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ECO RETREATS LTD

Registered Number
SC649394
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

ECO RETREATS LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

GHOSH, Robin
SHENNAN, Derek

Registered Address

64 Fort Street
Ayr
KA7 1EH

Registered Number

SC649394 (Scotland)
ECO RETREATS LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3348,041348,041
348,041348,041
Current assets
Cash at bank and on hand8,5695,632
8,5695,632
Creditors amounts falling due within one year4(204,933)(194,704)
Net current assets (liabilities)(196,364)(189,072)
Total assets less current liabilities151,677158,969
Creditors amounts falling due after one year5(141,703)(153,201)
Net assets9,9745,768
Capital and reserves
Called up share capital22
Profit and loss account9,9725,766
Shareholders' funds9,9745,768
The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2024, and are signed on its behalf by:
GHOSH, Robin
Director
Registered Company No. SC649394
ECO RETREATS LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Turnover policy
Turnover is recognised at the fair value of the consideration received or receivable in the normal course of the business. Turnover includes revenue earned from property rental during the year. Revenue is recognised at the point in time where services are provided.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Land and buildings - non-depreciating
Investments
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23348,041
At 31 December 23348,041
Net book value
At 31 December 23348,041
At 31 December 22348,041
The property has been included in the financial statements at cost. The directors are of the opinion that the value at 31 December 2023 is a fair reflection of the current market value.
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,428-
Bank borrowings and overdrafts11,47110,282
Taxation and social security2,1313,415
Other creditors189,713177,908
Accrued liabilities and deferred income1903,099
Total204,933194,704
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts141,703153,201
Total141,703153,201
6.Secured creditors
Bank borrowings of £133,799 (2022: £137,838) are secured by means of a standard security over the company's property over the whole of the company's assets, supported by a guarantee by the directors, a subordination agreement in respect of the related party loan and a charge over the deposits.
7.Related party transactions
Included within "Other creditors" is a loan of £173,000 (2022 - £173,000) due to a company related by virtue of common control. The loan is repayable on demand and does not bear interest. Also within "Other creditors" is a loan from the same company of £9,240 (2022 - £1,171). The loan is repayable on demand and does not bear interest.