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REGISTERED NUMBER: SC634056 (Scotland)
















Audited Financial Statements

for the Period

1 December 2022 to 31 December 2023

for

Bracken Hide Ltd

Bracken Hide Ltd (Registered number: SC634056)






Contents of the Financial Statements
for the Period 1 December 2022 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Bracken Hide Ltd

Company Information
for the Period 1 December 2022 to 31 December 2023







DIRECTOR: F Rehman





REGISTERED OFFICE: 9-11 Bosville Terrace
Portree
Isle of Skye
IV51 9DG





REGISTERED NUMBER: SC634056 (Scotland)





INDEPENDENT AUDITORS: Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Bracken Hide Ltd (Registered number: SC634056)

Balance Sheet
31 December 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,068 9,244
Tangible assets 5 6,637,119 5,676,940
6,644,187 5,686,184

CURRENT ASSETS
Stocks 1,124 -
Debtors 6 14,425 62,500
Cash at bank 143,877 20,743
159,426 83,243
CREDITORS
Amounts falling due within one year 7 1,603,822 4,145,298
NET CURRENT LIABILITIES (1,444,396 ) (4,062,055 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,199,791

1,624,129

CREDITORS
Amounts falling due after more than one
year

8

-

(1,823,253

)

PROVISIONS FOR LIABILITIES (39,445 ) -
NET ASSETS/(LIABILITIES) 5,160,346 (199,124 )

CAPITAL AND RESERVES
Called up share capital 3,326,233 3
Share premium 200,750 -
Retained earnings 1,633,363 (199,127 )
5,160,346 (199,124 )

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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 September 2024 and were signed by:





F Rehman - Director


Bracken Hide Ltd (Registered number: SC634056)

Notes to the Financial Statements
for the Period 1 December 2022 to 31 December 2023

1. STATUTORY INFORMATION

Bracken Hide Ltd is a private company, limited by shares, registered in Scotland. The company's registered number is SC634056 and its registered office address is 9-11 Bosville Terrace, Portree, Isle of Skye, Scotland, IV51 9DG.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern
The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue. The Company relies on both internal and external borrowings to finance day to day working capital requirements and the acquisition and development of fixed assets. After making the appropriate enquiries, the directors are confident that existing facilities will remain in place for the foreseeable future and on that basis and from their knowledge and review of requirements going forward are satisfied that the company is placed to meet its commitments as they fall due. The directors are satisfied that the accounts be prepared on a going concern basis.

Significant judgements and estimates
The Director has 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 Director's estimates, assumptions and judgements that have a significant risk of causing a 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the entity becomes entitled to the income, the amount of revenue and related costs can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the collectability of the related receivables in reasonably assured and the specific criteria for each of the company's activities are met.

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 four years.

Bracken Hide Ltd (Registered number: SC634056)

Notes to the Financial Statements - continued
for the Period 1 December 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of each asset less their residual values over its estimated useful life on the following bases:

Freehold property2.5% on cost with 40% residual value
Furniture and equipment10% on 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.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on the estimated selling price less additional costs to completion and disposal. Provision is made for obsolete, slow moving or defective stock where appropriate.

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors, and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other 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, trade and other creditors are stated at cost.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


Bracken Hide Ltd (Registered number: SC634056)

Notes to the Financial Statements - continued
for the Period 1 December 2022 to 31 December 2023

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 period 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.

The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Employment benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

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 period was 18 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2022 9,244
Additions 180
At 31 December 2023 9,424
AMORTISATION
Charge for period 2,356
At 31 December 2023 2,356
NET BOOK VALUE
At 31 December 2023 7,068
At 30 November 2022 9,244

Bracken Hide Ltd (Registered number: SC634056)

Notes to the Financial Statements - continued
for the Period 1 December 2022 to 31 December 2023

5. TANGIBLE FIXED ASSETS
Furniture
Freehold and
property equipment Totals
£    £    £   
COST
At 1 December 2022 5,634,576 42,364 5,676,940
Additions 1,280,057 177,234 1,457,291
Disposals (381,862 ) - (381,862 )
At 31 December 2023 6,532,771 219,598 6,752,369
DEPRECIATION
Charge for period 93,290 21,960 115,250
At 31 December 2023 93,290 21,960 115,250
NET BOOK VALUE
At 31 December 2023 6,439,481 197,638 6,637,119
At 30 November 2022 5,634,576 42,364 5,676,940

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Other debtors 14,425 62,500

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Bank loans and overdrafts - 10,648
Trade creditors 16,945 169,832
Amounts owed to group undertakings 1,419,079 -
Taxation and social security 64,677 2,741
Other creditors 103,121 3,962,077
1,603,822 4,145,298

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
(Unaudited)
£    £   
Bank loans - 32,253
Other creditors - 1,791,000
- 1,823,253

Bracken Hide Ltd (Registered number: SC634056)

Notes to the Financial Statements - continued
for the Period 1 December 2022 to 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
(Unaudited)
£    £   
Within one year 6,164 6,164
Between one and five years 24,785 30,948
30,949 37,112

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alastair Stewart BA (Hons) CA (Senior Statutory Auditor)
for and on behalf of Gillespie & Anderson

11. 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.

As part of the agreement with the previous shareholders for the 100% purchase of Bracken Hide Ltd by Perle Hotels Limited, loans owed from Bracken Hide Ltd to related party companies owned by the previous shareholders were waived by these companies as at the purchase date of 5 September 2023 totalling £1,425,856. Comparative balances owed as at 31 December 2022 were £891,336.

During the year to 31 December 2023, loans owed to shareholders (other than Directors) by Bracken Hide Ltd were fully repaid, therefore the balance outstanding as at 31 December 2023 was £nil (2022 - £494,000).

12. 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.

13. ULTIMATE CONTROLLING PARTY

Bracken Hide Ltd was wholly purchased by Perle Hotels Limited (company number SC474803) during the period under review on 5 September 2023. The sole director, F Rehman, is the ultimate controlling party by way of his 100% shareholding (both directly and indirectly) in Perle Hotels Limited, whose registered office address is 9-11 Bosville Terrace, Portree, Isle of Skye, Scotland, IV51 9DG.

Perle Hotels Limited prepares consolidated accounts which include Bracken Hide Ltd. The consolidated accounts of Perle Hotels Limited are available from its registered office.

14. CHANGE OF REPORTING PERIOD

The company extended its reporting period from 30 November 2023 to 31 December 2023 to be coterminous with the group. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.