Period from 1 February 2022 to
Registration number:
Fonab Castle Hotel Limited
Balance Sheet
31 December 2022
Note |
31 December |
Unaudited |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 08275224
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Fonab Castle Hotel and Spa
Foss Road
Pitlochry
PH16 5ND
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are outlined within this note.
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Audit report
Disclosure of long or short period
Due to the periods being of differing lengths the performances are not directly comparable.
Going concern
At the balance sheet date the company has net current liabilities of £949,167 (January 2022 - £100,575 net current liabilities), and net assets of £1,878,653 (January 2022 - £1,353,903)
The directors have considered a number of factors in respect of the appropriateness of the going concern assertion. The company is supported by its parent undertaking, Fonab SPV Limited and the wider group under the control of Blantree Holdco Limited.
After due consideration of the factors outlined, the Directors continue to apply the going concern basis to the preparation of the financial statements.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Accommodation revenue is recognised at the point of the customer staying in the room. Deposits received in advance of customer stays are treated as payments on account and recognised within other creditors, part of creditors due within one year.
Food, beverage and all other sales are recognised at the point of sale.
Rent received is recognised in other operating income.
Government grants
During the prior period the company recognised Coronavirus Job Retention Scheme (“CJRS”) grant income from the Government designed to mitigate the impact of Covid 19. The company elected to account for such grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other operating income” within profit or loss in the same period as the related expenditure.
The company has not directly benefited from any other forms of government assistance in the current or prior period.
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 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 |
Land and buildings |
Straight line over 50 years |
Plant and machinery |
Straight line over 10 years |
Motor vehicles |
Straight line over 5 years |
Furniture, fittings and equipment |
Straight line over 5 years |
No depreciation has been provided for on leasehold buildings on the basis that, in the Directors opinion, the residual value of the property is so high that any depreciation charge would be immaterial.
The directors have considered the carrying value of the property (including the freehold element held in the financial statements of Fonab SPV Limited), in light of external valuations performed for internal reporting purposes, and do not believe that an impairment is required.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
is determined using the first-in, first-out (FIFO) method.
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Payments on account; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Critical judgement and estimation uncertainty
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key area of judgement in the financial statements can be summarised as follows:
Carrying value of property
The Directors have carefully considered the depreciation estimates applied on the tangible assets held by the Company. This assessment is performed on an annual basis and would be amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and physical condition of each asset. Valuations perfomed for internal purposes have been considered by the Directors and in light of this no impairment is viewed as being necessary.
The carrying value of tangible fixed assets at the balance sheet date is £3,446,874 (January 2022 - £3,411,741).
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2022 |
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- |
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Additions |
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Disposals |
- |
- |
( |
- |
( |
At 31 December 2022 |
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Depreciation |
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At 1 February 2022 |
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- |
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Charge for the period |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 January 2022 |
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- |
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Included within the net book value of land and buildings above is £276,864 (2022 - £276,864) in respect of freehold land and buildings and £2,971,559 (2022 - £2,881,838) in respect of long leasehold land and buildings.
Included within motor vehicles is £14,916 (Jan 2022 - £207,632) of assets held under hire purchase.
Stocks |
31 December |
Unaudited |
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Other inventories |
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Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Debtors |
31 December |
Unaudited |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
Unaudited |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Payments on account |
318,033 |
467,144 |
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Creditors: amounts falling due after more than one year
Note |
31 December |
Unaudited |
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Due after one year |
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Loans and borrowings |
- |
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Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Loans and borrowings |
31 December |
Unaudited |
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Current loans and borrowings |
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Bank borrowings |
- |
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Hire purchase contracts |
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31 December |
Unaudited |
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Loans and borrowings due after one year |
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Bank borrowings |
- |
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HP and finance lease liabilities |
- |
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- |
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The amounts shown as bank loans were settled in the year.
The amounts shown as hire purchase are secured against the assets to which they relate.
Share capital |
Allotted, called up and fully paid shares
31 December |
31 January |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
31 December |
31 January |
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Not later than one year |
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Later than one year and not later than five years |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The company has certain assets held under operating lease agreements.
The total amount of financial commitments not included in the balance sheet is £
The company has provided a guarantee for bank borrowings in its immediate parent undertaking. In addition the company has provided a guarantee in respect of borrorings between its immediate parent undertaking and the ultimate parent undertaking Blantree Holdco Limited.
The total amount of guarantees not included in the balance sheet is £14,081,643 (2022 - £Nil). Of this balance £6,793,885 relates to inter group borrowing and £7,287,758 relates to bank borrowings. The purposes of these borrowings was to acquire the entire shareholding of Fonab Castle Hotel Limited, as well as the freehold property of the Fonab Castle its previous owners.
Audit report |
The financial statements for the period ended 31 December 2022 were audited by:
PKF Francis Clark, statutory auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
The senior statutory auditor was Thomas Roach BSc FCA
An unqualified and unmodified auditors' report on the financial statements for the period ended 31 December has been issued.
Fonab Castle Hotel Limited
Notes to the Financial Statements
Period from 1 February 2022 to 31 December 2022
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is