Silverfin false false 30/04/2024 01/05/2023 30/04/2024 T P Breheny 13/03/2019 J Fernandez-Ares 17/11/2016 R J Paterson 17/11/2016 T G Paterson 17/11/2016 10 September 2024 The principal activity of the Company during the financial year is that of hoteliers and publicans. SC550568 2024-04-30 SC550568 bus:Director1 2024-04-30 SC550568 bus:Director2 2024-04-30 SC550568 bus:Director3 2024-04-30 SC550568 bus:Director4 2024-04-30 SC550568 2023-04-30 SC550568 core:CurrentFinancialInstruments 2024-04-30 SC550568 core:CurrentFinancialInstruments 2023-04-30 SC550568 core:Non-currentFinancialInstruments 2024-04-30 SC550568 core:Non-currentFinancialInstruments 2023-04-30 SC550568 core:ShareCapital 2024-04-30 SC550568 core:ShareCapital 2023-04-30 SC550568 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC550568 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC550568 core:LandBuildings 2023-04-30 SC550568 core:OtherPropertyPlantEquipment 2023-04-30 SC550568 core:LandBuildings 2024-04-30 SC550568 core:OtherPropertyPlantEquipment 2024-04-30 SC550568 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-04-30 SC550568 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-30 SC550568 bus:OrdinaryShareClass1 2024-04-30 SC550568 core:OtherRelatedParties 2024-04-30 SC550568 core:OtherRelatedParties 2023-04-30 SC550568 2023-05-01 2024-04-30 SC550568 bus:FilletedAccounts 2023-05-01 2024-04-30 SC550568 bus:SmallEntities 2023-05-01 2024-04-30 SC550568 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC550568 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC550568 bus:Director1 2023-05-01 2024-04-30 SC550568 bus:Director2 2023-05-01 2024-04-30 SC550568 bus:Director3 2023-05-01 2024-04-30 SC550568 bus:Director4 2023-05-01 2024-04-30 SC550568 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC550568 2022-05-01 2023-04-30 SC550568 core:LandBuildings 2023-05-01 2024-04-30 SC550568 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 SC550568 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 SC550568 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC550568 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 SC550568 1 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC550568 (Scotland)

GARFIELD HOTEL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

GARFIELD HOTEL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

GARFIELD HOTEL LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
GARFIELD HOTEL LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,009,109 1,031,612
1,009,109 1,031,612
Current assets
Stocks 23,631 28,167
Debtors 4 478,021 862,173
Cash at bank and in hand 410,174 230,603
911,826 1,120,943
Creditors: amounts falling due within one year 5 ( 1,019,336) ( 1,357,335)
Net current liabilities (107,510) (236,392)
Total assets less current liabilities 901,599 795,220
Creditors: amounts falling due after more than one year 6 0 ( 177,989)
Provision for liabilities 7 ( 33,152) ( 38,150)
Net assets 868,447 579,081
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 868,446 579,080
Total shareholder's funds 868,447 579,081

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Garfield Hotel Limited (registered number: SC550568) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

T P Breheny
Director
GARFIELD HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
GARFIELD HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Garfield Hotel Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Garfield Hotel Cumbernauld Road, Stepps, Glasgow, G33 6HW, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point in which the company fulfils its contractual obligation to the customer. Deposits received for future events are deferred until the service has been provided.

Turnover for bar and restaurant sales is recognised when goods are received by customers. Turnover for hotel nights or functions is recognised when customers receive these services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than land and buildings, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 or charged to profit or loss.

Impairment of assets

Assets, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related companies are recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 70 71

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2023 827,555 443,435 1,270,990
Additions 0 38,015 38,015
At 30 April 2024 827,555 481,450 1,309,005
Accumulated depreciation
At 01 May 2023 0 239,378 239,378
Charge for the financial year 0 60,518 60,518
At 30 April 2024 0 299,896 299,896
Net book value
At 30 April 2024 827,555 181,554 1,009,109
At 30 April 2023 827,555 204,057 1,031,612

4. Debtors

2024 2023
£ £
Trade debtors 40,430 69,568
Amounts owed by related parties (note 9) 326,282 677,980
Other debtors 111,309 114,625
478,021 862,173

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 57,874
Trade creditors 256,376 232,005
Amounts owed to related parties (note 9) 238,756 0
Taxation and social security 223,496 84,032
Other creditors 300,708 983,424
1,019,336 1,357,335

The bank loan is secured by a fixed and a floating charge over all the property and undertakings of the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 177,989

The bank loan is secured by a fixed charge and a floating charge over all the property and undertakings of the company.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 33,152 38,150

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

2024 2023
£ £
Amounts owed by related parties 326,282 677,980

Amounts owed to related parties

2024 2023
£ £
Amounts owed to related parties 238,756 0

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2024 2023
£ £
Amounts owed to directors 105,000 629,504

This loan is interest free and has no fixed repayment terms.

10. Contingent liabilities

The company has fixed and floating charges over the assets in respect of borrowings outstanding in the parent company.

11. Ultimate controlling party

The company's ultimate controlling party is Struan Hotels Limited.