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REGISTERED NUMBER: SC455325 (Scotland)
















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: F Rehman





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





REGISTERED NUMBER: SC455325 (Scotland)





INDEPENDENT AUDITORS: Gillespie & Anderson
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 4 626,500 637,000

CREDITORS
Amounts falling due within one year 5 431,842 442,342
NET CURRENT LIABILITIES (431,842 ) (442,342 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

194,658

194,658

PROVISIONS FOR LIABILITIES 6 28,454 29,070
NET ASSETS 166,204 165,588

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 200,955 204,184
Retained earnings (34,752 ) (38,597 )
166,204 165,588

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 and authorised for issue by the director and authorised for issue on 16 September 2024 and were signed by:





F Rehman - Director


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
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 as modified by the revaluation of certain assets.

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 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 700,000
DEPRECIATION
At 1 January 2023 63,000
Charge for year 10,500
At 31 December 2023 73,500
NET BOOK VALUE
At 31 December 2023 626,500
At 31 December 2022 637,000

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 431,722 442,222
Social security and other taxes 120 120
431,842 442,342

6. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences 28,454 29,070

Deferred
tax
£   
Balance at 1 January 2023 29,070
Credit to Statement of Comprehensive Income during year (616 )
Balance at 31 December 2023 28,454

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.

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

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).