise Limited is related by common directorship.

b)

Cheers Dumbarton Limited

During the year, Cheers Dumbarton Limited incurred expenses totalling £4,746 on behalf of Fubar Stirling Limited.

The balance due from Cheers Dumbarton Limited at the balance sheet date was in the amount of £5,739.

c)

City Falkirk Limited

During the year, City Falkirk Limited incurred expenses totalling £3,376 on behalf of Fubar Stirling

Limited. Fubar Stirling Limited also incurred expenses costs relating to City Falkirk Limited in the

amount of £4,074.

The balance due to City Falkirk Limited at the balance sheet date was in the amount of £320,942.

d)

Brewhemia Limited

During the year, Fubar Stirling Limited incurred expense costs relating to Brewhemia Limited in the

amount of £170. Brewhemia Limited also incurred expense costs relating to Fubar Stirling Limited in

the amount of £1,456.

The balance due from Brewhemia Limited at the balance sheet date was in the amount of £62.

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of P Smith and S Smith who are also shareholders..