Fubar Stirling Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC416425 (Scotland)

Financial Statements for the Year Ended 28 February 2017

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

Registered Auditors

Chartered Accountants

64 Murray

Place

Stirling

FK8 2BX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,598,095

1,661,457

1,598,095

1,661,457

CURRENT ASSETS

Stocks

18,050

20,034

Debtors

6

254,847

158,883

Cash at bank and in hand

198,967

238,295

471,864

417,212

CREDITORS

Amounts falling due within one year

7

312,574

270,726

NET CURRENT ASSETS

159,290

146,486

TOTAL ASSETS LESS CURRENT LIABILITIES

1,757,385

1,807,943

CREDITORS

Amounts falling due after more than one year

8

1,376,131

1,376,131

NET ASSETS

381,254

431,812

CAPITAL AND RESERVES

Called up share capital

9

189

189

Share premium

589,682

589,682

Retained earnings

(208,617

)

(158,059

)

SHAREHOLDERS' FUNDS

381,254

431,812

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 2017 and were signed on its behalf by:

S W 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

the 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 March 2016

and 28 February 2017

1

1

2

AMORTISATION

At 1 March 2016

and 28 February 2017

1

1

2

NET BOOK VALUE

At 28 February 2017

-

-

-

At 29 February 2016

-

-

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2016

1,746,794

213,680

1,960,474

Additions

-

15,402

15,402

At 28 February 2017

1,746,794

229,082

1,975,876

DEPRECIATION

At 1 March 2016

139,739

159,278

299,017

Charge for year

34,936

43,828

78,764

At 28 February 2017

174,675

203,106

377,781

NET BOOK VALUE

At 28 February 2017

1,572,119

25,976

1,598,095

At 29 February 2016

1,607,055

54,402

1,661,457

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by associates

245,454

155,651

Other debtors

9,393

3,232

254,847

158,883

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

37,870

28,907

Amounts owed to associates

-

397

Taxation and social security

47,397

39,226

Other creditors

227,307

202,196

312,574

270,726

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

1,376,131

1,376,131

Loans of £1,376,131 represent fixed rate loan notes held by the holders of the Ordinary A shares and Ordinary B

shares of the company. These loan notes are secured by a floating charge over the assets of the company and a

standard security over the company's freehold property, bear interest at a rate of 12% per annum. After the year

end a long term refinancing loan facility was obtained, by an associate company, to repay the current venture

capital firm.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary shares

£1

100

100

100

Ordinary A shares

£0.01

1

1

589,770

Ordinary B shares

£0.00015

88

88

189

189

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 2017:-

a)

Lochrise Limited

During the year, Lochrise Limited incurred expenses totalling £88,952 (2016 - £101,932) 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 £2,296 (2016 - £87,225).In addition, the company paid management fees to Lochrise of £274,926 (2016- £234,168) during the year under review.

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

2017

2016

£

£

Lochrise Limited

242,305

152,111

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, Fubar Stirling Limited incurred expenses totalling £93 on behalf of Cheers Dumbarton

Limited.

The balance due from Cheers Dumbarton Limited at the balance sheet date was in the amount of £875.

c)

City Falkirk Limited

During the year, City Falkirk Limited incurred expenses totalling £3,451 on behalf of Fubar Stirling

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

amount of £2,291.

The balance due from City Falkirk Limited at the balance sheet date was in the amount of £1,598.

d)

City Edinburgh Limited

During the year, City Edinburgh Limited incurred expenses totalling £1,575 on behalf of Fubar Stirling

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

amount of £2,648.

The balance due from City Edinburgh Limited at the balance sheet date was in the amount of £675.

12.	ULTIMATE CONTROLLING PARTY

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