Company registration number SC136248 (Scotland)
LADYGLEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LADYGLEN LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
LADYGLEN LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,010,599
2,025,978
Current assets
Stocks
32,992
33,161
Debtors
5
263,406
237,070
Cash at bank and in hand
1,119,745
883,323
1,416,143
1,153,554
Creditors: amounts falling due within one year
6
(672,561)
(683,598)
Net current assets
743,582
469,956
Total assets less current liabilities
2,754,181
2,495,934
Creditors: amounts falling due after more than one year
7
(10,353)
(12,129)
Net assets
2,743,828
2,483,805
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,743,728
2,483,705
Total equity
2,743,828
2,483,805
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Mr M Anderson
Director
Company Registration No. SC136248
LADYGLEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
2,164,351
2,164,451
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
339,762
339,762
Dividends
-
(20,408)
(20,408)
Balance at 30 April 2023
100
2,483,705
2,483,805
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
276,350
276,350
Dividends
-
(16,327)
(16,327)
Balance at 30 April 2024
100
2,743,728
2,743,828
LADYGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Ladyglen Limited is a private company limited by shares incorporated in Scotland. The registered office is Rob Roy Hotel, Aberfoyle, Stirling, Stirlingshire, United Kingdom, FK8 3UX.
1.1
Accounting convention
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.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
1% on cost
Plant and equipment
15% on reducing balance
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.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LADYGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Government grants
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
84
84
LADYGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 May 2023
2,585,941
1,197,736
3,783,677
Additions
56,315
56,315
At 30 April 2024
2,585,941
1,254,051
3,839,992
Depreciation and impairment
At 1 May 2023
790,028
967,671
1,757,699
Depreciation charged in the year
25,859
45,835
71,694
At 30 April 2024
815,887
1,013,506
1,829,393
Carrying amount
At 30 April 2024
1,770,054
240,545
2,010,599
At 30 April 2023
1,795,913
230,065
2,025,978
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
84,485
70,725
Other debtors
178,921
166,345
263,406
237,070
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,783
1,783
Trade creditors
292,698
236,869
Corporation tax
95,061
91,749
Other taxation and social security
137,199
134,882
Other creditors
145,820
218,315
672,561
683,598
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,353
12,129
LADYGLEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
8
Secured Debt
The bank holds a standard security over the hotels of the group and also a bond and floating charge over all the assets of the company.