Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Panu Lehti 04/01/2019 Laura Muirhead 04/01/2019 31 October 2024 The principal activities of the company is accommodation and food service. SC617331 2024-01-31 SC617331 bus:Director1 2024-01-31 SC617331 bus:Director2 2024-01-31 SC617331 2023-01-31 SC617331 core:CurrentFinancialInstruments 2024-01-31 SC617331 core:CurrentFinancialInstruments 2023-01-31 SC617331 core:Non-currentFinancialInstruments 2024-01-31 SC617331 core:Non-currentFinancialInstruments 2023-01-31 SC617331 core:ShareCapital 2024-01-31 SC617331 core:ShareCapital 2023-01-31 SC617331 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC617331 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC617331 core:LandBuildings 2023-01-31 SC617331 core:OtherPropertyPlantEquipment 2023-01-31 SC617331 core:LandBuildings 2024-01-31 SC617331 core:OtherPropertyPlantEquipment 2024-01-31 SC617331 bus:OrdinaryShareClass1 2024-01-31 SC617331 bus:OrdinaryShareClass2 2024-01-31 SC617331 bus:OrdinaryShareClass3 2024-01-31 SC617331 bus:OrdinaryShareClass4 2024-01-31 SC617331 2023-02-01 2024-01-31 SC617331 bus:FilletedAccounts 2023-02-01 2024-01-31 SC617331 bus:SmallEntities 2023-02-01 2024-01-31 SC617331 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC617331 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC617331 bus:Director1 2023-02-01 2024-01-31 SC617331 bus:Director2 2023-02-01 2024-01-31 SC617331 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC617331 2022-02-01 2023-01-31 SC617331 core:LandBuildings 2023-02-01 2024-01-31 SC617331 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC617331 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 SC617331 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC617331 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 SC617331 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass3 2023-02-01 2024-01-31 SC617331 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 SC617331 bus:OrdinaryShareClass4 2023-02-01 2024-01-31 SC617331 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC617331 (Scotland)

ACHRAY HOUSE HOTEL LTD

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

ACHRAY HOUSE HOTEL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

ACHRAY HOUSE HOTEL LTD

BALANCE SHEET

AS AT 31 JANUARY 2024
ACHRAY HOUSE HOTEL LTD

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 701,377 700,755
701,377 700,755
Current assets
Stocks 4 2,583 4,500
Debtors
- due within one year 5 13,898 17,590
- due after more than one year 5 149,519 149,519
Cash at bank and in hand 6 9,493 7,064
175,493 178,673
Creditors: amounts falling due within one year 7 ( 344,842) ( 521,673)
Net current liabilities (169,349) (343,000)
Total assets less current liabilities 532,028 357,755
Creditors: amounts falling due after more than one year 8 ( 554,316) ( 393,257)
Net liabilities ( 22,288) ( 35,502)
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 22,388 ) ( 35,602 )
Total shareholders' deficit ( 22,288) ( 35,502)

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.

Directors' responsibilities:

The financial statements of Achray House Hotel Ltd (registered number: SC617331) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

Laura Muirhead
Director
ACHRAY HOUSE HOTEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
ACHRAY HOUSE HOTEL LTD

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

Achray House Hotel Ltd (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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

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 have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The company is supported through loans from the directors The directors confirm they will continue to support the company and not seek repayment of their director's loan balances until all other creditors have been met as they fall due. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover represents amounts receivable for the provision of accommodation and food services net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of 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.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 freehold property 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 not depreciated
Plant and machinery etc. 20 - 25 % reducing balance

No depreciation is provided in respect of freehold land and buildings. While the non-depreciation of buildings does not comply with the requirements of the Companies Act 2006, the directors are of the opinion that as the buildings have residual value and are well maintained, any depreciation would be immaterial and therefore it is not considered appropriate to depreciate the buildings. 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.

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.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 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).

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.

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, 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.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 11

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 636,973 95,609 732,582
Additions 0 19,121 19,121
Disposals 0 ( 5,833) ( 5,833)
At 31 January 2024 636,973 108,897 745,870
Accumulated depreciation
At 01 February 2023 0 31,827 31,827
Charge for the financial year 0 15,267 15,267
Disposals 0 ( 2,601) ( 2,601)
At 31 January 2024 0 44,493 44,493
Net book value
At 31 January 2024 636,973 64,404 701,377
At 31 January 2023 636,973 63,782 700,755

4. Stocks

2024 2023
£ £
Stocks 2,583 4,500

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 556 3,402
Other debtors 13,342 14,188
13,898 17,590
Debtors: amounts falling due after more than one year
Other debtors 149,519 149,519

Included in Debtors: amounts falling due after more than one year is a loan that is secured by the director Panu Lehti's shares in Achray House Hotel Ltd.

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 9,493 7,064

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 48,830 29,315
Trade creditors 37,665 47,951
Other taxation and social security 20,383 18,672
Obligations under finance leases and hire purchase contracts (secured) 1,184 4,244
Other creditors 236,780 421,491
344,842 521,673

Included in Bank loans is a loan which is secured by a fixed charge over the property held by the company and a floating charge over all of the assets and undertakings of the company of £43,126 (2023 - £23,751).

Also included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £5,704 (2023 - £5,564). This loan is fully backed by a government guarantee.

Obligations under hire purchase contracts are secured over the assets to which they relate.

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

2024 2023
£ £
Bank loans 343,195 392,025
Obligations under finance leases and hire purchase contracts 0 1,232
Other creditors 211,121 0
554,316 393,257

Included in Bank loans is a loan which is secured by a fixed charge over the property held by the company and a floating charge over all of the assets and undertakings of the company of £310,969 (2023 - £354,095).

Also included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £32,226 (2023- £37,390). This loan is fully backed by a government guarantee.

Obligations under hire purchase contracts are secured over the assets to which they relate.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary "A" Class shares of £ 1.00 each 50 50
44 Ordinary "B" Class shares of £ 1.00 each 44 44
3 Ordinary "C" Class shares of £ 1.00 each 3 3
3 Ordinary "D" Class shares of £ 1.00 each 3 3
100 100

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 6,583 5,915

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Directors 351,847 364,102

The above loans are unsecured and interest has been charged at a market rate. £140,726 of this balance (2023 - £364,102) has been presented as repayable within 12 months and the balance is repayable over 12 months.