Cheers Dumbarton Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC416427 (Scotland)

Financial Statements for the Year Ended 28 February 2022

for

Cheers Dumbarton 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:

SC416427 (Scotland)

SENIOR STATUTORY AUDITOR:

June A Smith

AUDITORS:

Rennie Smith & Co

Statutory Auditors

Chartered Accountants

64 Murray Place

Stirling

FK8 2BX

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

217,228

222,658

217,228

222,658

CURRENT ASSETS

Debtors

6

1,577

5,148

Cash at bank

7,496

34,498

9,073

39,646

CREDITORS

Amounts falling due within one year

7

190,227

221,855

NET CURRENT LIABILITIES

(181,154

)

(182,209

)

TOTAL ASSETS LESS CURRENT LIABILITIES

36,074

40,449

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

10

105,025

105,025

Capital redemption reserve

10

96

96

Retained earnings

10

(69,147

)

(64,772

)

SHAREHOLDERS' FUNDS

36,074

40,449

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 9 February 2023 and were signed on its behalf by:

P Smith - Director

1.	STATUTORY INFORMATION

Cheers Dumbarton 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.

Critical accounting judgements and key sources of estimation uncertainty

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 may 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 13. The directors are satisfied that it is appropriate use the going concern basis of accounting in the preparation of the financial statements.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 liabilities.

Where the contractual obligations of the financial instrument (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 fo 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.

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 NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2021

and 28 February 2022

62,402

DEPRECIATION

At 1 March 2021

and 28 February 2022

62,402

NET BOOK VALUE

At 28 February 2022

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2021

and 28 February 2022

271,495

DEPRECIATION

At 1 March 2021

48,837

Charge for year

5,430

At 28 February 2022

54,267

NET BOOK VALUE

At 28 February 2022

217,228

At 28 February 2021

222,658

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by associates

620

-

Other debtors

957

5,148

1,577

5,148

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,551

(3,955

)

Amounts owed to associates

6,630

44,630

Taxation and social security

-

1,274

Other creditors

181,046

179,906

190,227

221,855

8.	SECURED DEBTS

A guarantee was in place during the year concerned and provided to the company's bankers in respect of the borrowing of City Falkirk Limited. This guarantee was supported by a floating charge over all property of the company or undertaking of the company together with a standard charge over the company's heritable property. This charge was satisfied during the year under review and the guarantee withdrawn.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary shares

£1

100

100

10.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 March 2021

(64,772

)

105,025

96

40,349

Deficit for the year

(4,375

)

(4,375

)

At 28 February 2022

(69,147

)

105,025

96

35,974

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

The Report of the Auditors was unqualified.

June A Smith (Senior Statutory Auditor)

for and on behalf of Rennie Smith & Co

12.	RELATED PARTY DISCLOSURES

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

Lochrise Limited

During the year under review Lochrise Limited incurred expenses totalling £0 (2021 - £787) on behalf of Cheers Dumbarton Limited and Lochrise Limited was re-imbursed amounts owed in respect of this by way of cash advances collected on behalf of the company totalling £620 (2021 - £0).

The balance due from Lochrise Limited at the balance sheet date was £620 (2021 - £0).

Fubar Stirling limited

The balance due to Fubar Stirling Limited at the balance sheet date was £5,450 (2021 - £5,450).

Endeavour Hospitality Limited

An amount of £38,000 was transferred to this company being payment towards the outstanding balance. The balance due to Endeavour Hospitality Limited at the balance sheet date was £1,180 (2021 - £39,180).

13.	GOING CONCERN

The tenants terminated the lease during the year under review..In addition, the net current liabilities of the company as disclosed on the balance sheet are £181,154. This would normally create a material uncertainty as to whether the company can continue as a going concern. However the guarantee given to the company's bankers mentioned at note 8 to the accounts has now been withdrawn and with the support of the directors and associated companies it is considered that the company can 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.