Company Registration No. SC169953 (Scotland)
Craigsanquhar House & Country Estate Limited
Unaudited accounts
for the year ended 30 November 2023
Craigsanquhar House & Country Estate Limited
Unaudited accounts
Contents
Craigsanquhar House & Country Estate Limited
Company Information
for the year ended 30 November 2023
Directors
Thomas Earl McClendon
Elizabeth McClendon Herkes
Company Number
SC169953 (Scotland)
Registered Office
Craigsanquhar House Hotel
Logie, By Cupar
Fife
KY15 4PZ
Accountants
Gemmell McGee VAT Solutions Ltd
85 New Row
Dunfermline
Fife
KY12 7DZ
Craigsanquhar House & Country Estate Limited
Statement of financial position
as at 30 November 2023
Tangible assets
2,895,656
2,791,577
Cash at bank and in hand
10,242
10,189
Creditors: amounts falling due within one year
(802,388)
(397,076)
Net current liabilities
(778,751)
(375,181)
Net assets
2,116,905
2,416,396
Called up share capital
5,279,477
5,279,477
Profit and loss account
(3,162,572)
(2,863,081)
Shareholders' funds
2,116,905
2,416,396
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by
Elizabeth McClendon Herkes
Director
Company Registration No. SC169953
Craigsanquhar House & Country Estate Limited
Notes to the Accounts
for the year ended 30 November 2023
Craigsanquhar House & Country Estate Limited is a private company, limited by shares, registered in Scotland, registration number SC169953. The registered office is Craigsanquhar House Hotel, Logie, By Cupar, Fife, KY15 4PZ.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The balance sheet shows shareholders funds of £2,116,905 (2022 - £2,416,396). Losses for the year of £299,491 (2022 - £315,710) have been incurred.
The directors have performed a financial review for a period of 12 months from the date of approval of these financial statements and they have assessed that, taking account of possible future downsides, the company will have sufficient funds to continue its operations. The directors consider that the going concern basis is still applicable to the preparation of the company's financial statements, on the basis that adequate resources are available to continue in operational existence for the foreseeable future. The company's ability to trade is dependent on the continued support of the parent company.
The turnover shown in the profit and loss account represents income from the use of the hotel facilities recognised at the time the service is provided and is exclusive of VAT.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2 - 20% straight line
Plant & machinery
over 3 years
Motor vehicles
over 3 years
Fixtures & fittings
over 5 years
Craigsanquhar House & Country Estate Limited
Notes to the Accounts
for the year ended 30 November 2023
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the
Act is required in order to give a true and fair view
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2022
3,619,288
440,105
12,488
8,484
4,080,365
Additions
165,666
3,882
-
-
169,548
At 30 November 2023
3,784,954
443,987
12,488
8,484
4,249,913
At 1 December 2022
827,711
440,105
12,488
8,484
1,288,788
Charge for the year
64,175
1,294
-
-
65,469
At 30 November 2023
891,886
441,399
12,488
8,484
1,354,257
At 30 November 2023
2,893,068
2,588
-
-
2,895,656
At 30 November 2022
2,791,577
-
-
-
2,791,577
Amounts falling due within one year
Craigsanquhar House & Country Estate Limited
Notes to the Accounts
for the year ended 30 November 2023
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
20,343
12,189
Other creditors
778,745
384,887
Allotted, called up and fully paid:
5,279,477 Ordinary shares of £1 each
5,279,477
5,279,477
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Transactions with related parties
During the year, the company received funding amounting to £356,964 from House of Spens, an entity under common control. This loan has no repayment terms, does not attract interest and is disclosed in other creditors.
In the directors opinion the company's ultimate parent undertaking and controlling party was MBH Capital LLC, a Texas U.S.A. limited liability company.
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Average number of employees
During the year the average number of employees was 8 (2022: 9).