Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M C Reid 02/02/2011 I J Reid 02/02/2011 25 September 2024 The principal activity of the Company during the financial year continued to be that of the operation of a guest house. SC392731 2024-03-31 SC392731 bus:Director1 2024-03-31 SC392731 bus:Director2 2024-03-31 SC392731 2023-03-31 SC392731 core:CurrentFinancialInstruments 2024-03-31 SC392731 core:CurrentFinancialInstruments 2023-03-31 SC392731 core:ShareCapital 2024-03-31 SC392731 core:ShareCapital 2023-03-31 SC392731 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC392731 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC392731 core:Goodwill 2023-03-31 SC392731 core:Goodwill 2024-03-31 SC392731 core:OtherPropertyPlantEquipment 2023-03-31 SC392731 core:OtherPropertyPlantEquipment 2024-03-31 SC392731 bus:OrdinaryShareClass1 2024-03-31 SC392731 2023-04-01 2024-03-31 SC392731 bus:FilletedAccounts 2023-04-01 2024-03-31 SC392731 bus:SmallEntities 2023-04-01 2024-03-31 SC392731 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC392731 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC392731 bus:Director1 2023-04-01 2024-03-31 SC392731 bus:Director2 2023-04-01 2024-03-31 SC392731 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 SC392731 core:Goodwill 2023-04-01 2024-03-31 SC392731 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC392731 2022-04-01 2023-03-31 SC392731 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC392731 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC392731 (Scotland)

SOUTHBANK GUEST HOUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

SOUTHBANK GUEST HOUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

SOUTHBANK GUEST HOUSE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
SOUTHBANK GUEST HOUSE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 6,250 8,333
6,250 8,333
Current assets
Stocks 2,495 0
Debtors 5 1,150 5,770
3,645 5,770
Creditors: amounts falling due within one year 6 ( 57,982) ( 63,240)
Net current liabilities (54,337) (57,470)
Total assets less current liabilities (48,087) (49,137)
Net liabilities ( 48,087) ( 49,137)
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account ( 48,089 ) ( 49,139 )
Total shareholders' deficit ( 48,087) ( 49,137)

For the financial 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 financial statements of Southbank Guest House Limited (registered number: SC392731) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

I J Reid
Director
SOUTHBANK GUEST HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
SOUTHBANK GUEST HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southbank Guest House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 36 Academy Street, Elgin, Scotland, IV30 1LP.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £48,087. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services through the provision of accommodation, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price unless.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 100,000 100,000
At 31 March 2024 100,000 100,000
Accumulated amortisation
At 01 April 2023 100,000 100,000
At 31 March 2024 100,000 100,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 80,208 80,208
At 31 March 2024 80,208 80,208
Accumulated depreciation
At 01 April 2023 71,875 71,875
Charge for the financial year 2,083 2,083
At 31 March 2024 73,958 73,958
Net book value
At 31 March 2024 6,250 6,250
At 31 March 2023 8,333 8,333

5. Debtors

2024 2023
£ £
Other debtors 1,150 5,770

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 11,691 13,356
Trade creditors 1,888 1,526
Other taxation and social security 2,973 4,071
Other creditors 41,430 44,287
57,982 63,240

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2