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Registration number: SC617031

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Company Information

Director

Mr Alasdair John Wilkie

Registered office

61 High Street
Jedburgh
Scottish Borders
TD8 6DQ

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Capon Tree (Scotland) Limited trading as The Capon Tree for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Capon Tree (Scotland) Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of The Capon Tree (Scotland) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Capon Tree (Scotland) Limited and state those matters that we have agreed to state to the Board of Directors of The Capon Tree (Scotland) Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Capon Tree (Scotland) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Capon Tree (Scotland) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Capon Tree (Scotland) Limited. You consider that The Capon Tree (Scotland) 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 accounts of The Capon Tree (Scotland) 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 accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

6 August 2024

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

(Registration number: SC617031)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

2,000

Tangible assets

5

50,829

53,536

 

50,829

55,536

Current assets

 

Stocks

6

5,500

5,500

Debtors

7

90,775

12,360

Cash at bank and in hand

 

1,000

200

 

97,275

18,060

Creditors: Amounts falling due within one year

8

(165,355)

(101,446)

Net current liabilities

 

(68,080)

(83,386)

Total assets less current liabilities

 

(17,251)

(27,850)

Creditors: Amounts falling due after more than one year

8

(50,227)

(28,059)

Net liabilities

 

(67,478)

(55,909)

Capital and reserves

 

Called up share capital

9

50

50

Capital redemption reserve

50

50

Retained earnings

(67,578)

(56,009)

Shareholders' deficit

 

(67,478)

(55,909)

For the financial year ending 31 March 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 August 2024
 

.........................................
Mr Alasdair John Wilkie
Director

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
61 High Street
Jedburgh
Scottish Borders
TD8 6DQ
Scotland

The principal place of business is:
61 High Street
Jedburgh
Scottish Borders
TD8 6DQ
Scotland

These financial statements were authorised for issue by the director on 6 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Going concern

The company has net liabilities of £67,478 as at 31 March 2024 . The company relies on the continued support of the directors to finance the day to day working requirements.

The directors consider it appropriate to prepare the Financial Statements on a going concern basis after consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.

If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales value added tax, returns, rebates and discounts.

Sale of goods are recognised on sale to the customer which are usually by cash, credit or payment card.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

amortised over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Amortisation

At 1 April 2023

8,000

8,000

Amortisation charge

2,000

2,000

At 31 March 2024

10,000

10,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

2,000

2,000

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

67,283

67,283

At 31 March 2024

67,283

67,283

Depreciation

At 1 April 2023

13,747

13,747

Charge for the year

2,707

2,707

At 31 March 2024

16,454

16,454

Carrying amount

At 31 March 2024

50,829

50,829

At 31 March 2023

53,536

53,536

6

Stocks

2024
£

2023
£

Other inventories

5,500

5,500

7

Debtors

Current

2024
£

2023
£

Other debtors

90,775

12,360

 

90,775

12,360

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

102,932

74,358

Trade creditors

 

10,919

8,786

Taxation and social security

 

47,850

14,635

Accruals and deferred income

 

3,628

3,628

Other creditors

 

26

39

 

165,355

101,446

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £50,277 (2023 - £28,059).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

       

10

Reserves

In April 2021, the company bought back 50 ordinary £1 shares from a retiring director. The company paid £12,000 for the shares. A capital redemption reserve was created for the nominal share value.

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,227

28,059

Current loans and borrowings

2024
£

2023
£

Bank borrowings

42,832

12,177

Bank overdrafts

10,444

2,687

Other borrowings

49,656

59,494

102,932

74,358

 

The Capon Tree (Scotland) Limited

trading as The Capon Tree

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Alasdair John Wilkie

The company advanced loans to the director. Interest is charged at 2.25% and there are no specific terms for repayment.

12,360

70,988

(12,360)

70,988

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Alasdair John Wilkie

The company advanced loans to the director. Interest is charged at 2.25% and there are no specific terms for repayment.

22,487

12,360

(22,487)

12,360