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Company No: SC255018 (Scotland)

HOME FARM LODGES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HOME FARM LODGES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

HOME FARM LODGES LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
HOME FARM LODGES LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,465,913 2,456,164
2,465,913 2,456,164
Current assets
Stocks 5,000 850
Debtors 4 47,038 100,682
Cash at bank and in hand 40,235 65,470
92,273 167,002
Creditors: amounts falling due within one year 5 ( 2,851,469) ( 2,785,398)
Net current liabilities (2,759,196) (2,618,396)
Total assets less current liabilities (293,283) (162,232)
Net liabilities ( 293,283) ( 162,232)
Capital and reserves
Called-up share capital 6 10 10
Revaluation reserve 276,692 276,692
Profit and loss account ( 569,985 ) ( 438,934 )
Total shareholders' deficit ( 293,283) ( 162,232)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Home Farm Lodges Limited (registered number: SC255018) were approved and authorised for issue by the Director on 21 August 2024. They were signed on its behalf by:

David Sutherland
Director
HOME FARM LODGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
HOME FARM LODGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Home Farm Lodges Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Oldtown Of Leys House, Culduthel, Inverness, IV2 6AE, Scotland, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £293,283. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost/Valuation
At 01 January 2023 2,599,183 461,025 3,060,208
Additions 0 13,834 13,834
At 31 December 2023 2,599,183 474,859 3,074,042
Accumulated depreciation
At 01 January 2023 154,183 449,861 604,044
Charge for the financial year 0 4,085 4,085
At 31 December 2023 154,183 453,946 608,129
Net book value
At 31 December 2023 2,445,000 20,913 2,465,913
At 31 December 2022 2,445,000 11,164 2,456,164

Revaluation of tangible assets

Land and buildings with a carrying amount of £2,445,000 were revalued at 1 May 2023 by Allied Surveyors Scotland Plc, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

2023 2022
£ £
Historical cost 3,630,597 3,630,597
Accumulated depreciation (1,600,100) (1,527,488)
Carrying value 2,030,497 2,103,109

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 25,000 75,000
Other debtors 22,038 25,682
47,038 100,682

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 13,945 15,619
Amounts owed to Group undertakings 0 251
Taxation and social security 1,134 1,078
Other creditors 2,836,390 2,768,450
2,851,469 2,785,398

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key Management personnel 2,750,690 2,750,690

Other related party transactions

2023 2022
£ £
Amounts due from other related parties (25,000) (75,000)
Amounts due to other related parties 70,355 2,131

Other related parties represent entities over which the directors have control or significant influence or entities controlled by an immediate family member.

The above loans are unsecured, interest free and have no fixed terms of repayment.