Fubar Stirling Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC416425 (Scotland)

Financial Statements for the Year Ended 28 February 2023

for

Fubar Stirling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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)

FIXED ASSETS

Tangible assets

4

1,723,723

1,826,723

CURRENT ASSETS

Stocks

118,144

30,074

Debtors

5

75,392

33,729

Cash at bank and in hand

786,977

515,785

980,513

579,588

CREDITORS

Amounts falling due within one year

6

2,137,364

2,080,414

NET CURRENT LIABILITIES

(1,156,851

)

(1,500,826

)

TOTAL ASSETS LESS CURRENT LIABILITIES

566,872

325,897

CREDITORS

Amounts falling due after more than one year

7

(4,929

)

(8,042

)

PROVISIONS FOR LIABILITIES

(65,318

)

-

NET ASSETS

496,625

317,855

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

589,682

589,682

Capital redemption reserve

89

89

Retained earnings

(93,246

)

(272,016

)

SHAREHOLDERS' FUNDS

496,625

317,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 13 May 2024 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.

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 68 (2022 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2022

1,746,794

717,126

2,463,920

Additions

-

33,084

33,084

At 28 February 2023

1,746,794

750,210

2,497,004

DEPRECIATION

At 1 March 2022

349,354

287,843

637,197

Charge for year

34,935

101,149

136,084

At 28 February 2023

384,289

388,992

773,281

NET BOOK VALUE

At 28 February 2023

1,362,505

361,218

1,723,723

At 28 February 2022

1,397,440

429,283

1,826,723

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by associates

34,609

24,477

Other debtors

40,783

9,252

75,392

33,729

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

3,113

3,113

Trade creditors

38,904

84,214

Amounts owed to associates

616,638

202,356

Taxation and social security

72,409

57,958

Other creditors

1,406,300

1,732,773

2,137,364

2,080,414

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

4,929

8,042

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Other loans

1,349,917

1,500,000

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

2023

2022

value:

£

£

100

Ordinary shares

£1

100

100

10.	RELATED PARTY DISCLOSURES

The following companies are controled by common directors and the following related party transactions accrued during the year ended 28th February 2023:-

a)

Lochrise Limited

During the year, Lochrise Limited incurred expenses totalling £3,346 (2022-£0) on behalf of Fubar Stirling Limited and a management charge of £500,000 was accrued in respect of management support provided by Lochrise Limited over the period of the COVID pandemic. Lochrise Limited was reimbursed amounts owed in respect of this by way of cash advances and income collected on behalf of the company totalling £53,316 (2022- £26,450). Stock to the value of £483 (2022- £1,317) was also transferred to that company during the year under review

At the period end, amounts owed by the company to Lochrise Limited was £570,016 (2022 - £120,469):

b)

Cheers Dumbarton Limited

The balance due from Cheers Dumbarton Limited at the balance sheet date was in the amount of £5,450 (2022 -£5,450).

c)

City Falkirk Limited

During the year, City Falkirk Limited incurred expenses totalling £1,525 (2022 - £7,584) on behalf of Fubar Stirling Limited. Fubar Stirling Limited also incurred expenses costs relating to City Falkirk Limited in the amount of £10,867 (2022 - £10,216).

The balance due from City Falkirk Limited at the balance sheet date was in the amount of £23,369 (2022 - £14,027).

e)

Reynold 123 Limited

During the year, Fubar Stirling Limited incurred expense costs relating to Reynold 123 Limited in the amount of £2,381 (2022 - £7,606). Reynold 123 Limited also incurred expense costs relating to Fubar Stirling Limited in the amount of £1,591 (2022- £5,021).

The balance due from Reynold 123 Limited at the balance sheet date was in the amount of £5,790 (2022 - £5,000).

f)

Endeavour Hospitality Limited

During the year, Fubar Stirling Limited incurred expense costs relating to Endeavour Hospitality Limited in the amount of £0 (2022-£75,881). Endeavour Hospitality also incurred expenses costs relating to the Fubar Stirling Limited in the amount of £58,358 (2022-£154,032) In addition, the company incurred management fees from Endeavour Hospitality Limited of £165,000 (2022-£135,000) during the year under review and made payment of £303,295 against the outstanding balance.

The balance due to Endeavour Hospitality Limited at the balance sheet date was in the amount of £46,621 (2022 - £81,866).

g)

Spectrum Associates (Stirling) Limited

During the year under review the company paid management fees of £60,000 to Spectrum Associates Limited, being a company controlled by P Smith.

H)

Allsorts Professional Services Limited

During the year under review the company paid management fees of £60,000 to Allsorts Professional Services Limited, being a company controlled by S Smith.

11.	ULTIMATE CONTROLLING PARTY

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