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REGISTERED NUMBER: SC607379 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

THE OLD SCHOOL GUEST HOUSE LTD

THE OLD SCHOOL GUEST HOUSE LTD (REGISTERED NUMBER: SC607379)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

THE OLD SCHOOL GUEST HOUSE LTD

Company Information
for the Year Ended 31 October 2023







DIRECTORS: R Koiak
J Koiak





REGISTERED OFFICE: 29 Brandon Street
Hamilton
ML3 6DA





REGISTERED NUMBER: SC607379 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

THE OLD SCHOOL GUEST HOUSE LTD (REGISTERED NUMBER: SC607379)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 548,128 581,131

CURRENT ASSETS
Stocks - 3,500
Debtors 6 30,563 17,132
Cash at bank and in hand 3,229 39,440
33,792 60,072
CREDITORS
Amounts falling due within one year 7 412,657 429,397
NET CURRENT LIABILITIES (378,865 ) (369,325 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,263

211,806

CREDITORS
Amounts falling due after more than one
year

8

(274,343

)

(262,895

)

PROVISIONS FOR LIABILITIES - (5,635 )
NET LIABILITIES (105,080 ) (56,724 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (105,180 ) (56,824 )
SHAREHOLDERS' FUNDS (105,080 ) (56,724 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 OLD SCHOOL GUEST HOUSE LTD (REGISTERED NUMBER: SC607379)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:





R Koiak - Director


THE OLD SCHOOL GUEST HOUSE LTD (REGISTERED NUMBER: SC607379)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

The Old School Guest House Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts have been prepared on a going concern basis as the director has undertaken to continue supporting the company through their director's loan account.

Turnover
Turnover is derived from accomodation, food and drink supplied by the company.

Turnover is measured at the fair value of accomodation, food and drink supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 15% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


THE OLD SCHOOL GUEST HOUSE LTD (REGISTERED NUMBER: SC607379)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 533,102 186,649 719,751
Additions - 6,959 6,959
At 31 October 2023 533,102 193,608 726,710
DEPRECIATION
At 1 November 2022 42,648 95,972 138,620
Charge for year 10,662 29,300 39,962
At 31 October 2023 53,310 125,272 178,582
NET BOOK VALUE
At 31 October 2023 479,792 68,336 548,128
At 31 October 2022 490,454 90,677 581,131

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 216 2,132
Prepayments 30,347 15,000
30,563 17,132

THE OLD SCHOOL GUEST HOUSE LTD (REGISTERED NUMBER: SC607379)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 35,217
Trade creditors 3,800 3,795
Social security and other taxes 6 540
VAT 7,381 13,300
Other creditors 96,596 96,596
Directors' current accounts 289,723 268,822
Accruals and deferred income 15,151 11,127
412,657 429,397

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 274,343 36,569
Bank loans - 2-5 years - 111,050
Bank loans more 5 yr by instal - 115,276
274,343 262,895

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 115,276

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 274,343 298,112

The bank loan is secured by way of a bond and floating charge and a 1st standard security over the property.

The second bank loan is supported by a 100% guarantee from the UK Government.

THE OLD SCHOOL GUEST HOUSE LTD (REGISTERED NUMBER: SC607379)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. RELATED PARTY DISCLOSURES

R Koiak
The company operates a loan account with the director, R Koiak.

During the year, the director loaned £20,901 to the company. At the year end, the balance due to the director was £289,723 (2022 - £268,822). This loan is unsecured, interest free and has no fixed repayment terms.

Ecigarus Bellshill Limited
A company in which R Koiak is a director.

The company repaid loans totalling £nil to Ecigarus Bellshill Limited during the year and received further loans of £nil.

At the year end, the balance due to Ecigarus Bellshill Limited was £96,596 (2022 - £96,596). There are no fixed repayment terms and no interest is charged.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Old School Guest House Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Old School Guest House Ltd for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of The Old School Guest House Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Old School Guest House Ltd and state those matters that we have agreed to state to the Board of Directors of The Old School Guest House Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Old School Guest House Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Old School Guest House Ltd. You consider that The Old School Guest House Ltd 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 financial statements of The Old School Guest House Ltd. 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 financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


19 June 2024