Fubar Stirling Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC416425 (Scotland)

Financial Statements for the Year Ended 28 February 2022

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

Tangible assets

4

1,826,723

1,461,182

CURRENT ASSETS

Stocks

30,074

15,710

Debtors

5

33,729

21,014

Cash at bank and in hand

515,785

41,240

579,588

77,964

CREDITORS

Amounts falling due within one year

6

2,080,414

1,192,576

NET CURRENT LIABILITIES

(1,500,826

)

(1,114,612

)

TOTAL ASSETS LESS CURRENT LIABILITIES

325,897

346,570

CREDITORS

Amounts falling due after more than one year

7

8,042

11,155

NET ASSETS

317,855

335,415

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

589,682

589,682

Capital redemption reserve

89

89

Retained earnings

(272,016

)

(254,456

)

SHAREHOLDERS' FUNDS

317,855

335,415

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 2 February 2023 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. The directors are satisfied that it is appropriate to use the going concern basis of accounting in the preparation of the financial statements.

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.

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 41 (2021 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2021

1,746,794

268,114

2,014,908

Additions

-

449,012

449,012

At 28 February 2022

1,746,794

717,126

2,463,920

DEPRECIATION

At 1 March 2021

314,419

239,307

553,726

Charge for year

34,935

48,536

83,471

At 28 February 2022

349,354

287,843

637,197

NET BOOK VALUE

At 28 February 2022

1,397,440

429,283

1,826,723

At 28 February 2021

1,432,375

28,807

1,461,182

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by associates

24,477

19,261

Other debtors

9,252

1,753

33,729

21,014

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

3,113

3,113

Trade creditors

84,214

2,104

Amounts owed to associates

202,356

196,971

Taxation and social security

57,958

41,303

Other creditors

1,732,773

949,085

2,080,414

1,192,576

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

8,042

11,155

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Other loans

1,500,000

917,405

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.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary shares

£1

100

100

10.	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

11.	RELATED PARTY DISCLOSURES

The following related party transactions accrued during the year ended 28th February 2022:-

a)

Lochrise Limited

During the year, Lochrise Limited incurred expenses totalling £0 (2021-£22,472) 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 £26,450 (2021- £49,794). Stock to the value of £1,317 (2021- £11,837) was also transferred to that company during the year under review

At the period end, amounts owed by the company to Lochrise Limited was £120,469 (2021 - £148,236):

b)

Cheers Dumbarton Limited

The balance due from Cheers Dumbarton Limited at the balance sheet date was in the amount of £5,450 (2021 -£5,450).

c)

City Falkirk Limited

During the year, City Falkirk Limited incurred expenses totalling £7,584 (2021 - £0) on behalf of Fubar Stirling Limited. Fubar Stirling Limited also incurred expenses costs relating to City Falkirk Limited in the amount of £10,216 (2021 - £3,124).

The balance due from City Falkirk Limited at the balance sheet date was in the amount of £14,027 (2021 - £11,396).

e)

Reynold 123 Limited

During the year, Fubar Stirling Limited incurred expense costs relating to Reynold 123 Limited in the amount of £7,606 (2021 - £1,655). Reynold 123 Limited also incurred expense costs relating to Fubar Stirling Limited in the amount of £5,021 (2021- £0).

The balance due from Reynold 123 Limited at the balance sheet date was in the amount of £5,000 (2021 - £2,415).

f)

Endeavour Hospitality Limited

During the year, Fubar Stirling Limited incurred expense costs relating to Endeavour Hospitality Limited in the amount of £75,881 (2021-£372). Endeavour Hospitality also incurred expenses costs relating to the Fubar Stirling Limited in the amount of £154,032 (2021-£10,417) In addition, the company incurred management fees from Endeavour Hospitality Limited of £135,000 (2021-£75,000) during the year under review and made payment of £45,000 against the outstanding balance.

The balance due to Endeavour Hospitality Limited at the balance sheet date was in the amount of £81,886 (2021 - £48,735).

12.	GOING CONCERN

Due to circumstances outwith the directors' control the bank covenants were not met in the year to 28 February 2022 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, and with the support of the refinancing package received from the secured debtor of £1.5M in March 2021, it is considered that the company has sufficient liquidity to continue as a going concern.

13.	ULTIMATE CONTROLLING PARTY

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