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REGISTERED NUMBER: SC058703 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Highland Travel Inns Limited

Highland Travel Inns Limited (Registered number: SC058703)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Highland Travel Inns Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Russell
S Ryan
C Russell



SECRETARY: J Russell



REGISTERED OFFICE: 80 High Street
Fochabers
Morayshire
IV32 7DH



REGISTERED NUMBER: SC058703 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ



BANKERS: Bank of Scotland
90 High Street
Elgin
Morayshire
IV30 1BJ

Highland Travel Inns Limited (Registered number: SC058703)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 209,133 225,893
Investment property 5 928,125 928,125
1,137,258 1,154,018

CURRENT ASSETS
Stocks 39,309 37,175
Debtors 6 79,285 58,418
Cash at bank and in hand 150,023 117,010
268,617 212,603
CREDITORS
Amounts falling due within one year 7 (808,691 ) (793,257 )
NET CURRENT LIABILITIES (540,074 ) (580,654 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

597,184

573,364

CREDITORS
Amounts falling due after more than one
year

8

(14,167

)

(24,167

)

PROVISIONS FOR LIABILITIES 9 (27,956 ) (10,870 )
NET ASSETS 555,061 538,327

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Retained earnings 530,061 513,327
SHAREHOLDERS' FUNDS 555,061 538,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Highland Travel Inns Limited (Registered number: SC058703)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





C Russell - Director


Highland Travel Inns Limited (Registered number: SC058703)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Highland Travel Inns Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


The monetary amounts included in the accounts are rounded to the nearest 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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover comprises revenue earned from the supply of accommodation, restaurant and bar sales.

TANGIBLE FIXED ASSETS
All assets are initially recorded at cost. Tangible fixed assets, are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Freehold property1% and 10% straight line
Leasehold property10% straight line
Plant and machinery20% straight line
Motor vehicles25% reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Highland Travel Inns Limited (Registered number: SC058703)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial asset
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to a third party.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the the debt instrument is measure at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measure at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or are cancelled.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Highland Travel Inns Limited (Registered number: SC058703)

Notes to the Financial Statements - continued
for the Year Ended 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 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GOVERNMENT GRANTS
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets. Grants of a revenue nature are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 42 ) .

4. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 236,069 303,110 1,667 540,846
Additions 6,940 11,456 - 18,396
At 31 December 2023 243,009 314,566 1,667 559,242
DEPRECIATION
At 1 January 2023 60,303 253,922 728 314,953
Charge for year 19,399 15,522 235 35,156
At 31 December 2023 79,702 269,444 963 350,109
NET BOOK VALUE
At 31 December 2023 163,307 45,122 704 209,133
At 31 December 2022 175,766 49,188 939 225,893

Highland Travel Inns Limited (Registered number: SC058703)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 928,125
NET BOOK VALUE
At 31 December 2023 928,125
At 31 December 2022 928,125

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,333 -
Other debtors 41,854 17,062
Deferred tax asset - 15,480
Prepayments 29,098 25,876
79,285 58,418

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 72,370 65,790
Amounts owed to group undertakings 39,646 39,646
Other creditors 71,625 33,995
Amount due to parent undertaking 607,873 635,659
Accruals and deferred income 7,177 8,167
808,691 793,257

Included in other creditors are amounts due in respect of taxation and social security of £68,758 (2022 - £32,547). Also included in other creditors are amounts due in respect of accrued pension contributions of £727 (2022 - £554).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,167 14,167
14,167 24,167

Highland Travel Inns Limited (Registered number: SC058703)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 14,950 -
Other provisions 13,006 10,870
27,956 10,870

Holiday
Deferred pay
tax accrued
£    £   
Balance at 1 January 2023 (15,480 ) 10,870
Provided during year 2,644 13,006
Reversed during year - (10,870 )
Losses surrendered to group 27,786 -
Balance at 31 December 2023 14,950 13,006

Other provisions represents holiday balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward. The provision is measured as the salary cost for the period of absence.

10. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Morven Holdings Limited (registered office - 80 High Street, Fochabers, Morayshire) which owns 100% of the issued share capital.