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Registration number: SC706236

Mull Hotels Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Mull Hotels Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Mull Hotels Limited

Company Information

Directors

Mr Calum Maclachlainn

Mrs Sarah Braid

Ms Fiona Mary Woods

Registered office

Unit 8A Baliscate Industrial Estate
Tobermory
Isle Of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Mull Hotels Limited

Directors' Report for the Year Ended 31 August 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Calum Maclachlainn

Mrs Sarah Braid

Ms Fiona Mary Woods

Principal activity

The principal activity of the company is operating a hotel

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
Mr Calum Maclachlainn
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mull Hotels Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mull Hotels Limited for the year ended 31 August 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mull Hotels Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mull Hotels Limited and state those matters that we have agreed to state to the Board of Directors of Mull Hotels Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mull Hotels Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mull Hotels Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mull Hotels Limited. You consider that Mull Hotels Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mull Hotels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

14 November 2023

 

Mull Hotels Limited

Profit and Loss Account for the Year Ended 31 August 2023

Note

2023
£

2022
£

Turnover

 

373,227

-

Cost of sales

 

(91,694)

-

Gross profit

 

281,533

-

Administrative expenses

 

(242,867)

(2,623)

Operating profit/(loss)

 

38,666

(2,623)

Profit/(loss) before tax

3

38,666

(2,623)

Profit/(loss) for the financial year

 

38,666

(2,623)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Mull Hotels Limited

Statement of Comprehensive Income for the Year Ended 31 August 2023

2023
£

2022
£

Profit/(loss) for the year

38,666

(2,623)

Total comprehensive income for the year

38,666

(2,623)

 

Mull Hotels Limited

(Registration number: SC706236)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,124

-

Current assets

 

Debtors

5

767

-

Cash at bank and in hand

 

133,256

4,477

 

134,023

4,477

Creditors: Amounts falling due within one year

6

(143,004)

(7,000)

Net current liabilities

 

(8,981)

(2,523)

Net assets/(liabilities)

 

36,143

(2,523)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

36,043

(2,623)

Shareholders' funds/(deficit)

 

36,143

(2,523)

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
Mr Calum Maclachlainn
Director

 

Mull Hotels Limited

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

100

(2,623)

(2,523)

Profit for the year

-

38,666

38,666

At 31 August 2023

100

36,043

36,143

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(2,623)

(2,623)

New share capital subscribed

100

-

100

At 31 August 2022

100

(2,623)

(2,523)

 

Mull Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mull Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 3).

3

Profit/loss before tax

Arrived at after charging/(crediting)

 

Mull Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2023
£

2022
£

Depreciation expense

11,281

-

 

Mull Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

56,405

56,405

At 31 August 2023

56,405

56,405

Depreciation

Charge for the year

11,281

11,281

At 31 August 2023

11,281

11,281

Carrying amount

At 31 August 2023

45,124

45,124

5

Debtors

Current

2023
£

2022
£

Trade debtors

767

-

 

767

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

21,068

-

Taxation and social security

27,732

-

Other creditors

94,204

7,000

143,004

7,000

7

Share capital

Allotted, called up and fully paid shares

 

Mull Hotels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Related party transactions

Summary of transactions with other related parties

Tob Property Management & Invetsments Limited
 Loan received from 50% shareholder
 

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

7,000

7,000

Advanced

32,000

32,000

At end of period

39,000

39,000

2022

Other related parties
£

Total
£

Advanced

7,000

7,000

At end of period

7,000

7,000