Company registration number SC382108 (Scotland)
CAIRNGORM TAVERNS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
United Kingdom
IV2 5GH
CAIRNGORM TAVERNS LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
320
960
Investment property
5
1,500,000
1,402,437
1,500,320
1,403,397
Current assets
Debtors
6
46,374
77,577
Cash at bank and in hand
1,309
1,911
47,683
79,488
Creditors: amounts falling due within one year
7
(7,088)
(12,349)
Net current assets
40,595
67,139
Total assets less current liabilities
1,540,915
1,470,536
Creditors: amounts falling due after more than one year
8
(1,677,316)
(1,664,128)
Net liabilities
(136,401)
(193,592)
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
1,145,312
1,047,749
Profit and loss reserves
(1,282,713)
(1,242,341)
Total equity
(136,401)
(193,592)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CAIRNGORM TAVERNS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
M J Riley
Director
Company registration number SC382108 (Scotland)
CAIRNGORM TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Cairngorm Taverns Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 12, Dalfaber Industrial Estate, Aviemore, Inverness-Shire, Scotland, PH22 1ST.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are aware of the net current liability and net liability position of the company at the year end. The company is reliant on the support of the directors who agree not to withdraw their loan account to the detriment of the other creditors. On this basis, it is appropriate to prepare the accounts on a going concern basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CAIRNGORM TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Classification of financial liabilities

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.

CAIRNGORM TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CAIRNGORM TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are include in profit or loss.

1.13

Debtors

Short term debtors are measured at transaction price, less any impairment.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
CAIRNGORM TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2022 and 30 June 2023
3,200
Depreciation and impairment
At 1 July 2022
2,240
Depreciation charged in the year
640
At 30 June 2023
2,880
Carrying amount
At 30 June 2023
320
At 30 June 2022
960
5
Investment property
2023
£
Fair value
At 1 July 2022
1,402,437
Revaluations
97,563
At 30 June 2023
1,500,000

The company directors have valued the property on an open market basis at 30 June 2023.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
46,374
72,114
Prepayments and accrued income
-
0
5,463
46,374
77,577
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,800
4,800
Trade creditors
638
5,899
Other creditors
1,650
1,650
7,088
12,349
CAIRNGORM TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,200
14,000
Other creditors
1,668,116
1,650,128
1,677,316
1,664,128

Bank loans are unsecured and represent Bounce Back Funding received during the coronavirus pandemic.

9
Equity reserve

The profit and loss account includes all distributable reserves and relates to the accumulated profits and losses less dividends.

10
Capital grant reserve

The capital grant reserve includes all capital grants, recognised under the performance model, where the grant provider has imposed claw back conditions. These grants are initially recognised in the Statement of Comprehensive Income and then transferred to the capital grant reserve in the year of receipt. When the claw back conditions have been satisfied, the grants are transferred to the profit and loss account.

 

The Highland Council, who provided the grants, have a standard security over the investment property of the company.

11
Related party transactions

The Cairngorm Brewery Co. Ltd

Subsidiary Company

 

During the year the company paid expenses on behalf of The Cairngorm Brewery Co. Ltd totalling £24,892 (2022 - £22,278).

 

During the year the company invoiced The Cairngorm Brewery Co. Ltd sales totalling £12,583 (2022 - £3,872).

 

Also, during the year the company advanced funds to The Cairngorm Brewery Co. Ltd totalling £10,973 (2022 - £34,540).

 

The amount due from the related party at the year end was £45,524 (2022 - £72,026) and is included in debtors due within one year.

 

The amount due from The Cairngorm Brewery Co. Ltd is repayable on demand and no interest is charged.

12
Directors' transactions

During the year the directors introduced funds of £17,988 (2022 - £176,446) to the company.

 

Amounts due to the directors at the year end were £1,668,116 (2022 - £1,650,128) and are included within other creditors due over one year. The loans from the directors are due for repayments one year and one day from the year end on a rolling basis. No interest is charged on the loans by directors.

CAIRNGORM TAVERNS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
13
Ultimate controlling party

The company is under the control of Mr M J Riley and of the company Honour Achieve Limited, a company incorporated in Hong Kong. Each of these parties own 50% of the share capital of the company. The registered office of Honour Achieve Limited is Room 406, 130 Connaught Road Central, Hong Kong.

2023-06-302022-07-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityS J FaircliffM J RileyA C W FanA K Y FanP C H FanI A Riley LoG McintoshfalseSC3821082022-07-012023-06-30SC3821082023-06-30SC3821082022-06-30SC382108core:FurnitureFittings2023-06-30SC382108core:FurnitureFittings2022-06-30SC382108core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC382108core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-30SC382108core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-30SC382108core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-30SC382108core:CurrentFinancialInstruments2023-06-30SC382108core:CurrentFinancialInstruments2022-06-30SC382108core:Non-currentFinancialInstruments2023-06-30SC382108core:Non-currentFinancialInstruments2022-06-30SC382108core:ShareCapital2023-06-30SC382108core:ShareCapital2022-06-30SC382108core:OtherMiscellaneousReserve2023-06-30SC382108core:OtherMiscellaneousReserve2022-06-30SC382108core:RetainedEarningsAccumulatedLosses2023-06-30SC382108core:RetainedEarningsAccumulatedLosses2022-06-30SC382108bus:Director22022-07-012023-06-30SC382108core:FurnitureFittings2022-07-012023-06-30SC3821082021-07-012022-06-30SC382108core:FurnitureFittings2022-06-30SC3821082022-06-30SC382108bus:PrivateLimitedCompanyLtd2022-07-012023-06-30SC382108bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-30SC382108bus:FRS1022022-07-012023-06-30SC382108bus:AuditExemptWithAccountantsReport2022-07-012023-06-30SC382108bus:Director12022-07-012023-06-30SC382108bus:Director32022-07-012023-06-30SC382108bus:Director42022-07-012023-06-30SC382108bus:Director52022-07-012023-06-30SC382108bus:Director62022-07-012023-06-30SC382108bus:CompanySecretary12022-07-012023-06-30SC382108bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP