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Registration number: SC703027

No.17 The Promenade Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

No.17 The Promenade Limited

Contents

Company Information

1

Director's 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 11

 

No.17 The Promenade Limited

Company Information

Director

Mr Paul Sloan

Registered office

1 The Pier
Oban
Argyll
PA34 4LW

Accountants

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

 

No.17 The Promenade Limited

Director's Report for the Year Ended 30 June 2023

The director presents his report and the financial statements for the year ended 30 June 2023.

Director of the company

The director who held office during the year was as follows:

Mr Paul Sloan

Principal activity

The principal activity of the company is running 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 director on 17 February 2024
 

.........................................
Mr Paul Sloan
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
No.17 The Promenade Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of No.17 The Promenade Limited for the year ended 30 June 2023 as set out on pages 4 to 11 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 No.17 The Promenade 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 No.17 The Promenade Limited and state those matters that we have agreed to state to the Board of Directors of No.17 The Promenade 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 No.17 The Promenade Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that No.17 The Promenade 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 No.17 The Promenade Limited. You consider that No.17 The Promenade 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 No.17 The Promenade 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

17 February 2024

 

No.17 The Promenade Limited

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

909,296

25,638

Cost of sales

 

(184,322)

(4,521)

Gross profit

 

724,974

21,117

Administrative expenses

 

(632,454)

(210,016)

Operating profit/(loss)

 

92,520

(188,899)

Profit/(loss) before tax

3

92,520

(188,899)

Profit/(loss) for the financial year

 

92,520

(188,899)

The above results were derived from continuing operations.

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

 

No.17 The Promenade Limited

Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Profit/(loss) for the year

92,520

(188,899)

Total comprehensive income for the year

92,520

(188,899)

 

No.17 The Promenade Limited

(Registration number: SC703027)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

613,158

721,362

Current assets

 

Debtors

5

85

94,997

Cash at bank and in hand

 

248,784

14,113

 

248,869

109,110

Creditors: Amounts falling due within one year

6

(79,550)

(17,271)

Net current assets

 

169,319

91,839

Total assets less current liabilities

 

782,477

813,201

Creditors: Amounts falling due after more than one year

6

(878,756)

(1,002,000)

Net liabilities

 

(96,279)

(188,799)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(96,379)

(188,899)

Shareholders' deficit

 

(96,279)

(188,799)

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

Director's 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 director acknowledges his 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 director on 17 February 2024
 

.........................................
Mr Paul Sloan
Director

 

No.17 The Promenade Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

(188,899)

(188,799)

Profit for the year

-

92,520

92,520

At 30 June 2023

100

(96,379)

(96,279)

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(188,899)

(188,899)

New share capital subscribed

100

-

100

At 30 June 2022

100

(188,899)

(188,799)

 

No.17 The Promenade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 & machinery

15% reducing balance

Fixtures & fittings

15% 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.

 

No.17 The Promenade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

2

Staff numbers

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

3

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

108,204

28,104

 

No.17 The Promenade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

309,072

440,394

749,466

At 30 June 2023

309,072

440,394

749,466

Depreciation

At 1 July 2022

11,590

16,514

28,104

Charge for the year

44,622

63,582

108,204

At 30 June 2023

56,212

80,096

136,308

Carrying amount

At 30 June 2023

252,860

360,298

613,158

At 30 June 2022

297,482

423,880

721,362

5

Debtors

Current

2023
£

2022
£

Other debtors

85

94,997

 

85

94,997

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,965

17,271

Taxation and social security

62,594

-

Other creditors

8,991

-

79,550

17,271

Creditors: amounts falling due after more than one year

 

No.17 The Promenade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Due after one year

Other non-current financial liabilities

878,756

1,002,000

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Summary of transactions with parent

Sloan Wells Holdings Limited
 Loan
 

Loans from related parties

2023

Parent
£

Total
£

At start of period

1,002,000

1,002,000

Advanced

10,000

10,000

Repaid

(133,244)

(133,244)

At end of period

878,756

878,756

2022

Parent
£

Total
£

Advanced

1,002,000

1,002,000

At end of period

1,002,000

1,002,000

9

Parent and ultimate parent undertaking

The company's immediate parent is Sloan Wells Holdings Limited, incorporated in Scotland.