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COMPANY REGISTRATION NUMBER: SC247904
Sunninghill Hotel Limited
Filleted Unaudited Financial Statements
31 March 2024
Sunninghill Hotel Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
721,910
659,970
Current assets
Stocks
26,973
22,980
Debtors
6
31,166
30,953
Cash at bank and in hand
368,786
414,472
---------
---------
426,925
468,405
Creditors: amounts falling due within one year
7
90,835
79,963
---------
---------
Net current assets
336,090
388,442
------------
------------
Total assets less current liabilities
1,058,000
1,048,412
Provisions
Taxation including deferred tax
21,556
12,878
------------
------------
Net assets
1,036,444
1,035,534
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,036,344
1,035,434
------------
------------
Shareholders funds
1,036,444
1,035,534
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sunninghill Hotel Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr D Ross
Mrs W Ross
Director
Director
Company registration number: SC247904
Sunninghill Hotel Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Sunninghill Hotel Ltd, Sunninghill Hotel, Hay Street, Elgin, Moray, IV30 INH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Investment property
Investment property is revalued to its fair value at each reporting date. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The following assets and liabilities are classified as financial instruments - investment properties, bank, trade debtors, trade creditors and directors' loans from the company. Investment properties are valued at their fair value at the balance sheet date, gains and losses are recognised in the income statement and deferred tax is provided on gains. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Directors' loans from the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
The company makes payments towards a defined contribution pension scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2023: 31 ).
5. Tangible assets
Property
Investment Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
535,403
75,662
55,113
65,689
61,132
792,999
Additions
7,427
3,588
69,169
80,184
Disposals
( 21,599)
( 21,599)
---------
--------
--------
--------
---------
---------
At 31 Mar 2024
535,403
75,662
62,540
69,277
108,702
851,584
---------
--------
--------
--------
---------
---------
Depreciation
At 1 Apr 2023
37,650
37,053
58,326
133,029
Charge for the year
3,733
4,834
8,866
17,433
Disposals
( 20,788)
( 20,788)
---------
--------
--------
--------
---------
---------
At 31 Mar 2024
41,383
41,887
46,404
129,674
---------
--------
--------
--------
---------
---------
Carrying amount
At 31 Mar 2024
535,403
75,662
21,157
27,390
62,298
721,910
---------
--------
--------
--------
---------
---------
At 31 Mar 2023
535,403
75,662
17,463
28,636
2,806
659,970
---------
--------
--------
--------
---------
---------
The investment property was purchased on 29 October 2009. The directors agreed that the fair value had not significantly changed since this date.
6. Debtors
2024
2023
£
£
Trade debtors
18,747
7,080
Other debtors
12,419
23,873
--------
--------
31,166
30,953
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,944
21,911
Corporation tax
4,295
14,742
Social security and other taxes
42,691
34,039
Other creditors
16,905
9,271
--------
--------
90,835
79,963
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs W Ross
12,882
2,172
( 13,000)
2,054
--------
-------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs W Ross
11,621
1,261
12,882
--------
-------
----
--------
9. Related party transactions
The dividends paid to the directors during the year were £70,600 (2023 - £57,879).