Company registration number SC463207 (Scotland)
THE PARK HOTEL AYRSHIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
THE PARK HOTEL AYRSHIRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE PARK HOTEL AYRSHIRE LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,678,592
2,753,615
Current assets
Stocks
64,063
51,688
Debtors
4
121,269
65,676
Cash at bank and in hand
363,619
110,178
548,951
227,542
Creditors: amounts falling due within one year
5
(2,317,090)
(2,237,056)
Net current liabilities
(1,768,139)
(2,009,514)
Total assets less current liabilities
910,453
744,101
Provisions for liabilities
(160,316)
-
0
Net assets
750,137
744,101
Capital and reserves
Called up share capital
6
1,020,000
1,020,000
Profit and loss reserves
(269,863)
(275,899)
Total equity
750,137
744,101

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 16 December 2024 and are signed on its behalf by:
Mr W Bowie
Director
Company Registration No. SC463207
THE PARK HOTEL AYRSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

The Park Hotel Ayrshire Limited is a private company limited by shares incorporated in Scotland. The registered office is The Park Hotel Ayrshire Limited, Rugby Park, Kilmarnock, United Kingdom, KA1 1UR.

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. The principal accounting policies adopted are set out below.

1.2
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.

 

The company recognises revenue when the amount of revenue and related costs can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

1.3
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and buildings
2% on cost
Improvements to property
10% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on reducing balance
1.4
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.

1.5
Taxation

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

Current tax

The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

THE PARK HOTEL AYRSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

1.6
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.

2
Employees

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

2024
2023
Number
Number
Total
92
90
3
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
2,392,739
968,987
256,215
12,500
3,630,441
Additions
-
0
59,547
10,200
-
0
69,747
Disposals
-
0
(6,188)
-
0
-
0
(6,188)
At 31 May 2024
2,392,739
1,022,346
266,415
12,500
3,694,000
Depreciation and impairment
At 1 June 2023
441,615
255,741
169,854
9,616
876,826
Depreciation charged in the year
47,855
71,521
18,485
721
138,582
At 31 May 2024
489,470
327,262
188,339
10,337
1,015,408
Carrying amount
At 31 May 2024
1,903,269
695,084
78,076
2,163
2,678,592
At 31 May 2023
1,951,124
713,246
86,361
2,884
2,753,615
THE PARK HOTEL AYRSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,262
15,298
Other debtors
53,818
35,810
Prepayments and accrued income
53,189
14,568
121,269
65,676
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
156,682
169,774
Corporation tax
83,639
10,286
Other taxation and social security
179,371
158,310
Other creditors
1,859,945
1,843,456
Accruals and deferred income
37,453
55,230
2,317,090
2,237,056
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,020,000
1,020,000
1,020,000
1,020,000
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
938
8
Related party transactions

At 31 May 2024 £1,559,016 (2023: £1,691,928) was due to a company under the common control of a director. The balance is interest free and there are no fixed terms for repayment.

9
Ultimate controlling party

The Ultimate Controlling Party is W D Bowie.

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