Company registration number SC412836 (Scotland)
ARGYLL HOTEL IONA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ARGYLL HOTEL IONA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ARGYLL HOTEL IONA LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
70,000
78,750
Tangible assets
4
604,989
614,772
674,989
693,522
Current assets
Stocks
10,914
10,920
Debtors
5
1,551
1,255
Cash at bank and in hand
350,167
361,616
362,632
373,791
Creditors: amounts falling due within one year
6
(131,603)
(154,307)
Net current assets
231,029
219,484
Total assets less current liabilities
906,018
913,006
Creditors: amounts falling due after more than one year
7
(376,398)
(388,804)
Provisions for liabilities
(48,400)
(50,155)
Net assets
481,220
474,047
Capital and reserves
Called up share capital
8
250,000
250,000
Profit and loss reserves
231,220
224,047
Total equity
481,220
474,047
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ARGYLL HOTEL IONA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr R MacManaway
Director
Company Registration No. SC412836
ARGYLL HOTEL IONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Argyll Hotel Iona Limited is a private company limited by shares incorporated in Scotland. The registered office is Argyll Hotel, Isle of Iona, PA76 6SJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
nil
Leasehold improvements
straight line over 10 years
Plant and machinery
straight line over 10 years
Fixtures, fittings & equipment
15% & 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
ARGYLL HOTEL IONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price and subsequently measured at amortised cost using the effective interest rate method.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price and subsequently measured at amortised cost using the effective interest rate method
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ARGYLL HOTEL IONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
175,000
Amortisation and impairment
At 1 December 2022
96,250
Amortisation charged for the year
8,750
At 30 November 2023
105,000
Carrying amount
At 30 November 2023
70,000
At 30 November 2022
78,750
ARGYLL HOTEL IONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
608,413
111,057
719,470
Additions
10,493
10,493
Disposals
(4,888)
(4,888)
At 30 November 2023
608,413
116,662
725,075
Depreciation and impairment
At 1 December 2022
35,280
69,418
104,698
Depreciation charged in the year
10,789
8,151
18,940
Eliminated in respect of disposals
(3,552)
(3,552)
At 30 November 2023
46,069
74,017
120,086
Carrying amount
At 30 November 2023
562,344
42,645
604,989
At 30 November 2022
573,133
41,639
614,772
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,551
1,255
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,676
9,676
Trade creditors
210
Corporation tax
19,810
24,957
Other taxation and social security
37,884
36,234
Other creditors
64,233
83,230
131,603
154,307
ARGYLL HOTEL IONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,288
29,868
Other creditors
364,110
358,936
376,398
388,804
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Shares of £1 each
62,500
62,500
62,500
62,500
B Shares of £1 each
62,500
62,500
62,500
62,500
C Shares of £1 each
62,500
62,500
62,500
62,500
D Shares of £1 each
62,500
62,500
62,500
62,500
250,000
250,000
250,000
250,000
9
Related party transactions
The directors are of the opinion that related party transactions are conducted under normal market conditions and on an arms length basis and therefore do not need disclosed under FRS 102 section 1A appendix C