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Company registration number: SC469197
Millburn Inns Ltd
Trading as Chieftain Hotel
Unaudited filleted abridged financial statements
28 February 2023
Millburn Inns Ltd
Contents
Directors and other information
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Millburn Inns Ltd
Directors and other information
Directors Mr Kenneth McNellan
Company number SC469197
Registered office 2 Millburn Road
Inverness
IV2 3PS
Business address 2 Millburn Road
Inverness
IV2 3PS
Accountant MOR Accounting Services
11 Glenfield Avenue
Cowdenbeath
Fife
KY49EN
Millburn Inns Ltd
Abridged statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 27,573 17,116
_______ _______
27,573 17,116
Current assets
Stocks 8 21,779 14,593
Debtors 14,079 20,341
Cash at bank and in hand 71,294 101,935
_______ _______
107,152 136,869
Creditors: amounts falling due
within one year ( 64,752) ( 72,747)
_______ _______
Net current assets 42,400 64,122
_______ _______
Total assets less current liabilities 69,973 81,238
Creditors: amounts falling due
after more than one year ( 49,267) ( 49,267)
_______ _______
Net assets 20,706 31,971
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve ( 31) ( 31)
Profit and loss account 20,637 31,902
_______ _______
Shareholders funds 20,706 31,971
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mr Kenneth McNellan
Director
Company registration number: SC469197
Millburn Inns Ltd
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 March 2021 100 ( 31) ( 25,315) ( 25,246)
(Loss)/profit for the year 57,217 57,217
_______ _______ _______ _______
Total comprehensive income for the year - - 57,217 57,217
_______ _______ _______ _______
At 28 February 2022 and 1 March 2022 100 ( 31) 31,902 31,971
(Loss)/profit for the year ( 11,265) ( 11,265)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 11,265) ( 11,265)
_______ _______ _______ _______
At 28 February 2023 100 ( 31) 20,637 20,706
_______ _______ _______ _______
Millburn Inns Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Chieftain Hotel, 2 Millburn Road, Inverness, IV2 3PS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, over the useful economic life.
Fittings fixtures and equipment - 15 % straight line
.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating loss/profit
Operating loss/profit is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 8,269 8,281
_______ _______
6. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 16 ).
7. Tangible assets
£
Cost
At 1 March 2022 57,609
Additions 18,726
_______
At 28 February 2023 76,335
_______
Depreciation
At 1 March 2022 40,493
Charge for the year 8,269
_______
At 28 February 2023 48,762
_______
Carrying amount
At 28 February 2023 27,573
_______
At 28 February 2022 17,116
_______
8. Stocks
2023 2022
£ £
Finished goods and goods for resale 21,779 14,593
_______ _______
Closing Stock value per stocktaker report
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Kenneth McNellan 702 - 702
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Kenneth McNellan - 702 702
_______ _______ _______