COMPANY REGISTRATION NUMBER:
SC287162
The Horseshoe Inn and Lodge Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
The Horseshoe Inn and Lodge Limited |
|
Abridged Statement of Financial Position |
|
31 October 2023
Current assets
Debtors |
156,057 |
|
156,057 |
Cash at bank and in hand |
88 |
|
88 |
|
--------- |
|
--------- |
|
156,145 |
|
156,145 |
|
|
|
|
Creditors: amounts falling due within one year |
3,072,839 |
|
3,072,839 |
|
------------ |
|
------------ |
Net current liabilities |
|
2,916,694 |
2,916,694 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
(
2,916,694) |
(
2,916,694) |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
583,676 |
583,676 |
|
|
------------ |
------------ |
Net liabilities |
|
(
3,500,370) |
(
3,500,370) |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
(
3,500,470) |
(
3,500,470) |
|
|
------------ |
------------ |
Shareholder deficit |
|
(
3,500,370) |
(
3,500,370) |
|
|
------------ |
------------ |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31st October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
The Horseshoe Inn and Lodge Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 October 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
8 July 2024
, and are signed on behalf of the board by:
Company registration number:
SC287162
The Horseshoe Inn and Lodge Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31st October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Queensberry Street, Annan, Dumfriesshire, DG12 5BL.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis. Border Steelwork Structures Limited has indicated its willingness to continue to support the company by means of interest free loans with no fixed repayment terms.
Corporation tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
20% reducing balance |
|
Fixtures fittings & Eqt. |
- |
20% reducing balance |
|
Information Technology Assets |
- |
30% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.