Company registration number SC337730 (Scotland)
CASTLE HOTEL MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CASTLE HOTEL MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CASTLE HOTEL MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
126,299
93,779
Cash at bank and in hand
57,083
35,192
183,382
128,971
Creditors: amounts falling due within one year
6
(86,637)
(44,785)
Net current assets
96,745
84,186
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
96,743
84,184
Total equity
96,745
84,186

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 10 June 2024 and are signed on its behalf by:
D Emslie
Director
Company Registration No. SC337730
CASTLE HOTEL MANAGEMENT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
2
126,730
126,732
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
17,454
17,454
Dividends
-
(60,000)
(60,000)
Balance at 28 February 2023
2
84,184
84,186
Year ended 28 February 2024:
Profit and total comprehensive income for the year
-
12,559
12,559
Balance at 28 February 2024
2
96,743
96,745
CASTLE HOTEL MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Castle Hotel Management Company Limited is a private company limited by shares incorporated in Scotland. The registered office is 29 Rutland Square, Edinburgh, United Kingdom, EH1 2BW.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services

provided in the normal course of business, and is shown net of VAT. Turnover comprises revenue earned from the rendering of management services.

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:

Computers
25% straight line

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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

CASTLE HOTEL MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

CASTLE HOTEL MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
4
Tangible fixed assets
Computers
£
Cost
At 1 March 2023
3,227
Disposals
(1,552)
At 28 February 2024
1,675
Depreciation and impairment
At 1 March 2023
3,227
Eliminated in respect of disposals
(1,552)
At 28 February 2024
1,675
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
-
0
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
124,800
93,600
Other debtors
1,499
179
126,299
93,779
CASTLE HOTEL MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
67
2,123
Corporation tax
9,384
4,094
Other taxation and social security
44,797
34,218
Other creditors
32,389
4,350
86,637
44,785
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Related party transactions

During the year amounts totalling £312,000 (2023 : £276,000) were received from Thorpe Hall Leisure Limited T/A Lifehouse Spa & Hotel for management services provided, a Company related through common directors. As at the balance sheet date £124,800 (2023 : £93,600) was due from this related party.

 

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