Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 SC283289 Mr S A Aiken iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC283289 2023-05-31 SC283289 2024-05-31 SC283289 2023-06-01 2024-05-31 SC283289 frs-core:CurrentFinancialInstruments 2024-05-31 SC283289 frs-core:Non-currentFinancialInstruments 2024-05-31 SC283289 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC283289 frs-core:FurnitureFittings 2024-05-31 SC283289 frs-core:FurnitureFittings 2023-06-01 2024-05-31 SC283289 frs-core:FurnitureFittings 2023-05-31 SC283289 frs-core:NetGoodwill 2024-05-31 SC283289 frs-core:NetGoodwill 2023-06-01 2024-05-31 SC283289 frs-core:NetGoodwill 2023-05-31 SC283289 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-05-31 SC283289 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC283289 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-31 SC283289 frs-core:ShareCapital 2024-05-31 SC283289 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC283289 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC283289 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC283289 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC283289 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC283289 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC283289 frs-bus:Director1 2023-06-01 2024-05-31 SC283289 frs-bus:Director1 2023-05-31 SC283289 frs-bus:Director1 2024-05-31 SC283289 frs-countries:Scotland 2023-06-01 2024-05-31 SC283289 2022-05-31 SC283289 2023-05-31 SC283289 2022-06-01 2023-05-31 SC283289 frs-core:CurrentFinancialInstruments 2023-05-31 SC283289 frs-core:Non-currentFinancialInstruments 2023-05-31 SC283289 frs-core:ShareCapital 2023-05-31 SC283289 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Waverley Hotel Ltd.
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC283289
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,500 21,000
Tangible Assets 5 924,525 941,439
944,025 962,439
CURRENT ASSETS
Stocks 6 15,500 17,000
Debtors 7 430,625 389,812
Cash at bank and in hand 35,419 46,380
481,544 453,192
Creditors: Amounts Falling Due Within One Year 8 (396,337 ) (362,394 )
NET CURRENT ASSETS (LIABILITIES) 85,207 90,798
TOTAL ASSETS LESS CURRENT LIABILITIES 1,029,232 1,053,237
Creditors: Amounts Falling Due After More Than One Year 9 (462,864 ) (523,968 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,243 ) (1,998 )
NET ASSETS 564,125 527,271
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 564,123 527,269
SHAREHOLDERS' FUNDS 564,125 527,271
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S A Aiken
Director
27th August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Waverley Hotel Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC283289 . The registered office is 10 Merchant Street, Peterhead, AB42 1BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Fixtures & Fittings 15% on cost
Computer Equipment 15% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 20)
24 20
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 130,800
As at 31 May 2024 130,800
Amortisation
As at 1 June 2023 109,800
Provided during the period 1,500
As at 31 May 2024 111,300
Net Book Value
As at 31 May 2024 19,500
As at 1 June 2023 21,000
5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 1,209,746 121,630 1,331,376
Additions - 11,347 11,347
As at 31 May 2024 1,209,746 132,977 1,342,723
Depreciation
As at 1 June 2023 278,820 111,117 389,937
Provided during the period 24,195 4,066 28,261
As at 31 May 2024 303,015 115,183 418,198
Net Book Value
As at 31 May 2024 906,731 17,794 924,525
As at 1 June 2023 930,926 10,513 941,439
Page 4
Page 5
6. Stocks
2024 2023
as restated
£ £
Stock 15,500 17,000
7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors - 2,284
Other debtors 20,817 25,661
Director's loan account 8,611 14,183
Amounts owed by group undertakings 401,197 347,684
430,625 389,812
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 51,149 33,056
Bank loans and overdrafts 70,171 37,126
Other loans 3,000 27,888
Corporation tax 15,426 (2,359 )
Other taxes and social security 2,468 1,775
VAT 24,380 26,161
Other creditors 849 354
Accruals and deferred income 19,030 18,467
Amounts owed to group undertakings 209,864 219,926
396,337 362,394
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 462,864 523,968
10. Secured Creditors
Of the creditors the following amounts are secured.
The loan is secured by means of a standard security on heritable property and a bond and floating charge on all assets.
2024 2023
as restated
£ £
Bank loans and overdrafts 533,035 561,094
Page 5
Page 6
11. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 2 2
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Stewart Aiken 14,183 9,143 17,424 - 5,902
The above loan is unsecured, interest free and repayable on demand.
Page 6