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REGISTERED NUMBER: SC293939 (Scotland)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Lochend Chalets Ltd.

Lochend Chalets Ltd. (Registered number: SC293939)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lochend Chalets Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C R S Nairn
V Carroll
C Carroll





REGISTERED OFFICE: Port of Menteith
Stirling
FK8 3JZ





REGISTERED NUMBER: SC293939 (Scotland)





ACCOUNTANTS: Wallace and Company C.A.
10 Clydesdale Street
Hamilton
Strathclyde
ML3 0DP

Lochend Chalets Ltd. (Registered number: SC293939)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 375,000 375,000
Tangible assets 6 579,592 198,432
954,592 573,432

CURRENT ASSETS
Debtors 7 12,218 6,667
Cash at bank 16,648 415,488
28,866 422,155
CREDITORS
Amounts falling due within one year 8 158,624 141,882
NET CURRENT (LIABILITIES)/ASSETS (129,758 ) 280,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

824,834

853,705

CREDITORS
Amounts falling due after more than one
year

9

(800,171

)

(815,089

)

PROVISIONS FOR LIABILITIES (5,955 ) (7,976 )
NET ASSETS 18,708 30,640

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 17,708 29,640
SHAREHOLDERS' FUNDS 18,708 30,640

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Lochend Chalets Ltd. (Registered number: SC293939)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




C R S Nairn - Director V Carroll - Director




C Carroll - Director


Lochend Chalets Ltd. (Registered number: SC293939)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lochend Chalets Ltd. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover relates to chalet rental income on holidays commenced during the period. All turnover is recorded net of value added tax.

Goodwill
The directors are of the opinion that this asset will continue to increase in value and as a result no amortisation has been provided for. This is a departure from the accounting standards but the directors are of the opinion that this departure shows a true and fair view of the company`s affairs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Plant and machinery - 20% on cost

Lochend Chalets Ltd. (Registered number: SC293939)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities; including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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.

Lochend Chalets Ltd. (Registered number: SC293939)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 17 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 375,000
NET BOOK VALUE
At 31 December 2023 375,000
At 31 December 2022 375,000

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 156,451 428,154 584,605
Additions 394,788 1,166 395,954
At 31 December 2023 551,239 429,320 980,559
DEPRECIATION
At 1 January 2023 - 386,173 386,173
Charge for year - 14,794 14,794
At 31 December 2023 - 400,967 400,967
NET BOOK VALUE
At 31 December 2023 551,239 28,353 579,592
At 31 December 2022 156,451 41,981 198,432

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 12,218 6,667

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 66,000 60,000
Trade creditors 4,619 9,867
Taxation and social security 22,320 26,654
Other creditors 65,685 45,361
158,624 141,882

Lochend Chalets Ltd. (Registered number: SC293939)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 148,346 215,000
Other creditors 651,825 600,089
800,171 815,089

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary 1 1,000 1,000

11. RELATED PARTY DISCLOSURES

The controlling party is the directors.