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COMPANY REGISTRATION NUMBER: SC546168
Clydebank Hotels Limited
Filleted Unaudited Financial Statements
29 February 2024
Clydebank Hotels Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Clydebank Hotels Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Clydebank Hotels Limited
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clydebank Hotels Limited for the year ended 29 February 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Clydebank Hotels Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Clydebank Hotels Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clydebank Hotels Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Clydebank Hotels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clydebank Hotels Limited. You consider that Clydebank Hotels Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Clydebank Hotels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
19 November 2024
Clydebank Hotels Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
17,175
21,469
Current assets
Debtors
6
47,121
20,587
Cash at bank and in hand
1,011
5,095
--------
--------
48,132
25,682
Creditors: amounts falling due within one year
7
61,024
40,308
--------
--------
Net current liabilities
12,892
14,626
--------
--------
Total assets less current liabilities
4,283
6,843
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
38,546
44,102
--------
--------
Net liabilities
( 34,263)
( 37,259)
--------
--------
Capital and reserves
Called up share capital
150
150
Profit and loss account
( 34,413)
( 37,409)
--------
--------
Shareholders deficit
( 34,263)
( 37,259)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Clydebank Hotels Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr N Singh
Mr S B Singh Sahni
Director
Director
Company registration number: SC546168
Clydebank Hotels Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Cambridge Avenue,, Edinburgh, EH6 5AP, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is generated 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.
Going concern
The company is reliant on the support of the directors in order to continue in operational existence and meet its liabilities as they fall due. The directors are satisfied that they will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
61,406
13,618
75,024
--------
--------
--------
Depreciation
At 1 March 2023
44,998
8,557
53,555
Charge for the year
3,282
1,012
4,294
--------
--------
--------
At 29 February 2024
48,280
9,569
57,849
--------
--------
--------
Carrying amount
At 29 February 2024
13,126
4,049
17,175
--------
--------
--------
At 28 February 2023
16,408
5,061
21,469
--------
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
47,121
20,587
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,767
Other creditors
61,024
35,541
--------
--------
61,024
40,308
--------
--------
8. Related party transactions
As at 28 February 2024 the company was due £47,121 from Trio Hotels Limited (2023: £20,587). Trio Hotels Limited is a company in which directors, Mr T D Dhillon, Mr N Singh and Mr S B Singh Sahni , have an interest. As at 28 February 2024 the company owed Crosshill Hotels Limited £60,000 (2023: £32,777). Crosshill Hotels Limited is a company in which directors, Mr C Sahni, Mr N Singh and Mr S B Singh Sahni, have an interest.
9. Controlling party
The company was under the control of the directors in the period.