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REGISTERED NUMBER: SC584353 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SHIELING HOLIDAYS (MULL) LIMITED

SHIELING HOLIDAYS (MULL) LIMITED (REGISTERED NUMBER: SC584353)






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


SHIELING HOLIDAYS (MULL) LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: W J McClymont
Mrs N J McClymont





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC584353 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

SHIELING HOLIDAYS (MULL) LIMITED (REGISTERED NUMBER: SC584353)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 140,000 175,000
Tangible assets 5 1,615,083 728,176
1,755,083 903,176

CURRENT ASSETS
Cash at bank 76,521 134,465

CREDITORS
Amounts falling due within one year 6 682,912 825,175
NET CURRENT LIABILITIES (606,391 ) (690,710 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,148,692

212,466

CREDITORS
Amounts falling due after more than one
year

7

(23,333

)

(33,333

)

PROVISIONS FOR LIABILITIES (15,846 ) (9,433 )
NET ASSETS 1,109,513 169,700

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 729,280 -
Retained earnings 380,133 169,600
SHAREHOLDERS' FUNDS 1,109,513 169,700

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.

SHIELING HOLIDAYS (MULL) LIMITED (REGISTERED NUMBER: SC584353)

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 20 September 2024 and were signed on its behalf by:





Mrs N J McClymont - Director


SHIELING HOLIDAYS (MULL) LIMITED (REGISTERED NUMBER: SC584353)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Shieling Holidays (Mull) 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

SHIELING HOLIDAYS (MULL) LIMITED (REGISTERED NUMBER: SC584353)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 350,000
AMORTISATION
At 1 January 2023 175,000
Amortisation for year 35,000
At 31 December 2023 210,000
NET BOOK VALUE
At 31 December 2023 140,000
At 31 December 2022 175,000

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 516,112 170,981 29,100 41,618 757,811
Additions - 153,627 - 13,597 167,224
Revaluations 729,280 - - - 729,280
Reclassification/transfer 324,608 (324,608 ) - - -
At 31 December 2023 1,570,000 - 29,100 55,215 1,654,315
DEPRECIATION
At 1 January 2023 - - 15,148 14,487 29,635
Charge for year - - 3,488 6,109 9,597
At 31 December 2023 - - 18,636 20,596 39,232
NET BOOK VALUE
At 31 December 2023 1,570,000 - 10,464 34,619 1,615,083
At 31 December 2022 516,112 170,981 13,952 27,131 728,176

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2023 729,280 - - 729,280
Cost 840,720 29,100 55,215 925,035
1,570,000 29,100 55,215 1,654,315

SHIELING HOLIDAYS (MULL) LIMITED (REGISTERED NUMBER: SC584353)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

If Freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 840,720 -

Freehold property was valued on an open market basis on 30 October 2023 by DM Hall .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,334 8,334
Taxation and social security 95,178 39,441
Other creditors 579,400 777,400
682,912 825,175

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 23,333 33,333

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 500,000 750,000

Mr David Campbell Paterson Gracie holds a standard security over the whole subjects known as Shieling Holidays, Craignure, Isle of Mull, PA65 6AY.

9. RESERVES
Revaluation
reserve
£   
Revaluation reserve 729,280

At 31 December 2023 729,280