ST FILLANS HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Company registration number SC701951 (Scotland)
PAGES FOR FILING WITH REGISTRAR
ST FILLANS HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ST FILLANS HOLDINGS LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,000
Investment property
5
1,107,382
796,665
1,107,382
821,665
Current assets
Debtors
6
49,072
68,693
Cash at bank and in hand
16,148
81,443
65,220
150,136
Creditors: amounts falling due within one year
7
(1,523,567)
(1,248,046)
Net current liabilities
(1,458,347)
(1,097,910)
Net liabilities
(350,965)
(276,245)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(350,967)
(276,247)
Total equity
(350,965)
(276,245)
The director of the company has 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
The financial statements were approved and signed by the director and authorised for issue on 21 August 2024
Mr W Gorol
Director
Company registration number SC701951 (Scotland)
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
St Fillans Holdings Ltd is a private company limited by shares incorporated in Scotland. The registered office is 44 Bank Street, Kilmarnock, Ayrshire, KA1 1HA.
1.1
Reporting period
These financial statements cover the 12 months to 30 November 2023 while the comparative amounts cover the period from 18 June 2021 to 30 November 2022. As a result, the amounts are not entirely comparable.
1.2
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
At the balance sheet date, the company has net liabilities of £350,965 (2022: net liabilities of £276,245). However, the director has pledged to continue his financial support of the company and therefore the going concern basis of preparation is deemed appropriate.true
1.4
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:
Plant and equipment
10% on cost
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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No significant judgements have had to be made by the director in preparing these financial statements.
The director has made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
150,000
Disposals
(150,000)
At 30 November 2023
Depreciation and impairment
At 1 December 2022
125,000
Eliminated in respect of disposals
(125,000)
At 30 November 2023
Carrying amount
At 30 November 2023
At 30 November 2022
25,000
5
Investment property
2023
£
Fair value
At 1 December 2022
796,665
Additions
310,717
At 30 November 2023
1,107,382
Investment property comprises the Loch Earn Hotel and Visitor Centre. In the opinion of the director, the above represents the fair value of the property at the balance sheet date.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,301
Other debtors
49,072
62,392
49,072
68,693
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,672
72,792
Other creditors
1,520,895
1,175,254
1,523,567
1,248,046
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Related party transactions
Gyleworks Ltd
A company of which W. Gorol is a director.
During the year, the company made repayments of £46,580 to Gyleworks Ltd, resulting in a £nil balance (2022 - £46,580) owed to Gyleworks Ltd at the balance sheet date.
SIME Investments Ltd
A company of which W. Gorol is a director.
During the year, the company made repayments of £9,881 to SIME Investments Ltd, resulting in a £nil balance (2022 - £9,881) owed to SIME Investments Ltd at the balance sheet date.
10
Directors' transactions
During the year, W. Gorol made loans of £376,612 to the company and received repayments of £430, resulting in a balance of £1,491,974 (2022: £1,115,792) owed to the director at the balance sheet date.
No interest is being charged on this balance and the balance is repayable on demand.