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

REGISTERED NUMBER: SC416425 (Scotland)

Financial Statements for the Year Ended 29 February 2020

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

1,486,053

1,527,391

1,486,053

1,527,391

CURRENT ASSETS

Stocks

24,977

26,189

Debtors

6

57,589

27,069

Cash at bank and in hand

229,383

42,304

311,949

95,562

CREDITORS

Amounts falling due within one year

7

1,380,884

839,051

NET CURRENT LIABILITIES

(1,068,935

)

(743,489

)

TOTAL ASSETS LESS CURRENT LIABILITIES

417,118

783,902

CREDITORS

Amounts falling due after more than one year

8

-

393,964

NET ASSETS

417,118

389,938

CAPITAL AND RESERVES

Called up share capital

10

100

100

Share premium

589,682

589,682

Capital redemption reserve

89

89

Retained earnings

(172,753

)

(199,933

)

SHAREHOLDERS' FUNDS

417,118

389,938

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 16 August 2021 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.

Going concern

Attention is drawn to note 14 of the accounts concerning the COVID 19. Management has determined that the actions it has taken are sufficient to mitigate the uncertainty created by the pandemic and have therefore prepared the financial reporting on a going concern basis.

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 48 (2019 - 44 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 March 2019

and 29 February 2020

1

1

2

AMORTISATION

At 1 March 2019

and 29 February 2020

1

1

2

NET BOOK VALUE

At 29 February 2020

-

-

-

At 28 February 2019

-

-

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2019

1,746,794

247,222

1,994,016

Additions

-

1,673

1,673

At 29 February 2020

1,746,794

248,895

1,995,689

DEPRECIATION

At 1 March 2019

244,547

222,078

466,625

Charge for year

34,936

8,075

43,011

At 29 February 2020

279,483

230,153

509,636

NET BOOK VALUE

At 29 February 2020

1,467,311

18,742

1,486,053

At 28 February 2019

1,502,247

25,144

1,527,391

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by associates

14,482

5,801

Other debtors

43,107

21,268

57,589

27,069

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

47,631

30,738

Amounts owed to associates

296,075

543,516

Taxation and social security

62,458

34,918

Other creditors

974,720

229,879

1,380,884

839,051

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

-

393,964

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other loans

938,248

579,280

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.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary shares

£1

100

100

NIL

Ordinary A Shares

£0.01

-

-

NIL

Ordinary B Shares

£0.00015

-

-

100

100

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 29th February 2020:-

a)

Lochrise Limited

During the year, Lochrise Limited incurred expenses totalling £100,099 (2019-£104,614) on behalf of Fubar Stirling Limited and Lochrise Limited was reimbursed amounts owed in respect of this by way of cash advances and income collected on behalf of the company totalling £39,167 (2019- £61,555). In addition, the company paid management fees to Lochrise of £272,000 (2019 - £325,000) during the year under review.

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

2020

2019

£

£

Lochrise Limited

(187,385

)

(222,574

)

Amounts owed above are unsecured, interest free and repayable on demand. Lochrise Limited is related by common directorship.

b)

Cheers Dumbarton Limited

The balance due from Cheers Dumbarton Limited at the balance sheet date was in the anount of £5,450 (2019 -£5,450).

c)

City Falkirk Limited

During the year, City Falkirk Limited incurred expenses totalling £1,010 (2019 - 3,376) on behalf of Fubar Stirling Limited. Fubar Stirling Limited also incurred expenses costs relating to City Falkirk Limited in the amount of £5,224 (2019 - 4,074).. In addition £325,000 were transferred to City Falkirk Limited on behalf of Fubar Stirling Limited.

The balance due from City Falkirk Limited at the balance sheet date was in the amount of £8,272 (2019 - £(320,942)).

e)

Reynold 123 Limited

During the year, Fubar Stirling Limited incurred expense costs relating to Reynold 123 Limited in the amount of £1,145 (2019 - £170). Reynold 123 Limited also incurred expense costs relating to Fubar Stirling Limited in the amount of £448 (2019- £1,456).

The balance due from Reynold 123 Limited at the balance sheet date was in the amount of £760 (2019 - £62).

f)

Endeavour Hospitality Limited

During the year, Fubar Stirling Limited incurred expense costs relating to Endeavour Hospitality Limited in the amount of £374. Endeavour Hospitality also incurred expenses costs relating to the Fubar Stirling Limited in the amount of £37,063 In addition, the company paid management fees to Endeavour Hospitality Limited of £90,000 during the year under review.

The balance due to Endeavour Hospitality Limited at the balance sheet date was in the amount of £108,690.

13.	POST BALANCE SHEET EVENTS

The COVID 19 pandemic develop rapidly in 2020, with a significant number of cases. Measures taken by the Scottish government to contain the virus included the total closure of the night club in March 2020. Permission has now been granted by the Scottish government to reopen with effect from 9 August 2021.

At this stage, the impact on our business and results have not been significant as we have taken a number of steps to monitor and contain the fixed overheads of the business at a minimal level. We will continue to monitor and follow government policies and advice and will do our utmost to maintain a positive current asset value in the company in the hope that operations can recommence in the near future in the best and safest way possible without jeopardizing the health of our people..

In view of the above, the bank covenants were not met in the year to 28 February 2021 and, as a result, the long term secured debt would have become due and payable on demand. In accordance with Financial Reporting Standard 102, the long term debt has been reclassified as a current liability. However the company obtained a refinancing package from the secured debtor of £1.5M in March 2021. Therefore and taking into account this post balance sheet event, it is considered it is considered that the company has sufficient liquidity to continue as a going concern.

14.	ULTIMATE CONTROLLING PARTY

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