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BALBIRNIE HOUSE HOTEL LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
BALBIRNIE HOUSE HOTEL LIMITED
 

COMPANY INFORMATION


Directors
Mr N N Russell 
Mrs R S Spenke 
Mrs G Russell 




Registered number
SC114360



Registered office
Balbirnie House Balbirnie Park
Markinch

Glenrothes

Fife

KY7 6NE




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
BALBIRNIE HOUSE HOTEL LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12 - 13
Statement of changes in equity
14
Statement of cash flows
15 - 16
Analysis of net debt
16
Notes to the financial statements
17 - 30


 
BALBIRNIE HOUSE HOTEL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors have the pleasure in presenting their strategic report for the year ended 30 April 2024.

Business review
 
The principal activity of the company during the year was the operation of a country house hotel, a destination for private and corporate special events.
Bottom line financial results within this year have finalised as we have previously hoped, with a marginal return to profit and the directors continue to be satisfied with the present and future operations of the company.
In context and with regards to the future, the directors have an ongoing perspective of wishing to keep maintaining, improving and safeguarding the Category A Listed 1777 assets of Balbirnie House, as premises within which we are able to keep delivering the remits of heading £75M of successful trading over the next decade.
Over the last few years, significant re-investment into the fabric of the assets has been successfully enabled to a level which, in percentage terms, is above industry norms. The ability to maintain such reinvestment has been beneficial to the company, and as a result, the property is presented and equipped to an exceptionally high standard.
The directors acknowledge these latest accounts show a profit, which was created despite the continuing financial implications once again, of having government-enforced national hospitality severely restricted with previous operational restrictions due to Covid pandemic. 
We are of course carrying new debts which arose due to those previous government-enforced lockdowns. Additionally, the hospitality sector is contending with very significant increases in the cost of electricity and gas supplies. Over the trading year we also saw very significant inflationary increases across the entire span of food and energy supplies. Today, we are also contending with very significant rises in interest rates as well.
The profits of £122,957 are significantly improved upon the previous year financial year losses of £186,886.
Writing this report as at October 2024 (six months after the end of the financial year in question) we are very optimistic as regards the trading future.
We have recently commissioned a formal and updated Valuation Report. This project was actioned by Colliers International in August 2024, and delivered an uplift in company valuation, by a figure of £1.4M – this has now transferred into these new annual accounts.
 
Cash flow remains to be managed on a very efficient basis ahead, somewhat heightened by seasonal fluctuations with core trade client deposits.
Having traded through the many challenges of the pandemic, we saw the 2022/23 financial year become our busiest trading year in company history. In that previous year however, and despite all ongoing focus and efforts, our very significant fixed and operating costs were marginally more, than our net of VAT revenue.
Given the many challenges across the span of the UK hospitality industry, progressing onwards through 2023/24 and as a necessity, we streamlined food and beverage services by amalgamating two dining operations into one, thereby delivery very significant savings with labour costs. The results therefore show a marginal reduction in 2023/24 turnover, but a shift from loss to profit. 
Our ongoing focus remains on doing everything possible with efficient purchasing and procurement, together with necessary ongoing adjustments to our pricing.
 
Page 1

 
BALBIRNIE HOUSE HOTEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

 The directors are optimistic based on current projections, and with management accounts now showing a record-breaking first third of the 2024/25 financial year, that financial results to the end of April 2025 are also on track to show continuing profit.  
We suggest that it is now conceivable that our company will continue to return to profit, two years in a row, five financial years after the profoundly negative financial implications of the pandemic lockdowns.
We have therefore delivered a fast-tracking production of these annual accounts, as they will further improve credit ratings beyond previous. 
The main reason that the directors continue to be satisfied with the operations of the company today, however, is specifically due to the level of confirmed and diarised trade.
In early 2023 we invested in new systems and totally new consideration, with regards to how we create future annual budgeting and forecasting, with methodology defined on a day-by-day and departmental basis, also revolving around statistics for core trade. We are optimistic that this can bring more accuracy into planning for, and forecasting the future. This approach has continued for 2024/25.  
The company’s key performance indicators during the year were as follows:
                                                                   2024              2023     
                                                                      £                   £             
Turnover                                                  4,158,975        4,416,390       
Gross profit                                             3,369,509        3,390,258       
Profit/(Loss) before interest and tax           353,010          (32,051)
In 2022 the directors transitioned from an entirely optional gratuity system, into one of being discretionary yet defined on billing. This has been successfully actioned. The amounts in question are split monthly pro rata between Balbirnie’s brigade, as opposed to previous 6 monthly. The result has been to improve employee retention.
The directors also acknowledge the continuing timeline of an element of great uncertainty in the hospitality marketplace, caused by the UK Brexit. Whilst our company lost the ability to recruit EU nationals, we have countered this by successfully being able to recruit mainly and directly from our local population. Thankfully we are surrounded by sufficient population to enable us to do this.
In 2024 a further definitive award has been received from Haute Grandeur global hotel awards, ‘Best Wedding Hotel’, on a global level. This is the fifth time this award has been received. In 2024 a further definitive award has been received from Haute Grandeur global hotel awards, ‘Best Romantic Hotel’, on a global level. The hotel has seen very significant 2024 mainstream media coverage because of this. The directors consider that this unprecedented recognition will assist with current and future marketing.
As part of the day to day running of the hotel, the directors are always looking at the services on offer and thinking of ways that the hotel can enhance these further, to give them a competitive edge. 
The directors have strived to build close relationships with all of the suppliers the hotel uses, with many of these relationships going back over numerous years.
Potentials for the future. As at 2007, the company made very significant investments in the region of £750,000 into achieving full planning consent for significant extensions circa 2,500 sq m, with a design footprint to comprise of additional bedrooms, and a state-of-the-art 550+ members spa and fitness facility. The planning consent is extant, with that status continuing ongoing. 
The directors feel that this addition would establish even greater commercial viability for decades to come. The potential of project completion remains on hold however, pending ability to finance. The directors highlight their expectation is that as the original £750,000 was impaired within accounts, the original investment will fully pave its way back into annual accounts, as and when the project finalises.
 
Page 2

 
BALBIRNIE HOUSE HOTEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Via 2020 Scottish Enterprise £60,000 funding, the directors successfully actioned an extremely comprehensive Feasibility Study via specialised spa consultancy, designer and architect services, in a complete internal redesign and modernisation of the buildings for which we have extant planning permission consent for in 2007, but have not yet built. The directors consider that the end result of this project will enable the company to potentially move to actual project consideration at any point over many years to come, subject of course to being able to finance. 
We highlight, that as and when decisions are taken to proceed, the project is conceived and designed absolutely, in such a way, that it can be screened off in entirety, and physically created whilst there is no disruption whatsoever to normal trade.
In the interim the directors have noted that there have recently been very significant advancements with 3D print construction, whereby there are massive and revolutionary savings on construction costs, elimination of waste during construction, and a faster timeline for construction.
Over the last two financial years specifically, the directors have also noted that there has been revolutionary design progress within the specific provincial hotel sector, whereby subject to the necessary consents, possibilities have arisen to very efficiently create external bedrooms in the form of luxury eco-friendly individual bedrooms. We have had dialogue with multiple manufacturers in these regards, and may consider future additions, subject to financing. Fundamentally, it has always been the case that we are regularly providing the backdrop for weddings with over 100 destination guests, but we only have overnight accommodation across 31 current bedrooms. New additional bedrooms would resolve this, and open up new markets, for both private and corporate events. 
The directors are fully committed to continuing to embrace all director legal and regulatory compliance within Companies Act 2006. The directors have a focus on considering industry trends, innovation, and evolution. 
The ongoing development is all encompassed within the overview of the interests of our company employees, relationships with suppliers, the company’s impact upon local community and environment, and accelerating the existing high reputation for business conduct.

Principal risks and uncertainties
 
As with all other companies operating in the hospitality sector, the directors acknowledge that there are many varied risks which the company faces. Other than the implications previously imposed by the Covid-19 pandemic, the directors acknowledge that the main risks include competition from competitors, maintaining a desire from the public for the use of the hotel, and disruption to the supply chain.
The directors also acknowledge, in complete contrast to other countries which provide ongoing financial assistance for architectural and cultural heritage, that there is no defined government assistance in Scotland, for contributing towards the maintenance, safeguarding, and improvement of the main asset of the company, Balbirnie House itself. This is despite Balbirnie House being a national treasure, category A Listed 1777 with national and international architectural and design importance, which also doubles today as a very significant tourism tax generator.
Balbirnie House Insurance reinstatement value is now above £25M – and Business Interruption insurance is a further £25M. 
The directors mitigate risks by focusing on cutting edge marketing using organically-grown in-house digitalised platforms, and modern era automated efficiencies. We retain 30,000+ GDPR compliant email addresses for monthly marketing, and we produce our own in-house monthly E:newsletters. Social media presence continues to grow, with more than 50,000 followers.
The company provides excellent services to all guests, and has a reputation and awards to back up the completely unique facilities.
The company’s principal financial instruments comprise bank balances, and loans to the company. The main purpose of these instruments is to finance company operations.

 
Page 3

 
BALBIRNIE HOUSE HOTEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

In respect of bank balances, the liquidity risk is envisaged as being managed via maintained and positive cash flow. 
In respect of loans, these comprise loans from financial institutions. The interest rate on the loans from the financial institutions is both fixed and variable. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

Safety and health, the environment and quality
 
The company operates in the hotel industry and aims to provide a first class service to the public. This includes being safety conscious, complying with health and safety regulations and generally demanding high standards. It recognises the importance of, and has policies in place, to ensure its environmental, health and safety requirements are met at all times.


This report was approved by the board and signed on its behalf.



Mr N N Russell
Director

Date: 4 October 2024

Page 4

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £122,957 (2023 - loss £186,886).

There are no proposed dividends for the year ended 30 April 2024.

Directors

The directors who served during the year were:

Mr N N Russell 
Mrs R S Spenke 
Mrs G Russell 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 5

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr N N Russell
Director

Date: 4 October 2024

Page 6

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALBIRNIE HOUSE HOTEL LIMITED
 

Opinion


We have audited the financial statements of Balbirnie House Hotel Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Page 7

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALBIRNIE HOUSE HOTEL LIMITED (CONTINUED)


Conclusions relating to going concern


The directors have prepared the financial statements on the going concern basis and have concluded that there are no material uncertainties that would cast significant doubt over the company’s ability to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements (‘’the going concern period’’). Further details in relation to their assessment and conclusions are included within the accounting policies in the notes to the financial statements.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
In making this conclusion we have evaluated the directors’ assessment of the company’s financial operations and cash flow requirements, in conjunction with a review of the inherent risk factors associated with the company’s business model, and analysed how those risks may impact upon the company’s performance and cash flow requirements for it to continue in operation for the going concern period.


In performing our evaluation, we have not identified any material uncertainties related to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for the period of at least 12 months from the date of approval of the financial statements .
However, we recognise that although the assumptions that underpin the financial projections and assessment for the period of at least 12 months from the date of approval of the financial statements appear reasonable, we are not able to predict all future events or conditions that may have a material impact upon those assumptions and projections, in particular those that may impact upon the ability of the company to operate within its current credit facilities. Therefore, our conclusions should not be considered a guarantee as to the company’s ability to continue as a going concern .


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Page 8

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALBIRNIE HOUSE HOTEL LIMITED (CONTINUED)


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALBIRNIE HOUSE HOTEL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

4 October 2024
Page 10

 
BALBIRNIE HOUSE HOTEL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

  

Turnover
 4 
4,158,975
4,416,390

Cost of sales
  
(789,466)
(1,026,132)

Gross profit
  
3,369,509
3,390,258

Administrative expenses
  
(3,019,598)
(3,427,168)

Other operating income
 5 
3,099
4,859

Operating profit/(loss)
 6 
353,010
(32,051)

Interest receivable and similar income
 10 
470
-

Interest payable and similar expenses
 11 
(230,523)
(154,835)

Profit/(loss) before tax
  
122,957
(186,886)

Profit/(loss) for the financial year
  
122,957
(186,886)

Other comprehensive income for the year
  

Revaluation of property, plant and equipment
  
940,716
-

Other comprehensive income for the year
  
940,716
-

Total comprehensive income for the year
  
1,063,673
(186,886)

The notes on pages 17 to 30 form part of these financial statements.

Page 11

 
BALBIRNIE HOUSE HOTEL LIMITED
REGISTERED NUMBER: SC114360

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 13 
8,059,808
6,561,318

  
8,059,808
6,561,318

Current assets
  

Stocks
 14 
37,351
47,970

Debtors: amounts falling due within one year
 15 
163,800
54,637

Cash at bank and in hand
 16 
63,385
12,497

  
264,536
115,104

Creditors: amounts falling due within one year
 17 
(1,867,920)
(1,959,898)

Net current liabilities
  
 
 
(1,603,384)
 
 
(1,844,794)

Total assets less current liabilities
  
6,456,424
4,716,524

Creditors: amounts falling due after more than one year
 18 
(2,276,800)
(2,300,350)

Provisions for liabilities
  

Deferred tax
  
(702,876)
-

  
 
 
(702,876)
 
 
-

Accruals and deferred income
 22 
(100,871)
(103,970)

Net assets
  
3,375,877
2,312,204


Capital and reserves
  

Called up share capital 
 23 
54,675
54,675

Share premium account
  
246,350
246,350

Revaluation reserve
  
5,475,138
4,651,886

Other reserves
  
10,329
10,329

Profit and loss account
  
(2,410,615)
(2,651,036)

  
3,375,877
2,312,204


Page 12

 
BALBIRNIE HOUSE HOTEL LIMITED
REGISTERED NUMBER: SC114360

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr N N Russell
Director

Date: 4 October 2024

The notes on pages 17 to 30 form part of these financial statements.

Page 13

 
BALBIRNIE HOUSE HOTEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 May 2023
54,675
246,350
4,651,886
10,329
(2,651,036)
2,312,204



Profit for the year
-
-
-
-
122,957
122,957

Transfer to/from revaluation reserve
-
-
-
-
117,464
117,464

Revaluation
-
-
940,716
-
-
940,716

Transfer to/from profit and loss account
-
-
(117,464)
-
-
(117,464)


At 30 April 2024
54,675
246,350
5,475,138
10,329
(2,410,615)
3,375,877



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 May 2022
54,675
246,350
4,746,934
10,329
(2,559,198)
2,499,090



Loss for the year
-
-
-
-
(186,886)
(186,886)

Transfer to/from revaluation reserve
-
-
-
-
95,048
95,048

Transfer to/from profit and loss account
-
-
(95,048)
-
-
(95,048)


At 30 April 2023
54,675
246,350
4,651,886
10,329
(2,651,036)
2,312,204


The notes on pages 17 to 30 form part of these financial statements.

Page 14

 
BALBIRNIE HOUSE HOTEL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
122,957
(186,886)

Adjustments for:

Amortisation of intangible assets
(3,099)
(3,099)

Depreciation of tangible assets
235,747
230,305

(Gain)/loss on disposal of tangible assets
(1,083)
502

Interest paid
230,523
154,835

Interest received
(470)
-

Decrease/(increase) in stocks
10,619
(1,668)

(Increase) in debtors
(109,163)
(11,696)

(Decrease)/increase in creditors
(940)
120,318

Net cash generated from operating activities

485,091
302,611


Cash flows from investing activities

Purchase of tangible fixed assets
(90,645)
(165,687)

Sale of tangible fixed assets
1,083
1,600

Interest received
470
-

HP interest paid
(31,703)
(40,106)

Net cash from investing activities

(120,795)
(204,193)
Page 15

 
BALBIRNIE HOUSE HOTEL LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

New loans
100,000
95,000

Repayment of loans
(178,528)
(282,710)

Repayment of/new finance leases
(18,649)
44,747

Interest paid
(198,820)
(114,729)

Net cash used in financing activities
(295,997)
(257,692)

Net increase/(decrease) in cash and cash equivalents
68,299
(159,274)

Cash and cash equivalents at beginning of year
(62,661)
96,613

Cash and cash equivalents at the end of year
5,638
(62,661)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
63,385
12,497

Bank overdrafts
(57,747)
(75,158)

5,638
(62,661)



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
New finance leases
At 30 April 2024
£

£

£

£

Cash at bank and in hand

12,497

50,888

-

63,385

Bank overdrafts

(75,158)

17,411

-

(57,747)

Debt due after 1 year

(2,163,502)

13,890

-

(2,149,612)

Debt due within 1 year

(249,049)

64,638

-

(184,411)

Finance leases

(202,531)

88,183

(69,534)

(183,882)


(2,677,743)
235,010
(69,534)
(2,512,267)

The notes on pages 17 to 30 form part of these financial statements.

Page 16

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Balbirnie House Hotel Limited is a limited liability company incorporated in Scotland, registration number SC114360. The registered office address is Balbirnie House, Balbirnie Park, Markinch, Glenrothes, Fife, KY7 6NE.
The principal activity of the company during the year was the operation of a country house hotel.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of the financial statements.
The directors have prepared a detailed assessment of the company’s financial operations and cash flow requirements to determine the company’s ability to meet its obligations as they fall due for the foreseeable future, taking into account current and anticipated future performance, cash flows and projected liquidity headroom.  Profit and loss account forecasts and post year end performance suggest the company returning to profitability, however, cash flow  remains challenging with the company fully utilising available resources at certain points.  Should additional working capital be required in the short term the directors are confident that this will be secured with their continued support and  external sources of finance.
Based on the going concern assessment undertaken by the directors, they are of the opinion that the company will have adequate resources available to continue in operational existence over a period of at least 12 months from the date of approval of the financial statements, and so have prepared the financial statements on the going concern basis.

Page 17

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 19

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% straight line
Spa development
-
fully amortised in 2011

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 20

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the company's financial statements relates to depreciation. The directors review depreciation rates on a regular basis to ensure that the policy rate remains appropriate.
The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable.

Page 21

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Accommodation
824,687
772,185

Room hire
250,079
285,652

Food and drink
2,975,841
3,277,563

Other income
108,368
80,990

4,158,975
4,416,390


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Insurance claims receivable
-
1,760

Grant amortisation
3,099
3,099

3,099
4,859



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
235,747
230,305

Other operating lease rentals
6,756
5,811

(Profit)/loss on sale of tangible assets
(1,083)
502


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,650
13,000
Page 22

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,621,123
1,978,277

Social security costs
139,146
172,582

Cost of defined contribution scheme
28,616
27,422

1,788,885
2,178,281


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Kitchen staff
26
34



Reception and front of house staff
44
69



Management and admin staff
11
11



Housekeeping and maintenance
13
15

94
129


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
136,842
137,033

Company contributions to defined contribution pension schemes
2,642
2,642

139,484
139,675


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
470
-

470
-

Page 23

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
198,820
114,729

Finance leases and hire purchase contracts
31,703
40,106

230,523
154,835

12.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on profit/(loss)
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
122,957
(186,886)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
30,739
(46,722)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
39,397
35,602

Unrecognised deferred tax asset/(liability)
(70,136)
11,120

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Spa develop-ment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
6,120,138
811,721
64,916
2,715,448
820,647
10,532,870


Additions
3,950
709
54,090
31,896
-
90,645


Disposals
-
-
-
(2,522)
-
(2,522)


Revaluations
1,398,753
-
-
-
-
1,398,753



At 30 April 2024

7,522,841
812,430
119,006
2,744,822
820,647
12,019,746



Depreciation


At 1 May 2023
122,403
776,686
44,947
2,206,869
820,647
3,971,552


Charge for the year on owned assets
122,436
9,179
14,251
89,881
-
235,747


Disposals
-
-
-
(2,522)
-
(2,522)


On revalued assets
(244,839)
-
-
-
-
(244,839)



At 30 April 2024

-
785,865
59,198
2,294,228
820,647
3,959,938



Net book value



At 30 April 2024
7,522,841
26,565
59,808
450,594
-
8,059,808



At 30 April 2023
5,997,735
35,035
19,969
508,579
-
6,561,318

Freehold land and buildings, comprising the hotel property, fixtures, fittings, plant and equipment were revalued during the year to 30 April 2024 at £8,000,000 based on a professional valuation prepared in August 2024.
This revaluation was prepared by Colliers International Property Consultants Limited at market value as a continuing trading entity in accordance with the RICS Valuation - Global Standards (incorporating the IVSC International Valuation Standards).
The directors are of the opinion that the carrying value per the accounts accurately reflects the current market value.

Page 25

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Freehold property
8,765
8,953

Plant and machinery
9,791
12,737

Motor vehicles
57,672
17,125

Furniture, fittings and equipment
208,932
212,987

285,160
251,802

Cost or valuation at 30 April 2024 is as follows:

Land and buildings
£


At cost
2,518,098
At valuation:

Revaluations as at 30 April 2024
5,004,743



7,522,841

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
2,518,098
2,514,148

Accumulated depreciation
(1,173,271)
(1,192,179)

Net book value
1,344,827
1,321,969


14.


Stocks

2024
2023
£
£

Food and drink stock
37,351
47,970

37,351
47,970


Page 26

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Debtors

2024
2023
£
£


Trade debtors
4,980
6,722

Other debtors
13,147
10,212

Prepayments and accrued income
145,673
37,703

163,800
54,637



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
63,385
12,497

Less: bank overdrafts
(57,747)
(75,158)

5,638
(62,661)



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
57,747
75,158

Bank loans
184,411
249,049

Trade creditors
276,638
247,304

Other taxation and social security
198,308
246,639

Obligations under finance lease and hire purchase contracts
56,694
65,683

Other creditors
24,023
37,980

Accruals and deferred income
1,070,099
1,038,085

1,867,920
1,959,898


Secured loans
Bank loans of £90,000 (2023 - £120,000) and overdraft of £57,747 (2023 - £75,158) are secured by way of a standard security over the property of the company and a bond and floating charge.
Finance leases and hire purchase liabilities of £56,694 (2023 - £65,683) are secured by the relevant assets.

Page 27

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,149,612
2,163,502

Net obligations under finance leases and hire purchase contracts
127,188
136,848

2,276,800
2,300,350


Secured loans
Bank loans of £1,771,835 (2023 - £1,828,153) are secured by way of a standard security over the property of the company and a bond and floating charge.
Finance leases and hire purchase liabilities of £127,188 (2023 - £136,848) are secured by the relevant assets.


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
184,411
249,049


184,411
249,049

Amounts falling due 1-2 years

Bank loans
193,673
255,736


193,673
255,736

Amounts falling due 2-5 years

Bank loans
574,104
649,613


574,104
649,613

Amounts falling due after more than 5 years

Bank loans
1,381,835
1,258,153

1,381,835
1,258,153

2,334,023
2,412,551


Page 28

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
63,385
12,497

Financial assets that are debt instruments measured at amortised cost
18,127
16,934

81,512
29,431


Financial liabilities


Financial liabilities measured at amortised cost
(3,762,530)
(3,811,078)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, accruals, other creditors and bank loans and overdrafts.


21.


Deferred taxation




2024


£






Charged to revaluation reserve
(702,876)



At end of year
(702,876)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(257,450)
(244,530)

Tax losses carried forward
256,933
243,911

Short term timing differences
517
619

Revaluation gains
(702,876)
-

(702,876)
-

Page 29

 
BALBIRNIE HOUSE HOTEL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Accruals and deferred income

2024
2023
£
£

Grants received
154,959
154,959

Amortisation
(54,088)
(50,989)

100,871
103,970



23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



54,675 (2023 - 54,675) Ordinary shares of £1.00 each
54,675
54,675



24.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £28,998 (2023 - £27,422). Contributions totaling £4,828 (2023 - £5,434) were payable to the fund at the balance sheet date.


25.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
54,111
7,431

Later than 1 year and not later than 5 years
189,326
2,477

Later than 5 years
77,452
-

320,889
9,908


26.


Related party transactions

A director has provided a personal guarantee over unsecured loans of £162,450 (2023 - £92,393).


Page 30