Company registration number SC029576 (Scotland)
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D G Thompson
Mr D L Woodcock
Mr A J Woodcock
Mrs C A Woodcock
Ms J F Thompson
Mrs C J Arthur
Mrs C Thompson
Secretary
Mr D G Thompson
Company number
SC029576
Registered office
Parliament House Hotel
15 Calton Hill
Edinburgh
EH1 3BJ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,714,037
5,915,971
Current assets
Stocks
9,196
9,307
Debtors
4
69,128
55,293
Cash at bank and in hand
1,104,622
349,498
1,182,946
414,098
Creditors: amounts falling due within one year
5
(1,048,309)
(880,351)
Net current assets/(liabilities)
134,637
(466,253)
Total assets less current liabilities
5,848,674
5,449,718
Provisions for liabilities
6
(428,575)
(310,706)
Net assets
5,420,099
5,139,012
Capital and reserves
Called up share capital
8
50,000
50,000
Revaluation reserve
2,268,305
2,575,076
Profit and loss reserves
3,101,794
2,513,936
Total equity
5,420,099
5,139,012
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr D G Thompson
Mr A J Woodcock
Director
Director
Company Registration No. SC029576
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Parliament House Hotel Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Parliament House Hotel, 15 Calton Hill, Edinburgh, EH1 3BJ. The company's registration number is SC029576.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain assets. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the statement of comprehensive income represents the value of all hotel services delivered during the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.
1.3
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 assets less their residual values over their useful lives on the following bases:
Heritable property
not provided
Plant and machinery
10% on cost
Computer equipment
33% 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 or charged to the statement of comprehensive income.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is the purchase price of food and beverages calculated using the first-in first-out method.
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against profits on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
18
18
3
Tangible fixed assets
Heritable property
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 April 2023
4,203,874
2,116,166
49,864
6,369,904
Additions
13,691
13,691
At 31 March 2024
4,203,874
2,129,857
49,864
6,383,595
Depreciation and impairment
At 1 April 2023
407,975
45,958
453,933
Depreciation charged in the year
212,986
2,639
215,625
At 31 March 2024
620,961
48,597
669,558
Carrying amount
At 31 March 2024
4,203,874
1,508,896
1,267
5,714,037
At 31 March 2023
4,203,874
1,708,191
3,906
5,915,971
Heritable property and related plant and machinery were valued by the directors at 31 March 2024 on an open market basis.
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Tangible fixed assets
(Continued)
- 7 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
4,959,643
4,945,952
Accumulated depreciation
(1,692,335)
(1,608,962)
Carrying value
3,267,308
3,336,990
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,517
15,519
Other debtors
51,611
39,774
69,128
55,293
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
69,590
78,112
Amounts owed to group undertakings
496,478
496,478
Taxation and social security
250,927
128,190
Other creditors
231,314
177,571
1,048,309
880,351
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
428,575
310,706
PARLIAMENT HOUSE HOTEL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
251,417
310,706
Deferred tax on revalued assets
177,158
-
428,575
310,706
2024
Movements in the year:
£
Liability at 1 April 2023
310,706
Credit to statement of comprehensive income
(59,289)
Charge to other comprehensive income
177,158
Liability at 31 March 2024
428,575
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
50,000 Ordinary shares of £1
50,000
50,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
10,324
10
Related party transactions
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 other companies within the group.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".