REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Marsco Skye Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Marsco Skye Limited |
Marsco Skye Limited (Registered number: SC455325) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Marsco Skye Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditors |
Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
Marsco Skye Limited (Registered number: SC455325) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
Marsco Skye Limited (Registered number: SC455325) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Marsco Skye Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC455325 and its registered office address is 9 - 11 Bosville Terrace, Portree, Isle of Skye, IV51 9DG. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts are rounded to the nearest whole £ except where otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company is supported by funding indirectly from the director, through loans from other companies under his control. The director has no plans to withdraw funding and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements. |
Significant judgements and estimates |
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated note. |
Turnover/revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities. |
Sales are presented, net of value-added tax, rebates and discounts. |
The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met. |
Tangible fixed assets |
The company early adopted the amendments from the Triennial Review 2017, which allowed the company to transfer the investment property, a hotel which is operated by another group company, to property, plant and equipment (tangible fixed assets) and measure it at cost (less depreciation and impairment) under FRS 102 Section 17 Property, Plant and Equipment. |
Freehold property is therefore measured at deemed cost, being the fair value at the date of transition which was 1 January 2017. |
Depreciation of freehold property is provided at 2.5% on cost less estimated residual value in order to write off the cost less estimated residual value over its estimated useful life of 40 years.The estimated residual value of the property is 40% of its deemed cost. |
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 to profit or loss. |
Marsco Skye Limited (Registered number: SC455325) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Financial instruments |
The company has no complex financial instruments but does hold basic financial instruments of creditors. |
Creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, creditors are stated at cost. |
Provisions for liabilities |
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Marsco Skye Limited (Registered number: SC455325) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
The deferred tax provision in relation to the property is £28,454 (2022 - £29,070). |
Cost or valuation at 31 December 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 2016 | 256,324 |
Cost | 443,676 |
700,000 |
If the freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 443,676 | 443,676 |
Aggregate depreciation | 46,585 | 39,931 |
The freehold property was valued on 24 October 2016 by Christie & Co. This valuation was on the assumption that the property was under vacant possession as the trading and other property assets were held by another group company. Following adoption of the Triennial Review 2017 this valuation was adopted as deemed cost on the reallocation of the asset to tangible fixed assets as at 1 January 2017. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Social security and other taxes |
6. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Other timing differences | 28,454 | 29,070 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 December 2023 |
Marsco Skye Limited (Registered number: SC455325) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
9. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Fasih Rehman by way of his 100% shareholding (both directly and indirectly) in the parent company, Perle Hotels Limited which has its registered office at 9-11 Bosville Terrace, Portree, Isle of Skye, Scotland, IV51 9DG. |
Perle Hotels Limited, the 100% shareholder in Marsco Skye Limited, prepares consolidated accounts which include Marsco Skye Limited. The consolidated accounts of Perle Hotels Limited are available from its registered office. |
11. | SECURITY |
A Floating Charge was granted 21 November 2018 in favour of The Royal Bank of Scotland plc over all property or undertakings of the company. Contains a negative pledge. |
A Standard Security was granted 5 December 2018 in favour of The Royal Bank of Scotland plc over all and whole subjects at Marmalade Hotel, Home Farm Road, Portree. |
A cross guarantee was granted 25 August 2023 in favour of The Royal Bank of Scotland plc over a loan granted to Perle Hotels Limited over subjects owned by Marsco Skye Limited. As at 31 December 2023, the loan balance outstanding was £2,990,731 (2022 - £1,947,626). |