REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
FOR |
PIERSLAND HOUSE HOTEL COMPANY LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2021 |
Additions |
At 31 January 2022 |
DEPRECIATION |
At 1 February 2021 |
Charge for year |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
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 |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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 |
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 |
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. |