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REGISTERED NUMBER: SC688578 (Scotland)










Unaudited Financial Statements

for the Year Ended

29 February 2024

for

KNOCKINAAM HOTEL AND LODGES LIMITED

KNOCKINAAM HOTEL AND LODGES LIMITED (REGISTERED NUMBER: SC688578)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KNOCKINAAM HOTEL AND LODGES LIMITED

Company Information
for the Year Ended 29 February 2024







DIRECTORS: K C R Lieu
P Y Taylor





REGISTERED OFFICE: The Granary Midkelton
Kelton
Castle Douglas
United Kingdom
DG7 1SG





REGISTERED NUMBER: SC688578 (Scotland)





ACCOUNTANTS: WDM Associates
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA

KNOCKINAAM HOTEL AND LODGES LIMITED (REGISTERED NUMBER: SC688578)

Balance Sheet
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 8,267 10,682
Tangible assets 5 311,520 341,443
319,787 352,125

CURRENT ASSETS
Stocks 55,122 40,307
Debtors 6 2,768 16,077
Cash at bank and in hand 28,369 44,623
86,259 101,007
CREDITORS
Amounts falling due within one year 7 (196,209 ) (150,982 )
NET CURRENT LIABILITIES (109,950 ) (49,975 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

209,837

302,150

CREDITORS
Amounts falling due after more than one
year

8

(16,534

)

(52,266

)
NET ASSETS 193,303 249,884

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 193,203 249,784
193,303 249,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KNOCKINAAM HOTEL AND LODGES LIMITED (REGISTERED NUMBER: SC688578)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:




K C R Lieu - Director



P Y Taylor - Director


KNOCKINAAM HOTEL AND LODGES LIMITED (REGISTERED NUMBER: SC688578)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Knockinaam Hotel And Lodges Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Basic financial instruments
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KNOCKINAAM HOTEL AND LODGES LIMITED (REGISTERED NUMBER: SC688578)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 12,075
AMORTISATION
At 1 March 2023 1,393
Charge for year 2,415
At 29 February 2024 3,808
NET BOOK VALUE
At 29 February 2024 8,267
At 28 February 2023 10,682

KNOCKINAAM HOTEL AND LODGES LIMITED (REGISTERED NUMBER: SC688578)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 March 2023 124,620 941,108 8,442 1,074,170
Additions 1,096 20,164 - 21,260
Disposals (48,506 ) - - (48,506 )
At 29 February 2024 77,210 961,272 8,442 1,046,924
DEPRECIATION
At 1 March 2023 87,640 637,772 7,315 732,727
Charge for year 6,908 31,334 225 38,467
Eliminated on disposal (35,790 ) - - (35,790 )
At 29 February 2024 58,758 669,106 7,540 735,404
NET BOOK VALUE
At 29 February 2024 18,452 292,166 902 311,520
At 28 February 2023 36,980 303,336 1,127 341,443

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 76
Tax - 16,001
Prepayments 2,768 -
2,768 16,077

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 10,000
Other loans 12,400 12,400
Hire purchase contracts - 21,731
Trade creditors 26,974 28,898
Tax (59 ) (59 )
Social security and other taxes 4,114 3,246
VAT 25,714 10,741
Other creditors 4,052 3,478
Amount due to shareholders 29,111 -
Credit card 316 1,179
Accruals and deferred income 87,052 54,408
Accrued expenses 6,535 4,960
196,209 150,982

KNOCKINAAM HOTEL AND LODGES LIMITED (REGISTERED NUMBER: SC688578)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 10,000
Bank loans - 2-5 years - 13,333
Other loans - 1-2 years 12,400 12,400
Other loans - 2-5 years 4,134 16,533
16,534 52,266