Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Charles Milne 27/03/2019 26 November 2024 The principal activity of the Company during the financial year was that of operating the Seafield Arms Hotel in Cullen. SC625842 2024-04-30 SC625842 bus:Director1 2024-04-30 SC625842 2023-04-30 SC625842 core:CurrentFinancialInstruments 2024-04-30 SC625842 core:CurrentFinancialInstruments 2023-04-30 SC625842 core:Non-currentFinancialInstruments 2024-04-30 SC625842 core:Non-currentFinancialInstruments 2023-04-30 SC625842 core:ShareCapital 2024-04-30 SC625842 core:ShareCapital 2023-04-30 SC625842 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC625842 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC625842 core:LeaseholdImprovements 2023-04-30 SC625842 core:ConstructionInProgressAssetsUnderConstruction 2023-04-30 SC625842 core:PlantMachinery 2023-04-30 SC625842 core:Vehicles 2023-04-30 SC625842 core:FurnitureFittings 2023-04-30 SC625842 core:LeaseholdImprovements 2024-04-30 SC625842 core:ConstructionInProgressAssetsUnderConstruction 2024-04-30 SC625842 core:PlantMachinery 2024-04-30 SC625842 core:Vehicles 2024-04-30 SC625842 core:FurnitureFittings 2024-04-30 SC625842 core:CurrentFinancialInstruments core:Secured 2024-04-30 SC625842 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-04-30 SC625842 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-30 SC625842 2022-04-30 SC625842 bus:OrdinaryShareClass1 2024-04-30 SC625842 2023-05-01 2024-04-30 SC625842 bus:FilletedAccounts 2023-05-01 2024-04-30 SC625842 bus:SmallEntities 2023-05-01 2024-04-30 SC625842 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC625842 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC625842 bus:Director1 2023-05-01 2024-04-30 SC625842 core:LeaseholdImprovements 2023-05-01 2024-04-30 SC625842 core:PlantMachinery 2023-05-01 2024-04-30 SC625842 core:Vehicles 2023-05-01 2024-04-30 SC625842 core:FurnitureFittings 2023-05-01 2024-04-30 SC625842 2022-05-01 2023-04-30 SC625842 core:ConstructionInProgressAssetsUnderConstruction 2023-05-01 2024-04-30 SC625842 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 SC625842 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 SC625842 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC625842 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC625842 (Scotland)

SEAFIELD ARMS HOTEL (CULLEN) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

SEAFIELD ARMS HOTEL (CULLEN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

SEAFIELD ARMS HOTEL (CULLEN) LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
SEAFIELD ARMS HOTEL (CULLEN) LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 266,851 275,936
266,851 275,936
Current assets
Stocks 20,528 21,331
Debtors 4 299,793 380,509
Cash at bank and in hand 5 977,461 668,364
1,297,782 1,070,204
Creditors: amounts falling due within one year 6 ( 472,037) ( 426,910)
Net current assets 825,745 643,294
Total assets less current liabilities 1,092,596 919,230
Creditors: amounts falling due after more than one year 7 ( 45,432) ( 142,538)
Provision for liabilities 8 ( 53,627) ( 56,227)
Net assets 993,537 720,465
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 993,535 720,463
Total shareholder's funds 993,537 720,465

For the financial year ending 30 April 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 Seafield Arms Hotel (Cullen) Limited (registered number: SC625842) were approved and authorised for issue by the Director on 26 November 2024. They were signed on its behalf by:

Charles Milne
Director
SEAFIELD ARMS HOTEL (CULLEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
SEAFIELD ARMS HOTEL (CULLEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 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

Seafield Arms Hotel (Cullen) 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 119 High Street, Buckie, AB56 4DX, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for hotel and restaurant 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.

Turnover is recognised on the accruals basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 liabilities are not discounted.

Tangible fixed assets

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

Leasehold improvements 20 % reducing balance
Assets under construction not depreciated
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date.

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 53 47

3. Tangible assets

Leasehold improve-
ments
Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 May 2023 54,960 0 245,226 24,000 117,295 441,481
Additions 0 3,849 0 0 35,528 39,377
Disposals 0 0 ( 230) 0 ( 382) ( 612)
At 30 April 2024 54,960 3,849 244,996 24,000 152,441 480,246
Accumulated depreciation
At 01 May 2023 0 0 112,764 7,875 44,906 165,545
Charge for the financial year 0 0 26,492 4,031 17,558 48,081
Disposals 0 0 ( 98) 0 ( 133) ( 231)
At 30 April 2024 0 0 139,158 11,906 62,331 213,395
Net book value
At 30 April 2024 54,960 3,849 105,838 12,094 90,110 266,851
At 30 April 2023 54,960 0 132,462 16,125 72,389 275,936

4. Debtors

2024 2023
£ £
Trade debtors 37,684 30,570
Amounts owed by Group undertakings 157,889 316,859
Other debtors 104,220 33,080
299,793 380,509

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 977,461 668,364

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 87,678 157,230
Trade creditors 38,901 45,572
Amounts owed to related parties 52,568 29,668
Taxation and social security 165,623 110,616
Other creditors 127,267 83,824
472,037 426,910

The bank loan is secured by way of a bond and floating charge over the company's assets.

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

2024 2023
£ £
Bank loans (secured) 45,432 142,538

The bank loan is secured by way of a bond and floating charge over the company's assets.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 56,227) ( 50,863)
Credited/(charged) to the Profit and Loss Account 2,600 ( 5,364)
At the end of financial year ( 53,627) ( 56,227)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts due from entities with control, joint control or significant influence over the company 157,889 317,109

These balances are interest free and have no fixed terms of repayment.

Amounts due from related parties are subject to a cross-guarantee of £500,000 between Milne Property Developments Ltd. and it's subsidiary Seafield Arms Hotel (Cullen) Limited. This balance is secured over the Seafield Arms Hotel, located at 17 Seafield Street, Cullen, AB56 4SG.

Other related party transactions

2024 2023
£ £
Amounts due to other related parties 50,500 29,525

Other related parties represent entities over which the directors have control or significant influence or entities controlled by an immediate family member.

11. Ultimate controlling party

Parent Company:

Milne Property Developments Ltd
119 High Street, Buckie, Banffshire, AB56 4DX.