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Company Registration No. SC650483 (Scotland)
Merchant City Hotels Limited Unaudited accounts for the year ended 31 October 2023
Merchant City Hotels Limited Unaudited accounts Contents
Page
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Merchant City Hotels Limited Company Information for the year ended 31 October 2023
Directors
G I Russell R G Arnott R S Mullen
Company Number
SC650483 (Scotland)
Registered Office
4 HOPE STREET EDINBURGH EH2 4DB SCOTLAND
Accountants
Orry Consultancy Limited 11 Bonnyton Drive Eaglesham Glasgow G76 0LT
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Merchant City Hotels Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
440,377 
471,283 
Current assets
Inventories
17,500 
17,500 
Debtors
5,359 
4,205 
Cash at bank and in hand
38,043 
110,508 
60,902 
132,213 
Creditors: amounts falling due within one year
(431,109)
(533,271)
Net current liabilities
(370,207)
(401,058)
Total assets less current liabilities
70,170 
70,225 
Creditors: amounts falling due after more than one year
(31,250)
(37,500)
Net assets
38,920 
32,725 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
38,916 
32,721 
Shareholders' funds
38,920 
32,725 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by
G I Russell Director Company Registration No. SC650483
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Merchant City Hotels Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Merchant City Hotels Limited is a private company, limited by shares, registered in Scotland, registration number SC650483. The registered office is 4 HOPE STREET, EDINBURGH, EH2 4DB, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Improvements - Straight Line 20 years
Fixtures & fittings
20 % Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Merchant City Hotels Limited Notes to the Accounts for the year ended 31 October 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2022
477,274 
92,179 
569,453 
Additions
- 
7,710 
7,710 
At 31 October 2023
477,274 
99,889 
577,163 
Depreciation
At 1 November 2022
71,592 
26,578 
98,170 
Charge for the year
23,864 
14,752 
38,616 
At 31 October 2023
95,456 
41,330 
136,786 
Net book value
At 31 October 2023
381,818 
58,559 
440,377 
At 31 October 2022
405,682 
65,601 
471,283 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
1,960 
1,157 
Other debtors
2,435 
3,048 
4,395 
4,205 
Amounts falling due after more than one year
Other debtors
964 
- 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
6,250 
6,250 
VAT
74,423 
73,272 
Trade creditors
91,301 
75,217 
Amounts owed to group undertakings and other participating interests
222,804 
339,115 
Taxes and social security
13,838 
16,240 
Other creditors
15,533 
17,104 
Loans from directors
- 
613 
Accruals
6,960 
5,460 
431,109 
533,271 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
31,250 
37,500 
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Merchant City Hotels Limited Notes to the Accounts for the year ended 31 October 2023
8
Average number of employees
During the year the average number of employees was 45 (2022: 45).
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