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REGISTERED NUMBER: SC044852 (Scotland)
















Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 4 April 2024

for

Glynhill Hotel Limited

Glynhill Hotel Limited (Registered number: SC044852)






Contents of the Financial Statements
for the Year Ended 4 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit & Loss Account 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Glynhill Hotel Limited

Company Information
for the Year Ended 4 April 2024







DIRECTORS: Ms M Nicholas
A H Nicholas
R Nicholas



REGISTERED OFFICE: c/o Gillespie & Anderson
147 Bath Street
Glasgow
G2 4SN



REGISTERED NUMBER: SC044852 (Scotland)



AUDITORS: Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN



BANKERS: The Royal Bank of Scotland plc
1 Moncrieff Street
Paisley
PA3 2AW

Glynhill Hotel Limited (Registered number: SC044852)

Strategic Report
for the Year Ended 4 April 2024

The directors present their strategic report for the year ended 4 April 2024.

REVIEW OF BUSINESS
The results for the year ended 4 April 2024 and the financial position at the year end are reflected in the annexed financial statements.

The year saw a continuation of the post-Covid recovery, along with expenditure reflecting the investment in the
business and in the Hotel itself.

Turnover for the year increased to over £5.5 million, with both room sales & liquor sales experiencing six-figure increases. Leisure Club income rose too by over £85,000, with contributions now from the additional facilities on offer (swimming lessons, spa & beauty treatments).

Whilst gross profitability remained in line with last year, the challenge of increasing payroll costs remains, with direct wages costs (i.e. excluding administrative & directors' salaries) increasing by £412,472 on last year - the investment in staff, particularly at managerial level, is designed to increase turnover and margins in future periods, whilst controlling staffing & overhead spending going forward.

Administrative expenses have risen by just over £50,000 on last year, which the directors consider reasonable, particularly in the light of the inflationary pressures on wages and other costs. This includes an increase spend on maintaining the fabric of the Hotel (over £300,000 in the year) for the benefit of customers old and new.

The year also saw some additional non-recurring expenses, principally in the form of unavoidable legal and professional fees, although the directors are pleased to note the reduction in non-domestic rates following management's intervention in the process.

Additional finance costs in the year were also required to service the company's additional lending requirements with the Royal Bank of Scotland, resulting in a pre-tax loss of £3,782.

The balance sheet remains in a strong position going forward, boosted by capital expenditure in the year of nearly £530,000. This was predominantly incurred on much-needed replacement of the Hotel's boiler system with new energy-efficient equivalents, increasingly important in light of increasing energy prices.

This work was funded with the assistance of the company's bankers who remain supportive, following the advancement of a new term loan in the year. The company continues to meet all ongoing funding liabilities, with repayments totalling nearly £400,000 this year, along with interest charges of £91,527.

Whilst the loss suffered in the year is disappointing, the directors consider that the investments made and the steps taken in the year and beyond (particularly the new management team) will serve the business going forward, and will result in a return to profitability in future periods.


Glynhill Hotel Limited (Registered number: SC044852)

Strategic Report
for the Year Ended 4 April 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks and uncertainties facing the business relate mainly to the overall economic factors facing the business as a whole, in the aftermath of the pandemic which still affects businesses and people's everyday lives. This negatively affected the economy as a whole, with particular damage seen in the leisure, hospitality and entertainment sectors of industry. This, together with prevailing local economic conditions (including the rise in business rates, utilities, and staffing costs) are the main risks facing the company.

The sales plans in place and the targets set are indicative of the pro-active approach adopted by management in attaining the company's stated objectives, in the face of increased competition, both local and beyond.

Seasonality in the company's trade is also mitigated by the investments made in prior years, which seek to expand the range of activities on offer at the Hotel, whilst finance repayments are structured accordingly in line with anticipated cash flows.

Financial and cash flow risk is considered with the assistance of financial reporting and forecasts which are reviewed regularly by management in the light of subsequent events. The management team look to retain a level of reserves consistent with ongoing liabilities plus sufficient headroom to cover eventualities.

These are the most significant risks that may adversely affect business strategy, financial position or future performance. Senior management meet regularly to identify risk factors which may affect the business, evaluating the risk of these materialising and the financial or strategic impact of such events, in order to apply relevant and effective mitigating factors.

ON BEHALF OF THE BOARD:





R Nicholas - Director


11 December 2024

Glynhill Hotel Limited (Registered number: SC044852)

Report of the Directors
for the Year Ended 4 April 2024

The directors present their report with the financial statements of the company for the year ended 4 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of hotel proprietors.

DIVIDENDS
No dividends will be distributed for the year ended 4 April 2024.

FUTURE DEVELOPMENTS
The company's specific plans for future development centre on the continuation of the refurbishment programme which recommenced in the year under review (principally the upgrade of the Hotel's heating system) - this programme is designed to improve existing facilities and services on offer to both existing and new customers.

Changes to the management structure continued in the year under review, with an emphasis on driving the company forward via sales initiatives, whilst improving the margins being achieved, and controlling the costs and streamlining the services being provided.

DIRECTORS
The directors shown below have held office during the whole of the period from 5 April 2023 to the date of this report.

Ms M Nicholas
A H Nicholas
R Nicholas
S Scholarios

Other changes in directors holding office are as follows:

S Scholarios ceased to be a director after 4 April 2024 but prior to the date of this report.

FIXED ASSETS
The movement in fixed assets during the year are summarised in the notes to the financial statements.

No formal valuation has yet been made of the company's interests in land. However, the directors are of the opinion that the market value is substantially higher than the amount at which it is included in the balance sheet, and draw the attention of the members of the company to this fact in accordance with schedule 7, paragraph 1 (2) of the Companies Act 1985.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

Glynhill Hotel Limited (Registered number: SC044852)

Report of the Directors
for the Year Ended 4 April 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Gillespie & Anderson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Nicholas - Director


11 December 2024

Report of the Independent Auditors to the Members of
Glynhill Hotel Limited

Opinion
We have audited the financial statements of Glynhill Hotel Limited (the 'company') for the year ended 4 April 2024 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 4 April 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Glynhill Hotel Limited


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Glynhill Hotel Limited


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

1. Enquiries of management and senior staff, including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

2. Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In doing so, we identified potential audit risks in relation to revenue recognition, possible management override of controls and the applicability of the going concern basis of accounting.

3. Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, Health & Safety (& similar) regulations, national & local licencing requirements, pensions legislation and UK tax legislation.

Audit response to risks identified
As a result of performing the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
- enquiring of management and (if appropriate) external legal counsel concerning actual and potential litigation
and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance, reviewing relevant internal reports and reviewing correspondence with HMRC;
- in addressing the area of revenue recognition, the performance of cut-off testing and review of post year end receipts for completeness, along with a review of analytical procedures on profit margins being achieved;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
- in consideration of the suitability of the going concern basis of accounting, we carried out the work referred previously in our report.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the Financial Statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve deliberate concealment by (for example) forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the Financial Statements, the less likely we are to become aware of it.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Glynhill Hotel Limited


Use of our report
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 a Report of the Auditors 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.




Alun Johnstone BAcc CA (Senior Statutory Auditor)
for and on behalf of Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

11 December 2024

Glynhill Hotel Limited (Registered number: SC044852)

Profit & Loss Account
for the Year Ended 4 April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 5,552,686 5,268,205

Cost of sales 2,752,462 2,283,923
GROSS PROFIT 2,800,224 2,984,282

Administrative expenses 2,753,599 2,699,254
46,625 285,028

Other operating income 48,004 29,783
OPERATING PROFIT 4 94,629 314,811

Income from fixed asset investments 5 - 17
Interest receivable and similar income 2,517 136
2,517 153
97,146 314,964

Interest payable and similar expenses 6 100,928 50,887
(LOSS)/PROFIT BEFORE TAXATION (3,782 ) 264,077

Tax on (loss)/profit 7 39,344 156,203
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(43,126

)

107,874

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(43,126

)

107,874

Glynhill Hotel Limited (Registered number: SC044852)

Balance Sheet
4 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 5,349,093 5,078,952
Investments 9 414 414
5,349,507 5,079,366

CURRENT ASSETS
Stocks 10 46,772 47,497
Debtors 11 522,108 314,284
Cash at bank and in hand 547,118 415,108
1,115,998 776,889
CREDITORS
Amounts falling due within one year 12 1,569,754 977,531
NET CURRENT LIABILITIES (453,756 ) (200,642 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,895,751

4,878,724

CREDITORS
Amounts falling due after more than one
year

13

(1,013,122

)

(882,934

)

PROVISIONS FOR LIABILITIES 18 (466,151 ) (532,166 )

ACCRUALS AND DEFERRED INCOME 19 (28,130 ) (32,150 )
NET ASSETS 3,388,348 3,431,474

CAPITAL AND RESERVES
Called up share capital 20 77,800 77,800
Capital redemption reserve 87,200 87,200
Retained earnings 3,223,348 3,266,474
SHAREHOLDERS' FUNDS 3,388,348 3,431,474

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2024 and were signed on its behalf by:





R Nicholas - Director


Glynhill Hotel Limited (Registered number: SC044852)

Statement of Changes in Equity
for the Year Ended 4 April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 5 April 2022 77,800 3,158,600 87,200 3,323,600

Changes in equity
Total comprehensive income - 107,874 - 107,874
Balance at 4 April 2023 77,800 3,266,474 87,200 3,431,474

Changes in equity
Total comprehensive income - (43,126 ) - (43,126 )
Balance at 4 April 2024 77,800 3,223,348 87,200 3,388,348

Glynhill Hotel Limited (Registered number: SC044852)

Cash Flow Statement
for the Year Ended 4 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 605,048 675,530
Interest paid (99,942 ) (53,588 )
Interest element of finance lease payments
paid

(986

)

2,701
Tax paid (73,121 ) (123,739 )
Net cash from operating activities 430,999 500,904

Cash flows from investing activities
Purchase of tangible fixed assets (529,872 ) (192,520 )
Sale of tangible fixed assets - 1,500
Interest received 2,517 136
Dividends received - 17
Net cash from investing activities (527,355 ) (190,867 )

Cash flows from financing activities
New loans in year 600,000 -
Loan repayments in year (398,569 ) (228,458 )
Capital repayments in year 26,935 (9,643 )
Net cash from financing activities 228,366 (238,101 )

Increase in cash and cash equivalents 132,010 71,936
Cash and cash equivalents at beginning of
year

2

415,108

343,172

Cash and cash equivalents at end of year 2 547,118 415,108

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Cash Flow Statement
for the Year Ended 4 April 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (3,782 ) 264,077
Depreciation charges 259,732 246,054
Loss on disposal of fixed assets - 3,776
Decrease in provision (155,180 ) 159,320
Government grants - (4,017 )
Finance costs 100,928 50,887
Finance income (2,517 ) (153 )
199,181 719,944
Decrease/(increase) in stocks 725 (11,105 )
Increase in trade and other debtors (159,882 ) (224,641 )
Increase in trade and other creditors 565,024 191,332
Cash generated from operations 605,048 675,530

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 4 April 2024
4.4.24 5.4.23
£    £   
Cash and cash equivalents 547,118 415,108
Year ended 4 April 2023
4.4.23 5.4.22
£    £   
Cash and cash equivalents 415,108 343,172


3. ANALYSIS OF CHANGES IN NET DEBT

At 5.4.23 Cash flow At 4.4.24
£    £    £   
Net cash
Cash at bank and in hand 415,108 132,010 547,118
415,108 132,010 547,118
Debt
Finance leases - (26,935 ) (26,935 )
Debts falling due within 1 year (222,152 ) (90,196 ) (312,348 )
Debts falling due after 1 year (882,934 ) (111,236 ) (994,170 )
(1,105,086 ) (228,367 ) (1,333,453 )
Total (689,978 ) (96,357 ) (786,335 )

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements
for the Year Ended 4 April 2024

1. STATUTORY INFORMATION

Glynhill Hotel Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These individual financial statements of the company have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. They are prepared under the going concern basis and under the historical cost convention, as modified by certain financial assets and liabilities measured at fair value through profit and loss.

Going concern disclosures
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing the financial statements, management are required to make judgements, estimates and assumptions, based on historical experience and other relevant factors. Actual results may differ from these best estimates, which are reviewed on an ongoing basis.

The items in the financial statements where these judgements are required (and the factors in play) include trade debtors (likelihood of recovery), stock (impairment losses), accruals (likelihood & quantum of liability) and fixed assets (depreciation rates and capitalisation of expense).

Turnover
Turnover represents net sales of goods & services, excluding value added tax and any discount offered, and includes all income (including rental income) which the directors consider to be relevant to the main trading activities of the company. Such turnover is recognised when the company becomes entitled to the income concerned and when the outcome of the transaction can be reliably measured.

For turnover involving the sale of goods, this occurs when:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company no longer retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- it is probable that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

For turnover involving the rendering of services, this occurs by reference to the stage of completion of the transaction at the end of the reporting period and where the outcome of a transaction can be estimated reliably, with the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

For example, turnover in relation to room sales is recognised at close of business on the date of the customer's stay, along with all services provided to the guest during that day, whilst the Leisure Club membership fees received in advance of the period of membership are deferred and released according to the period of membership.

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings - 2% on cost
Leisure complex plant - 10% on reducing balance
Heating installation - 10% on reducing balance
Electrical installation - 10% on reducing balance
Plant & fittings - 10% on reducing balance
Furnishings - 10% on reducing balance

Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

As permitted by the Companies Act, crockery, glassware and linen have been stated at a fixed quantity and value since their quantity, value and composition is not subject to material variation and their overall value is not material to assessing the company's state of affairs.

Government grants
Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received.

A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when those conditions are met.

Grants are classified as either as a grant relating to revenue or a grant relating to assets. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effective of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.


Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating lease are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The total cost of employee benefits to which employees have become entitled because of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,293,706 1,820,003
Social security costs 148,568 121,036
Other pension costs 100,793 70,845
2,543,067 2,011,884

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Administration 12 12
Others 115 102
131 118

2024 2023
£    £   
Directors' remuneration 134,155 173,759
Directors' pension contributions to money purchase schemes 64,000 43,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 258,976 244,291
Depreciation - assets on finance leases 755 1,764
Loss on disposal of fixed assets - 3,776
Auditors' remuneration 15,500 14,000
Auditors' remuneration for non audit work 46,220 23,769
Capital grant amortisation 4,018 4,018

5. INCOME FROM FIXED ASSET INVESTMENTS
2024 2023
£    £   
Franked investment income - 17

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 91,527 50,589
Corporation Tax interest - 108
Other interest charges 8,415 2,891
Hire purchase - (4,272 )
Leasing 986 1,571
100,928 50,887

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 75,000
Over provision in prior year (49,821 ) (1,580 )
Total current tax (49,821 ) 73,420

Deferred tax:
Movement in timing differences 89,165 82,783
Tax on (loss)/profit 39,344 156,203

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (3,782 ) 264,077
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

(946

)

50,175

Effects of:
Expenses not deductible for tax purposes 8,159 2,313
Income not taxable for tax purposes (4,960 ) (766 )
Capital allowances in excess of depreciation (51,415 ) -
Depreciation in excess of capital allowances - 23,278
Utilisation of tax losses 49,162 -
Adjustments to tax charge in respect of previous periods (49,821 ) (1,580 )
Deferred tax movements 89,165 82,783
Total tax charge 39,344 156,203

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

8. TANGIBLE FIXED ASSETS
Leisure
Land & complex Heating Electrical
buildings plant installation installation
£    £    £    £   
COST
At 5 April 2023 7,612,586 505,531 574,522 402,943
Additions 1,308 - 422,563 11,843
At 4 April 2024 7,613,894 505,531 997,085 414,786
DEPRECIATION
At 5 April 2023 3,430,756 441,956 475,671 370,538
Charge for year 152,215 6,360 24,786 3,539
At 4 April 2024 3,582,971 448,316 500,457 374,077
NET BOOK VALUE
At 4 April 2024 4,030,923 57,215 496,628 40,709
At 4 April 2023 4,181,830 63,575 98,851 32,405

Crockery,
Plant & glassware,
fittings Furnishings linen Totals
£    £    £    £   
COST
At 5 April 2023 2,483,956 1,638,875 19,699 13,238,112
Additions 77,843 16,315 - 529,872
At 4 April 2024 2,561,799 1,655,190 19,699 13,767,984
DEPRECIATION
At 5 April 2023 2,044,865 1,395,374 - 8,159,160
Charge for year 47,822 25,009 - 259,731
At 4 April 2024 2,092,687 1,420,383 - 8,418,891
NET BOOK VALUE
At 4 April 2024 469,112 234,807 19,699 5,349,093
At 4 April 2023 439,091 243,501 19,699 5,078,952

All buildings owned by the company are classed as freehold property.

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant &
fittings
£   
COST
Additions 29,163
At 4 April 2024 29,163
DEPRECIATION
Charge for year 755
At 4 April 2024 755
NET BOOK VALUE
At 4 April 2024 28,408

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 5 April 2023
and 4 April 2024 414
NET BOOK VALUE
At 4 April 2024 414
At 4 April 2023 414

10. STOCKS
2024 2023
£    £   
Goods for resale 46,772 47,497

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 193,555 265,156
Other debtors 16,904 -
Tax 47,942 -
Prepayments 263,707 49,128
522,108 314,284

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 312,348 222,152
Finance leases (see note 15) 7,983 -
Trade creditors 820,321 285,148
Corporation tax - 75,000
Social security and other taxes 31,042 31,293
VAT 136,545 171,211
Deposits 99,439 87,985
Accrued expenses 162,076 104,742
1,569,754 977,531

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 994,170 882,934
Finance leases (see note 15) 18,952 -
1,013,122 882,934

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 312,348 222,152

Amounts falling due between one and two years:
Bank loans - 1-2 years 324,006 227,875

Amounts falling due between two and five years:
Bank loans - 2-5 years 506,129 462,958

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 164,035 192,101

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

14. LOANS - continued

In 2015, the bank advanced two loans to the company. The first of these was a loan of £250,000 repayable over twelve years, with interest being levied at base plus 2.25% and monthly repayments of £2,015 which is now due to expire in May 2027. The second loan advanced in the year amounted to £400,000 repayable over twelve years, with interest being levied at base plus 2.04% and monthly repayments of £3,621.

In 2019, the bank advanced £300,000 to the company, with interest being levied at base plus 2.25% and monthly repayments of £2,827, with a committed term originally of five years but repayment profiles of 12 years. This loan was repaid in the year under review with the balance at October 2023 rolled into a new loan, disclosed appropriately below.

In 2020, the bank advanced a £600,000 Coronavirus Business Interruption Loan to the company. The loan has interest levied at base plus 3.39% and monthly capital repayments of £10,000 following an initial repayment holiday of 12 months. The loan has committed terms of 6 years including the initial 1 year repayment holiday. Interest for the first 12 months was paid by UK Government.

In 2023, the bank advanced £285,500 to the company, with interest levied at base plus 3.25% and monthly repayments of £3,229. This loan has a committed term of 12 years, and refinanced an original loan advanced to the company back in 2019.

In October 2023, the bank advanced £600,000 to the company (which included repayment of the 2019 loan above) with a committed term of 5 years, interest payable at base plus 2.38% and monthly repayments of £12,044.

All loans with the company's bankers are secured by the existing security held by the bank and disclosed elsewhere in the financial statements.

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Gross obligations repayable:
Within one year 9,814 -
Between one and five years 23,617 -
33,431 -

Finance charges repayable:
Within one year 1,831 -
Between one and five years 4,665 -
6,496 -

Net obligations repayable:
Within one year 7,983 -
Between one and five years 18,952 -
26,935 -

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 10,276 8,945
Between one and five years 7,447 -
17,723 8,945

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,306,518 1,105,086
Finance leases 26,935 -
1,333,453 1,105,086

The Royal Bank of Scotland plc holds a standard security over the Glynhill Hotel, 169 Paisley Road, Renfrew, dated 26/7/79, together with a bond and floating charge over the company's whole assets and undertakings, dated 7/6/72.

Hire purchase and finance lease creditors are secured over the assets to which the finance relates.

17. FINANCIAL INSTRUMENTS

All financial assets and liabilities are measured at amortised cost, with the exception of the fixed assets investment, measured at fair value at 4 April 2024 of £414 (2023 - £414).

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 466,151 376,986
Other provisions - 155,180
466,151 532,166

Deferred Other
tax provisions
£    £   
Balance at 5 April 2023 376,986 155,180
Provided during year 89,165 -
Utilised during year - (155,180 )
Balance at 4 April 2024 466,151 -

Glynhill Hotel Limited (Registered number: SC044852)

Notes to the Financial Statements - continued
for the Year Ended 4 April 2024

19. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Deferred government grants 28,130 32,150

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
77,800 Ordinary Shares £1 77,800 77,800

All shares in issue have full rights in relation to voting, dividends and distribution of capital, ranking pari passu.

21. PENSION COMMITMENTS

The company operates three pension schemes. The executive pension scheme is a defined contribution scheme containing two employees, while the other two schemes are group personal pensions for other staff - the most recent scheme was set up in 2019 in response to the requirements of auto enrolment.

The assets of the schemes are held separately from those of the company in independently administered funds.The pension cost charge represents contributions payable by the company to all funds and amounted to £100,793 in the current year (2023 - £70,845).

Accrued pension contributions of £5,000 (2023 - £1,827) are included within accrued charges at the financial year end.

22. RELATED PARTY DISCLOSURES

Disclosure of all related party emoluments and pension contributions are disclosed elsewhere in the notes to the financial statements - the directors are considered to be the only employees falling within the definition of related parties contained within FRS 102.

23. ULTIMATE CONTROLLING PARTY

The company is privately owned - Miss M Nicholas & Mr A H Nicholas both own 29,600 shares with the remaining 18,600 shares being owned by Mr R Nicholas. All shareholders are also directors of the company.