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Registration number: SC463330

Loch Ness Guest House Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 30 April 2024

 

Loch Ness Guest House Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Loch Ness Guest House Limited

Company Information

Directors

Elizabeth Bremner

Michael Bremner

Registered office

6 Atholl Crescent
Perth
PH1 5JN

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Loch Ness Guest House Limited

(Registration number: SC463330)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2022
£

Fixed assets

 

Intangible assets

4

863

1,063

Tangible assets

5

780,874

743,143

Other financial assets

6

11,950

11,950

 

793,687

756,156

Current assets

 

Stocks

7

100

100

Debtors

8

234,194

225,802

Cash at bank and in hand

 

7,301

12,464

 

241,595

238,366

Creditors: Amounts falling due within one year

9

(1,130,084)

(931,861)

Net current liabilities

 

(888,489)

(693,495)

Total assets less current liabilities

 

(94,802)

62,661

Creditors: Amounts falling due after more than one year

9

(107,019)

(119,568)

Provisions for liabilities

(7,495)

(1,822)

Net liabilities

 

(209,316)

(58,729)

Capital and reserves

 

Called up share capital

10

40

40

Retained earnings

(209,356)

(58,769)

Shareholders' deficit

 

(209,316)

(58,729)

 

Loch Ness Guest House Limited

(Registration number: SC463330)
Statement of Financial Position as at 30 April 2024

For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Michael Bremner
Director

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

1

General information

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

The address of its registered office is:
6 Atholl Crescent
Perth
PH1 5JN

These financial statements were authorised for issue by the Board on 24 September 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 financial statements are presented in Sterling (GBP) and rounded to the nearest £1.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

20% straight line

Fixtures, fittings and equipment

20% straight line

land and buildings freehold

not provided

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

Development costs

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

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.

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.

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2022 - 4).

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

1,500

1,500

At 30 April 2024

1,500

1,500

Amortisation

At 1 January 2023

438

438

Amortisation charge

199

199

At 30 April 2024

637

637

Carrying amount

At 30 April 2024

863

863

At 31 December 2022

1,063

1,063

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

730,633

118,782

849,415

Additions

-

92,901

92,901

At 30 April 2024

730,633

211,683

942,316

Depreciation

At 1 January 2023

-

106,272

106,272

Charge for the period

-

55,170

55,170

At 30 April 2024

-

161,442

161,442

Carrying amount

At 30 April 2024

730,633

50,241

780,874

At 31 December 2022

730,633

12,510

743,143

Included within the net book value of land and buildings above is £730,633 (2022 - £730,633) in respect of freehold land and buildings.
 

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

6

Other financial assets (current and non-current)

Fixed asset investments
£

Total
£

Investments

Cost or valuation

At 1 January 2023

11,950

11,950

At 30 April 2024

11,950

11,950

Impairment

Carrying amount

At 30 April 2024

11,950

11,950

7

Stocks

2024
£

2022
£

Other inventories

100

100

8

Debtors

Current

2024
£

2022
£

Prepayments

2,610

-

Other debtors

231,584

225,802

 

234,194

225,802

 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

11

16,638

16,492

Trade creditors

 

7,287

2,967

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

1,004,530

818,835

Taxation and social security

 

56,048

55,483

Accruals and deferred income

 

37,410

34,945

Other creditors

 

8,171

3,139

 

1,130,084

931,861

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

11

107,019

119,568

The Royal Bank of Scotland plc hold a standard security over the company property, and a floating charge over all company assets.

10

Share capital

Issued, called up and not fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary shares of £1 each

40

40

40

40

         
 

Loch Ness Guest House Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 April 2024

11

Loans and borrowings

2024
£

2022
£

Non-current loans and borrowings

Bank borrowings

107,019

119,568

2024
£

2022
£

Current loans and borrowings

Bank borrowings

16,638

16,492

12

Related party transactions

Included within other debtors are total amounts advanced to directors of £167,687 (2021 - £163,997). Interest is charged on outstanding balances at a rate of 2.25%.

The directors are of the opinion that all other related party transactions are conducted under normal market conditions and on an arm's length and therefore do not need to be disclosed under FRS 102 section 1A appendix C.