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REGISTERED NUMBER: SC057933 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

PIERSLAND HOUSE HOTEL COMPANY LIMITED

PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 JANUARY 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PIERSLAND HOUSE HOTEL COMPANY LIMITED

COMPANY INFORMATION
for the year ended 31 JANUARY 2022







DIRECTORS: J A Brown
R J W Brown
R G Brown
Mrs J K Brown
K P W Kuhler
J L Rae
Miss R K Brown


SECRETARY: J A Brown


REGISTERED OFFICE: 15 Craigend Road
Troon
KA10 6HD


REGISTERED NUMBER: SC057933 (Scotland)


ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE


BANKERS: Royal Bank of Scotland plc
23 Sauchiehall Street
Glasgow
G2 3AD

PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,983,675 2,854,194

CURRENT ASSETS
Stocks 32,609 28,111
Debtors 5 42,022 48,807
Cash at bank and in hand 1,050,100 519,771
1,124,731 596,689
CREDITORS
Amounts falling due within one year 6 (1,577,405 ) (530,370 )
NET CURRENT (LIABILITIES)/ASSETS (452,674 ) 66,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,531,001

2,920,513

CREDITORS
Amounts falling due after more than one
year

7

(179,167

)

(1,006,537

)

PROVISIONS FOR LIABILITIES (40,337 ) (11,931 )
NET ASSETS 2,311,497 1,902,045

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Revaluation reserve 9 812,140 812,140
Retained earnings 1,449,357 1,039,905
SHAREHOLDERS' FUNDS 2,311,497 1,902,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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.

PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2022


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 26 August 2022 and were signed on its behalf by:





J A Brown - Director


PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 JANUARY 2022

1. STATUTORY INFORMATION

Piersland House Hotel Company Limited is a private company, limited by shares, registered in Scotland, registration number SC057933. The registered office is 15 Craigend Road, Troon, KA10 6HD.

The principal activity of the company is of a licensed hotel.

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 as modified by the revaluation of certain assets.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going Concern
At the year end, the company had net current liabilities of £409,266. This is due to a term loan to the value of £775k expiring and being repaid post year end in February 2022. However, this was replaced by a new, 15-year term loan of £470k, also received in February 2022.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Tangible fixed Assets
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of food and beverages
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, and the amount of revenue can be measured reliably. In most cases this is at the point of sale.

Room sales and associated guest services
Revenue is recognised on the occupation of rooms and when associated guest services are provided.

Government grants - COVID
COVID related local authority grant funding is recognised on receipt, whereas grant funding received in relation to the Job Retention Scheme is recognised in the period in which the associated wages are paid.

PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JANUARY 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be reasonable.

It is the company's policy to maintain the properties comprising the licenced estate in such a condition that the residual values of the properties, based on prices prevailing at time of acquisition or subsequent revaluation, are at least equal to their book values. Having regard to this, it is the opinion of the directors that depreciation of any such property as required by the Companies Act 2006 and generally accepted accounting practice would not be material.

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
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.


PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JANUARY 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Short-term employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 91 (2021 - 88 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2021 2,437,333 2,970,465 5,407,798
Additions 17,445 186,808 204,253
At 31 January 2022 2,454,778 3,157,273 5,612,051
DEPRECIATION
At 1 February 2021 - 2,553,604 2,553,604
Charge for year - 74,772 74,772
At 31 January 2022 - 2,628,376 2,628,376
NET BOOK VALUE
At 31 January 2022 2,454,778 528,897 2,983,675
At 31 January 2021 2,437,333 416,861 2,854,194

PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JANUARY 2022

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2022 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 1992 1,300,000 - 1,300,000
Cost 1,154,778 3,157,273 4,312,051
2,454,778 3,157,273 5,612,051

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 1,094,333 1,094,333

Freehold land and buildings were valued on an open market basis on 15 November 1990 by Chesterton .

The Land and Buildings were revalued by the directors in the financial year to 30 April 1992 at £1,300,000. The directors amended the valuation of £1,900,000 prepared by Chesterton on 15 November 1990 to reflect the downturn in the economic climate.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 13,411 3,562
Amounts owed by group undertakings - 4,739
Other debtors 28,611 40,506
42,022 48,807

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 824,678 55,361
Trade creditors 105,947 20,209
Amounts owed to group undertakings 1,085 -
Taxation and social security 78,123 72,387
Other creditors 567,572 382,413
1,577,405 530,370

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 179,167 1,006,537

PIERSLAND HOUSE HOTEL COMPANY LIMITED (REGISTERED NUMBER: SC057933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JANUARY 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2022 2021
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 24,306

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 1,003,845 1,061,898

The company has granted a bond and floating charge in favour of the Royal Bank of Scotland, secured over the property.


9. RESERVES
Revaluation
reserve
£   
At 1 February 2021
and 31 January 2022 812,140

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Pacific Shelf 1065 Limited, registered office at:

15 Craigend Road
Troon
KA10 6HD

The company is ultimately controlled by J A Brown by virtue of his shareholding in Pacific Shelf 1065 Ltd.