Company Registration No. SC245423 (Scotland)
Ulbster Arms Limited
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Ulbster Arms Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Ulbster Arms Limited
Statement of financial position
As at 30 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
23,586
24,920
Tangible assets
5
3,006,312
2,903,901
3,029,898
2,928,821
Current assets
Stocks
39,945
33,421
Debtors
6
90,177
68,955
Cash at bank and in hand
32,140
35,656
162,262
138,032
Creditors: amounts falling due within one year
7
(621,772)
(612,206)
Net current liabilities
(459,510)
(474,174)
Total assets less current liabilities
2,570,388
2,454,647
Creditors: amounts falling due after more than one year
8
(1,867,599)
(1,768,099)
Provisions for liabilities
(110,339)
(110,101)
Net assets
592,450
576,447
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
592,250
576,247
Total equity
592,450
576,447
Ulbster Arms Limited
Statement of financial position (continued)
As at 30 April 2024
2

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 January 2025
Simon Laird
Director
Company Registration No. SC245423
Ulbster Arms Limited
Notes to the financial statements
For the year ended 30 April 2024
3
1
Accounting policies
Company information

Ulbster Arms Limited is a private company limited by shares incorporated in Scotland. The registered office is Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has total assets of true£3,192,160 (2023: £3,066,853), net current liabilities of £459,510 (2023: £474,174), and has reported a profit of £16,003 (2023: £2,052).

 

The directors of the company are confident that the long-term financial projections of the company confirm that the Ulbster Arms shall generate sufficient profits to ensure that all creditors of the company are paid in full within their repayment terms and as such, the financial statements have been prepared using the going concern basis of accounting.

1.3
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website & Branding
20% straight line basis
Ulbster Arms Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
4
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Nil
Furniture & fittings
15%-20% on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Ulbster Arms Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
5
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Ulbster Arms Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee 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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Capital grant received
Grants received in respect of capital expenditure are treated as capital grants repayable and are credited to the fixed asset caption of the assets to which they relate.
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Ulbster Arms Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
38
40
4
Intangible fixed assets
Website & Branding
£
Cost
At 1 May 2023
31,150
Additions
6,120
At 30 April 2024
37,270
Amortisation and impairment
At 1 May 2023
6,230
Amortisation charged for the year
7,454
At 30 April 2024
13,684
Carrying amount
At 30 April 2024
23,586
At 30 April 2023
24,920
Ulbster Arms Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
8
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
2,728,570
881,296
3,609,866
Additions
102,822
43,304
146,126
At 30 April 2024
2,831,392
924,600
3,755,992
Depreciation and impairment
At 1 May 2023
-
0
614,865
614,865
Depreciation charged in the year
-
0
43,715
43,715
At 30 April 2024
-
658,580
658,580
Capital grants received
At 1 May 2023 and 30 April 2024
91,100
-
0
91,100
Carrying amount
At 30 April 2024
2,740,292
266,020
3,006,312
At 30 April 2023
2,637,470
266,431
2,903,901
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,903
4,285
Corporation tax recoverable
38
38
Other debtors
81,236
64,632
90,177
68,955
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
102,357
114,968
Trade creditors
188,212
158,451
Taxation and social security
55,584
86,229
Other creditors
275,619
252,558
621,772
612,206
Ulbster Arms Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
9
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,335,833
1,345,833
Other creditors
531,766
422,266
1,867,599
1,768,099

The company has granted a bond and floating charge in favour of Weatherbys Bank Limited in respect of the undertaking and all property and assets present and future of the company including uncalled capital.

 

The company granted a standard security over the Ulbster Arms Hotel in Halkirk, Caithness in favour of Weatherbys Bank Limited for all sums due or to become due.

9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1 each
200
200
10
Parent company

The company is controlled by Angus Estates Limited, a registered company in Scotland, holding 95% of the issued share capital.

 

In the opinion of the directors, Simon Laird is the ultimate controlling party.

 

 

 

 

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