Queen's Hotel (Wick) Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC269490 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

Queen's Hotel (Wick) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Sutherland

Mrs S M Sutherland

SECRETARY:

Mrs S M Sutherland

REGISTERED OFFICE:

16 Francis Street

Wick

Caithness

KW1 5PZ

REGISTERED NUMBER:

SC269490 (Scotland)

ACCOUNTANTS:

Reid & Fraser

Chartered Accountants

92 High Street

Wick

Caithness

KW1 4LY

BANKERS:

Bank of Scotland

18 Bridge Street

Wick

Caithness

KW1 4NG

FIXED ASSETS

Tangible assets

4

159,186

167,038

CURRENT ASSETS

Stocks

7,360

7,488

Cash at bank and in hand

129,454

118,022

136,814

125,510

CREDITORS

Amounts falling due within one year

5

(28,612

)

(39,338

)

NET CURRENT ASSETS

108,202

86,172

TOTAL ASSETS LESS CURRENT
LIABILITIES

267,388

253,210

PROVISIONS FOR LIABILITIES

(3,043

)

-

NET ASSETS

264,345

253,210

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

264,245

253,110

SHAREHOLDERS' FUNDS

264,345

253,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 2 October 2023 and were signed on its behalf by:

Mrs S M Sutherland - Director

1.	STATUTORY INFORMATION

Queen's Hotel (Wick) Ltd 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.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% straight line

Plant and machinery etc

-

25% reducing balance and 15% reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 July 2022

196,910

159,724

356,634

Additions

-

4,116

Disposals

-

(805

)

(805

)

At 30 June 2023

196,910

163,035

359,945

DEPRECIATION

At 1 July 2022

67,178

122,418

189,596

Charge for year

3,938

7,844

11,782

Eliminated on disposal

-

(619

)

(619

)

At 30 June 2023

71,116

129,643

200,759

NET BOOK VALUE

At 30 June 2023

125,794

33,392

159,186

At 30 June 2022

129,732

37,306

167,038

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2022

and 30 June 2023

26,454

DEPRECIATION

At 1 July 2022

and 30 June 2023

11,574

NET BOOK VALUE

At 30 June 2023

14,880

At 30 June 2022

14,880

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

Hire purchase contracts

5,574

10,351

Trade creditors

5,060

5,099

Taxation and social security

15,974

21,884

Other creditors

2,004

28,612

39,338