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Registration number: SC640473

Sloan Wells Holdings Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2022 to 31 March 2024

 

Sloan Wells Holdings Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 16

 

Sloan Wells Holdings Limited

Company Information

Director

Mr Paul Sloan

Registered office

1 The Pier
Oban
Argyll
PA34 4LW

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Sloan Wells Holdings Limited

Director's Report for the Period from 1 October 2022 to 31 March 2024

The director presents his report and the financial statements for the period from 1 October 2022 to 31 March 2024.

Director of the company

The director who held office during the period was as follows:

Mr Paul Sloan

Principal activity

The principal activity of the company is a holding company

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 10 September 2024
 

.........................................
Mr Paul Sloan
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sloan Wells Holdings Limited
for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sloan Wells Holdings Limited for the period ended 31 March 2024 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sloan Wells Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sloan Wells Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Sloan Wells Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sloan Wells Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sloan Wells Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sloan Wells Holdings Limited. You consider that Sloan Wells Holdings Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Sloan Wells Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

10 September 2024

 

Sloan Wells Holdings Limited

Profit and Loss Account for the Period from 1 October 2022 to 31 March 2024

Note

2024
£

2022
£

Turnover

 

7,700

103,000

Gross profit

 

7,700

103,000

Administrative expenses

 

(9,966)

(11,111)

Operating (loss)/profit

 

(2,266)

91,889

Income from shares in group undertakings

 

108,000

-

Income from participating interests

 

135,000

-

Interest payable and similar expenses

 

(10,000)

(10,000)

   

233,000

(10,000)

Profit before tax

3

230,734

81,889

Tax on profit

 

-

(15,369)

Profit for the financial period

 

230,734

66,520

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Sloan Wells Holdings Limited

Statement of Comprehensive Income for the Period from 1 October 2022 to 31 March 2024

2024
£

2022
£

Profit for the period

230,734

66,520

Total comprehensive income for the period

230,734

66,520

 

Sloan Wells Holdings Limited

(Registration number: SC640473)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

811,573

811,573

Investments

5

550

400

 

812,123

811,973

Current assets

 

Debtors

6

1,323,214

1,002,020

Cash at bank and in hand

 

108,753

2,188

 

1,431,967

1,004,208

Creditors: Amounts falling due within one year

7

(1,168,617)

(1,471,563)

Net current assets/(liabilities)

 

263,350

(467,355)

Total assets less current liabilities

 

1,075,473

344,618

Creditors: Amounts falling due after more than one year

7

(809,059)

(278,998)

Net assets

 

266,414

65,620

Capital and reserves

 

Called up share capital

8

160

100

Retained earnings

266,254

65,520

Shareholders' funds

 

266,414

65,620

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 10 September 2024
 

 

Sloan Wells Holdings Limited

(Registration number: SC640473)
Balance Sheet as at 31 March 2024

.........................................
Mr Paul Sloan
Director

 

Sloan Wells Holdings Limited

Statement of Changes in Equity for the Period from 1 October 2022 to 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

100

65,520

65,620

Profit for the period

-

230,734

230,734

Dividends

-

(30,000)

(30,000)

New share capital subscribed

60

-

60

At 31 March 2024

160

266,254

266,414

Share capital
£

Retained earnings
£

Total
£

At 1 October 2021

100

(1,000)

(900)

Profit for the period

-

66,520

66,520

At 30 September 2022

100

65,520

65,620

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & buildings

In accordance with the property

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2022
£

Income from shares in group undertakings

(108,000)

-

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 October 2022

811,573

811,573

At 31 March 2024

811,573

811,573

Depreciation

Carrying amount

At 31 March 2024

811,573

811,573

At 30 September 2022

811,573

811,573

Included within the net book value of land and buildings above is £811,573 (2022 - £811,573) in respect of freehold land and buildings.
 

5

Investments

2024
£

2022
£

Investments in subsidiaries

204

204

Investments in associates

346

196

550

400

Subsidiaries

£

Cost or valuation

At 1 October 2022

204

Provision

Carrying amount

At 31 March 2024

204

At 30 September 2022

204

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Associates

£

Cost

At 1 October 2022

196

Additions

150

At 31 March 2024

346

Provision

Carrying amount

At 31 March 2024

346

At 30 September 2022

196

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2022

Subsidiary undertakings

Anchos Restaurants Ltd

21 St Thomas Street, Bristol

England

Ordinary shares

100%

100%

The Fishouse (Oban) Ltd

1 The Pier, Oban, Argyll PA34 4LW

Scotland

Ordinary shares

100%

100%

No.17 The Promenade Ltd

1 Railway Pier, Oban, Argyll PA34 4LW

Scotland

Ordinary shares

100%

100%

Associates

Taynuilt Inn Freehold Ltd

1 The Pier, Oban, Argyll PA34 4LW

Ordinary shares

50%

50%

Scotland

Taynuilt Inn Trading Ltd

1 The Pier, Oban, Argyll

Ordinary shares

25%

25%

Scotland

Panang (Holdings) Ltd

C/O Consilium Chartered Accountants, 169 West George Street, Glasgow G2 2LB

Ordinary shares

25%

25%

Scotland

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

PB Properties (Oban) Ltd

Ranald Hotel, 41 Stevenson Street, Oban, Argyll PA34 5NA

Ordinary shares

50%

50%

Scotland

Taynuilt Revisited Ltd

1 Aldersyde, Taynuilt, Argyll PA35 1AG

Ordinary shares

50%

50%

Scotland

Ben Nevis Bar Ltd

1 The Pier, Oban, Argyll PA34 4LW

Ordinary shares

33.3%

33.3%

Scotland

Ben Nevis Bar Trading Company Ltd

1 Railway Pier, Oban, Argyll PA34 4LW

Ordinary shares

33.3%

33.3%

Scotland

SloMo PubCo Ltd

9 Erray Road, Tobermory, Isle of Mull PA75 6PS

Ordinary

50%

0%

Scotland

Lochavullin Commercial Ltd

Unit 8A Baliscate Industrial Estate, Tobermory, Isle of Mull PA75 6QA

Ordinary

50%

0%

Scotland

PV Properties Oban Ltd

1 Railway Pier, Oban, Argyll PA34 4LW

Ordinary shares

50%

0%

Scotland

Subsidiary undertakings

Anchos Restaurants Ltd

The principal activity of Anchos Restaurants Ltd is Restaurant.

The Fishouse (Oban) Ltd

The principal activity of The Fishouse (Oban) Ltd is Restaurant.

No.17 The Promenade Ltd

The principal activity of No.17 The Promenade Ltd is Hotel.

Associates

Taynuilt Inn Freehold Ltd

The principal activity of Taynuilt Inn Freehold Ltd is Hotel ownership.

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Taynuilt Inn Trading Ltd

The principal activity of Taynuilt Inn Trading Ltd is Hotel.

Panang (Holdings) Ltd

The principal activity of Panang (Holdings) Ltd is Holding company.

PB Properties (Oban) Ltd

The principal activity of PB Properties (Oban) Ltd is Holiday accommodation.

Taynuilt Revisited Ltd

The principal activity of Taynuilt Revisited Ltd is Construction.

Ben Nevis Bar Ltd

The principal activity of Ben Nevis Bar Ltd is Bar.

Ben Nevis Bar Trading Company Ltd

The principal activity of Ben Nevis Bar Trading Company Ltd is Bar.

SloMo PubCo Ltd

The principal activity of SloMo PubCo Ltd is Bar.

Lochavullin Commercial Ltd

The principal activity of Lochavullin Commercial Ltd is Commercial property.

PV Properties Oban Ltd

The principal activity of PV Properties Oban Ltd is Commercial Property.

6

Debtors

Current

Note

2024
£

2022
£

Trade debtors

 

5,700

-

Amounts owed by related parties

1,317,514

1,002,020

   

1,323,214

1,002,020

 

Sloan Wells Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Taxation and social security

-

15,369

Accruals and deferred income

1,000

1,000

Other creditors

1,167,617

1,455,194

1,168,617

1,471,563

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

9

231,046

242,471

Other non-current financial liabilities

 

578,013

36,527

 

809,059

278,998

8

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary of £1 each

160

160

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2022
£

Bank borrowings

231,046

242,471