The Corrie Hotel Limited SC732915 false 2022-05-19 2023-05-31 2023-05-31 The principal activity of the company is Hotels and similar accommodation Digita Accounts Production Advanced 6.30.9574.0 true SC732915 2022-05-19 2023-05-31 SC732915 2023-05-31 SC732915 core:CurrentFinancialInstruments 2023-05-31 SC732915 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC732915 core:FurnitureFittingsToolsEquipment 2023-05-31 SC732915 core:LandBuildings 2023-05-31 SC732915 core:OtherPropertyPlantEquipment 2023-05-31 SC732915 bus:SmallEntities 2022-05-19 2023-05-31 SC732915 bus:AuditExemptWithAccountantsReport 2022-05-19 2023-05-31 SC732915 bus:AbridgedAccounts 2022-05-19 2023-05-31 SC732915 bus:SmallCompaniesRegimeForAccounts 2022-05-19 2023-05-31 SC732915 bus:RegisteredOffice 2022-05-19 2023-05-31 SC732915 bus:Director1 2022-05-19 2023-05-31 SC732915 bus:Director2 2022-05-19 2023-05-31 SC732915 bus:PrivateLimitedCompanyLtd 2022-05-19 2023-05-31 SC732915 core:FurnitureFittings 2022-05-19 2023-05-31 SC732915 core:FurnitureFittingsToolsEquipment 2022-05-19 2023-05-31 SC732915 core:LandBuildings 2022-05-19 2023-05-31 SC732915 core:LeaseholdImprovements 2022-05-19 2023-05-31 SC732915 core:OtherPropertyPlantEquipment 2022-05-19 2023-05-31 SC732915 core:PlantMachinery 2022-05-19 2023-05-31 SC732915 countries:Scotland 2022-05-19 2023-05-31 iso4217:GBP xbrli:pure

Registration number: SC732915

The Corrie Hotel Limited

Annual Report and Unaudited Abridged Financial Statements

for the Period from 19 May 2022 to 31 May 2023

 

The Corrie Hotel Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

The Corrie Hotel Limited

Company Information

Directors

R K Meadows

A J Garbutt

Registered office

The Corrie Hotel
Shore Road
Corrie
KA27 8JB

Accountants

Inn Control Hospitality Accountants Limited
10 Cheyne Walk
Northamptonshire
England
NN1 5PT

 

The Corrie Hotel Limited

(Registration number: SC732915)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

63,073

Current assets

 

Stocks

6

16,115

Debtors

2

Cash at bank and in hand

 

97,538

 

113,655

Prepayments and accrued income

 

67

Creditors: Amounts falling due within one year

(191,593)

Net current liabilities

 

(77,871)

Total assets less current liabilities

 

(14,798)

Accruals and deferred income

 

(8,000)

Net liabilities

 

(22,798)

Capital and reserves

 

Called up share capital

2

Retained earnings

(22,800)

Shareholders' deficit

 

(22,798)

For the financial period ending 31 May 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 period 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 and the option to not file the profit and loss account has been taken.

 

The Corrie Hotel Limited

(Registration number: SC732915)
Abridged Balance Sheet as at 31 May 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................
A J Garbutt
Director

 

The Corrie Hotel Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 19 May 2022 to 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Corrie Hotel
Shore Road
Corrie
KA27 8JB
United Kingdom

These financial statements were authorised for issue by the Board on 13 February 2024.

2

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 abridged 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 abridged 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.

 

The Corrie Hotel Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 19 May 2022 to 31 May 2023

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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.

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

Furniture and Fixtures

25% straight line method

Refurbishment

15% straight line method

Bar & Kitchen Equipment

15% straight line method

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.

 

The Corrie Hotel Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 19 May 2022 to 31 May 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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

The Corrie Hotel Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 19 May 2022 to 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

9,230

 

The Corrie Hotel Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 19 May 2022 to 31 May 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

15,767

48,298

8,238

72,303

At 31 May 2023

15,767

48,298

8,238

72,303

Depreciation

Charge for the period

897

7,727

606

9,230

At 31 May 2023

897

7,727

606

9,230

Carrying amount

At 31 May 2023

14,870

40,571

7,632

63,073

Included within the net book value of land and buildings above is £14,870 in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

Other inventories

16,115