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
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
Merchant City Hotels Limited
Statement of financial position
as at 31 October 2023
Tangible assets
440,377
471,283
Cash at bank and in hand
38,043
110,508
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)
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
Merchant City Hotels Limited
Notes to the Accounts
for the year ended 31 October 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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.
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.
Merchant City Hotels Limited
Notes to the Accounts
for the year ended 31 October 2023
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
At 31 October 2023
477,274
99,889
577,163
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
At 31 October 2023
381,818
58,559
440,377
At 31 October 2022
405,682
65,601
471,283
Amounts falling due within one year
Accrued income and prepayments
1,960
1,157
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
6,250
6,250
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
7
Creditors: amounts falling due after more than one year
2023
2022
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).