Registered number:
FOR THE YEAR ENDED 28 FEBRUARY 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
The principal activity of the company is the provision of hotel and catering services.
The results for the year and the financial position of the company are as shown in the annexed financial statements. Activity in the year has continued to improve despite challenging economic condition with turnover increasing from £4.76m to £4.99m. However, consistent with the rest of the hospitality industry, the company has seen a significant increase in costs with increases in the cost of food, national minimum wage and energy prices offsetting the increase in revenue.
Despite the challenging trading environment, the company is committed to providing a quality product and service to its customers and during the year the hotel has continued with an ongoing refurbishment programme. This has resulted in additional costs during the year which the business believes will allow it to continue to provide a quality product and service to its customers. Post year end, the company has been acquired by Balmoral Group Holdings Limited. Balmoral Group are committed to ensuring that the highest standards of quality and service are maintained at the hotel. The ongoing renovation programme will continue and Balmoral Group will make significant investment in improving processes and systems that will enhance customer experience. As part of the post year end acquisition, the freehold property was revalued which resulted in a reduction in the revaluation reserve of £3.27m at 28 February 2024 whilst there were also one off costs totalling £364k incurred in the year which came to light as part of the process. Overall, this has contributed to the reduction in the company’s net assets of £3.76m to £3.27m. Principal risks and uncertainties The directors monitor and review the key risks which the company faces on a regular basis, in order to mitigate each risk area. Market risk The company operates in a competitive market and to some extent the level of trading is affected by the local economy which is reliant to a degree on the energy sector. The risks associated with this are mitigated by ensuring that the company offers a high-quality service across all areas of the business and by targeting the tourism sector as well as business customers. Price and quality of supplies The company’s activities are affected by either increasing cost or declining quality of supplies. The company continually monitors the quality of its supplies and regularly checks the prices. Financial risk management objectives and policies The company’s activities expose it to a number of financial risks including risks of credit and liquidity risks. These specific risks, their impact on the company and how these risks are mitigated are dealt with below.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
Financial risk management objectives and policies
The company’s activities expose it to a number of financial risks including risks of credit and liquidity risks. These specific risks, their impact on the company and how these risks are mitigated are dealt with below. Credit risk Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the company’s receivables from customers. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. The company has processes and controls in place to regularly monitor individual trade debtor counterparty exposure. The credit risk in liquid funds is limited because the counterparties are banks with credit ratings assigned by international credit rating agencies. Liquidity risk Liquidity is the risk that the company will not be able to meet its financial obligations as they fall due. The company aims to mitigate liquidity risk by carefully managing cash generation by its operations and applying cash collection targets. Forecasts are produced to assist management in identifying liquidity requirements and maintaining adequate resources.
The key financial performance indicators for the company are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin, room occupancy figures and function spend per head.
As noted, post year end the company has been acquired by Balmoral Group Holdings Limited who intends to continue the company’s ongoing renovation programme whilst also looking to develop the company’s systems and processes.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
The directors present their report and the financial statements for the year ended 28 February 2024.
The loss for the year, after taxation, amounted to £416,995 (2023 - loss £146,711).
Dividends of £68,750 were paid during the period (2023 - £142,000).
The directors who served during the year were:
Please refer to the strategic report.
On 28 June 2024 the entire share capital of the company was purchased by Balmoral Group Holdings Limited.
The auditors, Anderson Anderson & Brown Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCLIFFE HOTEL LIMITED
We have audited the financial statements of Marcliffe Hotel Limited (the 'company') for the year ended 28 February 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCLIFFE HOTEL LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCLIFFE HOTEL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Taxation legislation, licensing and health and safety legislation. We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets;
∙Timing and completeness of revenue recognition;
∙Management judgement applied in calculating provisions; and
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness;
∙Reviewing a sample of sales transactions to confirm recognition appropriate;
∙Evaluating the business rationale of significant transactions outside the normal course of business;
∙Reviewing judgments made by management in their calculation of accounting estimates for potential management bias;
∙Enquiries of management about litigation and claims and inspection of relevant correspondence;
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations; and
∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARCLIFFE HOTEL LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024
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BALANCE SHEET
AS AT 28 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
The company is a private company limited by shares and is incorporated in the United Kingdom. The address of the registered office is Balmoral Park, Loirston, Aberdeen, AB12 3GY. The principal activity of the company is the provision of hotel and catering services.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company satisfies the criteria of being a qualifying company as defined in FRS 102 section 1.12. Its financial statements are consolidated into the financial statements of Pitfodels Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
a) No cash flow statement has been presented for the company. b) Disclosures in respect of financial instruments have not been presented. c) Disclosures in respect of related party transactions with fellow group companies have not been presented.
The directors, having made due and careful enquiry whilst preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations for twelve months from the date of signing these financial statements.
As explained within note 25, post year end the company has been acquired by Balmoral Group Holdings Limited. As part of the acquisition of the company, the bank loan and overdraft facility in place was repaid using a loan from the company’s new ultimate parent company, Balmoral Group Holdings Limited. The company’s ultimate parent has confirmed in writing, its ongoing financial support for the company, taking the form of ongoing financial support as needed, coupled with a deferral of any group liabilities due by the company, as is necessary to protect its going concern status, for a period of at least twelve months from the date of approval of these financial statements. As part of the directors’ assessment of going concern, a five-year plan has been prepared which forecasts increases in profitability and an improving balance sheet position. This projection is underpinned by opportunities identified to develop the company’s product and service along with the continued support of the parent company. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore, have prepared the financial statements on a going concern basis
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from the sale of food, beverages and spa treatments are recognised when they are sold. Revenue from the rental of rooms is recognised when rooms are occupied. The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
2.Accounting policies (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
Carrying value of property The directors consider, on an annual basis, whether changes in market conditions have led to any impairment in the valuation of property, using his judgement and market data available. In addition, judgement is applied to select an appropriate useful life and residual value to follow the basis of depreciation. The freehold property occupied by the company was valued in April 2024, by an external qualified chartered surveyor. The valuation of the property was on the basis of Market Value for the existing use as a licensed operating hotel, exclusive of the trade furniture, furnishings and equipment, in the sum of £6,400,000. The valuer's opinion of Market Value was primarily derived using comparable recent market transactions on arm's length terms. The Directors believe this valuation reflects the current market value and climate as at 28 February 2024.
Turnover is wholly attributable to the provision of accommodation and associated food and drink sales.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
Cost or valuation at 28 February 2024 is as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
10.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
The bank loan and overdraft are secured by a standard security over the company's land and buildings at Pitfodels, Aberdeen; a cross corporate guarantee between Marcliffe Hotel Limited, Pitfodels Holdings Limited and third parties; a bond and floating charge over the assets of the company.
As part of the post year end acquisition of the Marcliffe Hotel Limited by Balmoral Group Holdings Limited, the bank loan was repaid in full and the overdraft facility cancelled. The standard security, cross corporate guarantee, bond and floating charge over the assets of the company were satisfied
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
19.Deferred taxation (continued)
A prior year adjustment has been processed in respect of income of £325,000 omitted from the 2019 financial statements and the associated tax charge of £
The company contributes to a defined contribution pension scheme and also makes discretionary contributions to personal pension plans. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and is disclosed within note 7.
The company has taken advantage of the exemption given by Financial Reporting Standard 102, section 33 which allows exemption from disclosure of related party transactions with other companies within the group which are consolidated.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
At the year end the ultimate controlling party throughout the current and previous year is
The only group in which the results of the company are consolidated is that headed by Pitfodels Holdings Limited. The consolidated accounts of this company are available to the public and may be obtained from the Registrar of Companies. From 28 June 2024 the ultimate controlling party is Balmoral Group Holdings Limited.
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