Silverfin false false 31/01/2024 01/02/2023 31/01/2024 S Stuart 02/05/2017 30 October 2024 The principal activity of the Company during the financial year continued to be that of a hotel. SC564748 2024-01-31 SC564748 bus:Director1 2024-01-31 SC564748 2023-01-31 SC564748 core:CurrentFinancialInstruments 2024-01-31 SC564748 core:CurrentFinancialInstruments 2023-01-31 SC564748 core:Non-currentFinancialInstruments 2024-01-31 SC564748 core:Non-currentFinancialInstruments 2023-01-31 SC564748 core:ShareCapital 2024-01-31 SC564748 core:ShareCapital 2023-01-31 SC564748 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC564748 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC564748 core:Goodwill 2023-01-31 SC564748 core:Goodwill 2024-01-31 SC564748 core:LandBuildings 2023-01-31 SC564748 core:OtherPropertyPlantEquipment 2023-01-31 SC564748 core:LandBuildings 2024-01-31 SC564748 core:OtherPropertyPlantEquipment 2024-01-31 SC564748 bus:OrdinaryShareClass1 2024-01-31 SC564748 2023-02-01 2024-01-31 SC564748 bus:FilletedAccounts 2023-02-01 2024-01-31 SC564748 bus:SmallEntities 2023-02-01 2024-01-31 SC564748 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC564748 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC564748 bus:Director1 2023-02-01 2024-01-31 SC564748 core:Goodwill core:TopRangeValue 2023-02-01 2024-01-31 SC564748 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 SC564748 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC564748 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC564748 2022-02-01 2023-01-31 SC564748 core:Goodwill 2023-02-01 2024-01-31 SC564748 core:LandBuildings 2023-02-01 2024-01-31 SC564748 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC564748 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 SC564748 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC564748 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC564748 (Scotland)

THE FOUR SEASONS HOTEL (PERTHSHIRE) LIMITED

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

THE FOUR SEASONS HOTEL (PERTHSHIRE) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

THE FOUR SEASONS HOTEL (PERTHSHIRE) LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
THE FOUR SEASONS HOTEL (PERTHSHIRE) LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 17,083 22,083
Tangible assets 4 578,769 599,665
595,852 621,748
Current assets
Stocks 11,495 13,000
Debtors 5 14,626 6,610
Cash at bank and in hand 904 34,969
27,025 54,579
Creditors: amounts falling due within one year 6 ( 81,583) ( 45,716)
Net current (liabilities)/assets (54,558) 8,863
Total assets less current liabilities 541,294 630,611
Creditors: amounts falling due after more than one year 7 ( 856,070) ( 871,406)
Net liabilities ( 314,776) ( 240,795)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 314,876 ) ( 240,895 )
Total shareholder's deficit ( 314,776) ( 240,795)

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Four Seasons Hotel (Perthshire) Limited (registered number: SC564748) were approved and authorised for issue by the Director on 30 October 2024. They were signed on its behalf by:

S Stuart
Director
THE FOUR SEASONS HOTEL (PERTHSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
THE FOUR SEASONS HOTEL (PERTHSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 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

The Four Seasons Hotel (Perthshire) 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 The Four Seasons Hotel Lochside, St Fillans, Crieff, PH6 2NF, Scotland, United Kingdom.

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 items at fair value, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £314,776. The Company is supported through loans from the director. The director has 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 director will continue to support the Company. Given the current position, the director believes 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 provided in the normal course of business, 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. Deposits received for future events are deferred until the service has been provided.

Turnover for bar and restaurant sales are recognised when goods are received by the customers. Turnover for hotel nights or functions is recognised when the customers receive these services.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, 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 or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 10 years straight line
20 % 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 as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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. 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 and deposits held at call with banks. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 6

3. Intangible assets

Goodwill Total
£ £
Cost/Valuation
At 01 February 2023 50,000 50,000
At 31 January 2024 50,000 50,000
Accumulated amortisation
At 01 February 2023 27,917 27,917
Charge for the financial year 5,000 5,000
At 31 January 2024 32,917 32,917
Net book value
At 31 January 2024 17,083 17,083
At 31 January 2023 22,083 22,083

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 596,522 155,375 751,897
Additions 0 7,532 7,532
At 31 January 2024 596,522 162,907 759,429
Accumulated depreciation
At 01 February 2023 66,611 85,621 152,232
Charge for the financial year 11,931 16,497 28,428
At 31 January 2024 78,542 102,118 180,660
Net book value
At 31 January 2024 517,980 60,789 578,769
At 31 January 2023 529,911 69,754 599,665

5. Debtors

2024 2023
£ £
Other debtors 14,626 6,610

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 60,451 32,639
Trade creditors 3,108 3,471
Other taxation and social security 9,644 2,377
Other creditors 8,380 7,229
81,583 45,716

The bank loan is secured by a standard security over the land and property.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 299,801 325,562
Other creditors 556,269 545,844
856,070 871,406

The bank loan is secured by a standard security over the land and property.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due to key management personnel 556,269 545,844