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REGISTERED NUMBER: 00721349 (England and Wales)











BUCHANAN (1983) LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Report of the Directors 2

Abridged Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 8


BUCHANAN (1983) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr V J Buchanan
Mrs C E Hubbard





SECRETARY: Mr V J Buchanan





REGISTERED OFFICE: The White Swan Hotel
Pickering
North Yorkshire
YO18 7AA





REGISTERED NUMBER: 00721349 (England and Wales)





ACCOUNTANTS: UHY Calvert Smith
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW

BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2023


The directors present their report with the financial statements of the company for the year ended 31 July 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

Mr V J Buchanan
Mrs C E Hubbard

Other changes in directors holding office are as follows:

Mrs D M S Buchanan ceased to be a director after 31 July 2023 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr V J Buchanan - Director


24 July 2024

BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

ABRIDGED BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,795,515 2,822,732
Investments 5 47,200 47,200
2,842,715 2,869,932

CURRENT ASSETS
Stocks 16,231 18,581
Debtors 37,237 50,429
Cash at bank and in hand 10,720 70,798
64,188 139,808
CREDITORS
Amounts falling due within one year 373,152 366,154
NET CURRENT LIABILITIES (308,964 ) (226,346 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,533,751 2,643,586

CREDITORS
Amounts falling due after more than one
year

6

(1,411,281

)

(1,429,671

)

PROVISIONS FOR LIABILITIES (186,096 ) (211,595 )
NET ASSETS 936,374 1,002,320

CAPITAL AND RESERVES
Called up share capital 19,000 19,000
Revaluation reserve 1,511,909 1,511,909
Retained earnings (594,535 ) (528,589 )
SHAREHOLDERS' FUNDS 936,374 1,002,320

BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

ABRIDGED BALANCE SHEET - continued
31 JULY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





Mr V J Buchanan - Director


BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Buchanan (1983) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company depends on its bank facilities to meet its day to day working capital requirements. The company has agreed financial arrangements to enable it to continue to meet its day to day operating requirements. The facilities are being reviewed on an ongoing basis. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents income from hotel accommodation, food and drink sales and from the delicatessen, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - At valuation
Short leasehold - Over the period of the lease
Soft furnishings - 20% straight line
Furniture and equipment - 20% on reducing balance, 10% on reducing balance and Straight line over 15 years
Motor vehicles - 20% straight line
Office equipment - 33.3% on reducing balance and 25% straight line

No depreciation is charged on freehold property on the grounds that it would be immaterial because the estimated residual value is not materially different from the carrying amount of the asset.

Tangible fixed assets are initially measured at cost, including transaction costs.

Subsequently freehold property is measured at fair value. Freehold property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of freehold property are included in the Revaluation Reserve in the period in which they arise.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Investments are held at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 41 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 August 2022 3,585,291
Additions 10,905
At 31 July 2023 3,596,196
DEPRECIATION
At 1 August 2022 762,559
Charge for year 38,122
At 31 July 2023 800,681
NET BOOK VALUE
At 31 July 2023 2,795,515
At 31 July 2022 2,822,732

Fair value of the freehold property has been assessed by the directors at 31 July 2023.

BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2023 is represented by:

Totals
£   
Valuation in 2000 218,248
Valuation in 2002 212,339
Valuation in 2004 148,467
Valuation in 2005 494,733
Valuation in 2007 511,617
Valuation in 2015 (653,935 )
Valuation in 2020 114,810
Valuation in 2021 138,506
Valuation in 2022 550,000
Cost 1,861,411
3,596,196

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 August 2022
and 31 July 2023 47,200
NET BOOK VALUE
At 31 July 2023 47,200
At 31 July 2022 47,200

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans payable after five
years by instalment 940,206 940,143
940,206 940,143

BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 111,042 -
Bank loans 1,404,875 1,414,876
1,515,917 1,414,876

Bank finance is secured by a fixed and floating charge over the assets of the company.

8. OTHER FINANCIAL COMMITMENTS

The company has operating lease commitments of £780 (2022: £780) of which £780 (2022: £780) falls due within one year.