Silverfin false 31/01/2023 01/02/2022 31/01/2023 Panu Lehti 04/01/2019 Laura Muirhead 04/01/2019 27 October 2023 The principal activities of the company is accommodation and food service. SC617331 2023-01-31 SC617331 bus:Director1 2023-01-31 SC617331 bus:Director2 2023-01-31 SC617331 2022-01-31 SC617331 core:CurrentFinancialInstruments 2023-01-31 SC617331 core:CurrentFinancialInstruments 2022-01-31 SC617331 core:Non-currentFinancialInstruments 2023-01-31 SC617331 core:Non-currentFinancialInstruments 2022-01-31 SC617331 core:ShareCapital 2023-01-31 SC617331 core:ShareCapital 2022-01-31 SC617331 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC617331 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC617331 core:LandBuildings 2022-01-31 SC617331 core:OtherPropertyPlantEquipment 2022-01-31 SC617331 core:LandBuildings 2023-01-31 SC617331 core:OtherPropertyPlantEquipment 2023-01-31 SC617331 core:MoreThanFiveYears 2023-01-31 SC617331 core:MoreThanFiveYears 2022-01-31 SC617331 bus:OrdinaryShareClass1 2023-01-31 SC617331 bus:OrdinaryShareClass2 2023-01-31 SC617331 bus:OrdinaryShareClass3 2023-01-31 SC617331 bus:OrdinaryShareClass4 2023-01-31 SC617331 2022-02-01 2023-01-31 SC617331 bus:FullAccounts 2022-02-01 2023-01-31 SC617331 bus:SmallEntities 2022-02-01 2023-01-31 SC617331 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC617331 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC617331 bus:Director1 2022-02-01 2023-01-31 SC617331 bus:Director2 2022-02-01 2023-01-31 SC617331 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 SC617331 2021-02-01 2022-01-31 SC617331 core:LandBuildings 2022-02-01 2023-01-31 SC617331 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 SC617331 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 SC617331 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 SC617331 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass3 2021-02-01 2022-01-31 SC617331 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass4 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC617331 (Scotland)

ACHRAY HOUSE HOTEL LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

ACHRAY HOUSE HOTEL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

ACHRAY HOUSE HOTEL LTD

BALANCE SHEET

AS AT 31 JANUARY 2023
ACHRAY HOUSE HOTEL LTD

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 700,755 667,320
700,755 667,320
Current assets
Stocks 4 4,500 5,005
Debtors
- due within one year 5 17,590 178,739
- due after more than one year 5 149,519 0
Cash at bank and in hand 6 7,064 20,336
178,673 204,080
Creditors: amounts falling due within one year 7 ( 521,673) ( 517,019)
Net current liabilities (343,000) (312,939)
Total assets less current liabilities 357,755 354,381
Creditors: amounts falling due after more than one year 8 ( 393,257) ( 425,390)
Net liabilities ( 35,502) ( 71,009)
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 35,602 ) ( 71,109 )
Total shareholders' deficit ( 35,502) ( 71,009)

For the financial year ending 31 January 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 Achray House Hotel Ltd (registered number: SC617331) were approved and authorised for issue by the Director on 27 October 2023. They were signed on its behalf by:

Laura Muirhead
Director
ACHRAY HOUSE HOTEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
ACHRAY HOUSE HOTEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 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

Achray House Hotel Ltd (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 66 Tay Street, Perth, PH2 8RA, 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. The company is supported through loans from the directors The directors confirm they will continue to support the company and not seek repayment of their director's loan balances until all other creditors have been met as they fall due. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover represents amounts receivable for the provision of accommodation and food services net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of 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.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 freehold property 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. 20 - 25 % reducing balance

No depreciation is provided in respect of freehold land and buildings. While the non-depreciation of buildings does not comply with the requirements of the Companies Act 2006, the directors are of the opinion that as the buildings have residual value and are well maintained, any depreciation would be immaterial and therefore it is not considered appropriate to depreciate the buildings. 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.

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.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, 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 as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 16

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2022 636,973 54,106 691,079
Additions 0 41,503 41,503
At 31 January 2023 636,973 95,609 732,582
Accumulated depreciation
At 01 February 2022 0 23,759 23,759
Charge for the financial year 0 8,068 8,068
At 31 January 2023 0 31,827 31,827
Net book value
At 31 January 2023 636,973 63,782 700,755
At 31 January 2022 636,973 30,347 667,320

4. Stocks

2023 2022
£ £
Stocks 4,500 5,005

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 3,402 8,801
Other debtors 14,188 169,938
17,590 178,739
Debtors: amounts falling due after more than one year
Other debtors 149,519 0

Included in Debtors: amounts falling due after more than one year is a loan that is secured by the director Panu Lehti's shares in Achray House Hotel Ltd.

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 7,064 20,336

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 29,315 27,638
Trade creditors 47,951 25,759
Other taxation and social security 18,672 18,487
Obligations under finance leases and hire purchase contracts 4,244 7,142
Other creditors 421,491 437,993
521,673 517,019

Included in Bank loans is a loan which is secured by a fixed charge over the property held by the company and a floating charge over all of the assets and undertakings of the company of £23,751 (2022 - £22,532).

Also included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £5,564 (2022 - £5,106). This loan is fully backed by a government guarantee.

Obligations under hire purchase contracts are secured over the assets to which they relate.

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

2023 2022
£ £
Bank loans 392,025 419,866
Obligations under finance leases and hire purchase contracts 1,232 5,524
393,257 425,390

Included in Bank loans is a loan which is secured by a fixed charge over the property held by the company and a floating charge over all of the assets and undertakings of the company of £354,095 (2022 - £377,846).

Also included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £37,390 (2022 - £42,020). This loan is fully backed by a government guarantee.

Obligations under hire purchase contracts are secured over the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 238,575 275,021

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 Ordinary "A" Class shares of £ 1.00 each 50 50
44 Ordinary "B" Class shares of £ 1.00 each 44 44
3 Ordinary "C" Class shares of £ 1.00 each 3 3
3 Ordinary "D" Class shares of £ 1.00 each 3 3
100 100

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 5,915 7,650

11. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed to directors 364,102 407,086

The above balance is unsecured, interest free and has no fixed terms of repayment.