Company registration number SC713346 (Scotland)
PORTREE HOTEL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PORTREE HOTEL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PORTREE HOTEL LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
183,663
68,840
Investment property
4
310,910
310,910
494,573
379,750
Current assets
Debtors
5
186,532
122,951
Cash at bank and in hand
913
193
187,445
123,144
Creditors: amounts falling due within one year
6
(960,610)
(535,426)
Net current liabilities
(773,165)
(412,282)
Total assets less current liabilities
(278,592)
(32,532)
Creditors: amounts falling due after more than one year
7
(142,656)
(35,116)
Net liabilities
(421,248)
(67,648)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(421,348)
(67,748)
Total equity
(421,248)
(67,648)
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.
PORTREE HOTEL LTD
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 29 August 2024 and are signed on its behalf by:
Ms E MacPherson
Director
Company Registration No. SC713346
PORTREE HOTEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Portree Hotel Ltd is a private company limited by shares incorporated in Scotland. The registered office is Portree Hotel, Somerled Square, Portree, Isle of Skye, IV51 9EH.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company had net liabilities of £421,248. The Director has confirmed that they will continue to provide financial assistance until such times that the financial position of the company improves. They therefore believe it is appropriate to prepare the financial statements on a going concern basis
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
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 machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
IT equipment
20% reducing balance
Motor vehicles
20% 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.
1.5
Investment properties
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.
PORTREE HOTEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
76
10
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
IT equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
75,000
2,793
77,793
Additions
43,999
48,104
10,839
43,800
146,742
At 30 November 2023
118,999
48,104
13,632
43,800
224,535
Depreciation and impairment
At 1 December 2022
8,750
203
8,953
Depreciation charged in the year
17,102
5,865
1,362
7,590
31,919
At 30 November 2023
25,852
5,865
1,565
7,590
40,872
Carrying amount
At 30 November 2023
93,147
42,239
12,067
36,210
183,663
At 30 November 2022
66,250
2,590
68,840
4
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
310,910
The fair value of the investment property has been arrived at based on the market value at date of purchase. The directors consider this value to be accurate at the year end. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
156
Other debtors
137,470
122,951
137,626
122,951
PORTREE HOTEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Debtors
(Continued)
- 5 -
2023
2022
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
46,396
Other debtors
2,510
48,906
Total debtors
186,532
122,951
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
74,620
117,510
Corporation tax
46,396
Other taxation and social security
435,540
49,020
Other creditors
404,054
368,896
960,610
535,426
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
119,989
Other creditors
22,667
35,116
142,656
35,116
8
Financial commitments, guarantees and contingent liabilities
Together Commercial Finance Ltd hold one fixed charge over 3A Portree Industrial Estate, Portree registered in the Land Register of Scotland under title number INV13388.
Together Commercial Finance Ltd also hold one floating charge which covers all property or undertaking of the company.
9
Related party transactions
PORTREE HOTEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
9
Related party transactions
(Continued)
- 6 -
The following transactions occurred with companies in which Hannah Dickson and/or close family members hold a controlling interest:
Expenses
Bunillidh Ltd £26,200
Greshornish House Ltd £5,000
At the balance sheet date, the following amounts were:
Owed by Portree Hotel Ltd
Kedrah Trading Ltd £17,400
Skye Linen Ltd £75,532
Sithean Berg Ltd £64,620
Greshornish House Ltd £26,136
Amounts owed by Caledonian Skye (Skye) Ltd have been written off.
Owed to Portree Hotel Ltd
Hardcake Holdings Ltd £2,220
Caledonian Skye Distillers Ltd £240
Pink House Limited £50