Silverfin false 30/04/2023 01/05/2022 30/04/2023 J Fernandez-Ares 17/11/2016 R J Paterson 17/11/2016 T G Paterson 17/11/2016 05 October 2023 The principal activity of the Company during the financial year was that of hoteliers and publicans. SC550561 2023-04-30 SC550561 bus:Director1 2023-04-30 SC550561 bus:Director2 2023-04-30 SC550561 bus:Director3 2023-04-30 SC550561 2022-04-30 SC550561 core:CurrentFinancialInstruments 2023-04-30 SC550561 core:CurrentFinancialInstruments 2022-04-30 SC550561 core:Non-currentFinancialInstruments 2023-04-30 SC550561 core:Non-currentFinancialInstruments 2022-04-30 SC550561 core:ShareCapital 2023-04-30 SC550561 core:ShareCapital 2022-04-30 SC550561 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC550561 core:RetainedEarningsAccumulatedLosses 2022-04-30 SC550561 core:LandBuildings 2022-04-30 SC550561 core:OtherPropertyPlantEquipment 2022-04-30 SC550561 core:LandBuildings 2023-04-30 SC550561 core:OtherPropertyPlantEquipment 2023-04-30 SC550561 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-30 SC550561 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-04-30 SC550561 bus:OrdinaryShareClass1 2023-04-30 SC550561 core:OtherRelatedParties 2023-04-30 SC550561 core:OtherRelatedParties 2022-04-30 SC550561 2022-05-01 2023-04-30 SC550561 bus:FullAccounts 2022-05-01 2023-04-30 SC550561 bus:SmallEntities 2022-05-01 2023-04-30 SC550561 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 SC550561 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 SC550561 bus:Director1 2022-05-01 2023-04-30 SC550561 bus:Director2 2022-05-01 2023-04-30 SC550561 bus:Director3 2022-05-01 2023-04-30 SC550561 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 SC550561 2021-05-01 2022-04-30 SC550561 core:LandBuildings 2022-05-01 2023-04-30 SC550561 core:CurrentFinancialInstruments 2022-05-01 2023-04-30 SC550561 core:Non-currentFinancialInstruments 2022-05-01 2023-04-30 SC550561 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 SC550561 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 SC550561 1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC550561 (Scotland)

MOORINGS HOTEL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH THE REGISTRAR

MOORINGS HOTEL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023

Contents

MOORINGS HOTEL LIMITED

BALANCE SHEET

AS AT 30 APRIL 2023
MOORINGS HOTEL LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,512,190 1,524,041
1,512,190 1,524,041
Current assets
Stocks 12,012 9,204
Debtors 4 98,574 28,847
Cash at bank and in hand 242,076 321,343
352,662 359,394
Creditors: amounts falling due within one year 5 ( 787,617) ( 895,238)
Net current liabilities (434,955) (535,844)
Total assets less current liabilities 1,077,235 988,197
Creditors: amounts falling due after more than one year 6 ( 418,646) ( 528,919)
Provision for liabilities 7 ( 67,404) ( 66,746)
Net assets 591,185 392,532
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 591,184 392,531
Total shareholder's funds 591,185 392,532

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Moorings Hotel Limited (registered number: SC550561) were approved and authorised for issue by the Director on 05 October 2023. They were signed on its behalf by:

T G Paterson
Director
MOORINGS HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
MOORINGS HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Moorings Hotel Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Garfield Hotel Cumbernauld Road, Stepps, Glasgow, G33 6HW, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point in which the company fulfils its contractual obligation to the customer. Deposits received for future events are deferred until the service has been provided.

Turnover for bar and restaurant sales is recognised when goods are received by customers. Turnover for hotel nights or functions is recognised when customers receive these services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than land and buildings, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related companies are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 23

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2022 1,401,143 327,026 1,728,169
Additions 0 22,117 22,117
At 30 April 2023 1,401,143 349,143 1,750,286
Accumulated depreciation
At 01 May 2022 0 204,128 204,128
Charge for the financial year 0 33,968 33,968
At 30 April 2023 0 238,096 238,096
Net book value
At 30 April 2023 1,401,143 111,047 1,512,190
At 30 April 2022 1,401,143 122,898 1,524,041

4. Debtors

2023 2022
£ £
Trade debtors 25,146 17,775
Amounts owed by related parties (note 9) 1 1
Other debtors 73,427 11,071
98,574 28,847

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 81,120 51,967
Trade creditors 122,115 41,302
Amounts owed to related parties (note 9) 410,998 663,317
Taxation and social security 122,760 80,219
Other creditors 50,624 58,433
787,617 895,238

The bank loan is secured by a fixed and a floating charge over all the property and undertakings of the company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 418,646 528,919

The bank loan is secured by a fixed and a floating charge over all the property and undertakings of the company.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 67,404 66,746

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

2023 2022
£ £
Entities with control, joint control or significant influence 1 1

Amounts owed to related parties

2023 2022
£ £
Entities with control, joint control or significant influence 410,998 663,317

10. Ultimate controlling party

The company's ultimate controlling party is Moorings Hotel Holdings Limited.