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REGISTERED NUMBER: SC612636 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Loch Lomond Castle Lodges Limited

Loch Lomond Castle Lodges Limited (Registered number: SC612636)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Loch Lomond Castle Lodges Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Mr J Carr





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SC612636 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Loch Lomond Castle Lodges Limited (Registered number: SC612636)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,217,473 1,238,101
1,217,473 1,238,101

CURRENT ASSETS
Stocks 1,689 1,650
Debtors 6 321,982 217,070
Cash at bank 602 720
324,273 219,440
CREDITORS
Amounts falling due within one year 7 800,358 679,051
NET CURRENT LIABILITIES (476,085 ) (459,611 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

741,388

778,490

CREDITORS
Amounts falling due after more than one
year

8

852,956

876,866
NET LIABILITIES (111,568 ) (98,376 )

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings (111,569 ) (98,377 )
SHAREHOLDERS' FUNDS (111,568 ) (98,376 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Loch Lomond Castle Lodges Limited (Registered number: SC612636)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2025 and were signed by:





Mr J Carr - Director


Loch Lomond Castle Lodges Limited (Registered number: SC612636)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Loch Lomond Castle Lodges 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 financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
The director reviews the requirements of the company and the group on a regular basis to ensure wherever possible that sufficient resources are available to meet obligations as they fall due. The company and the group is wholly dependant on the ongoing support of the Bank which provides finance for the acquisition of assets and working capital. The Bank has indicated that this support will continue. In addition, the company depends on the ongoing support of associated businesses and these businesses have indicated that this support will continue. On that basis the director deems it appropriate to produce accounts on a going concern basis and as such they have been drawn up as a going concern business.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment, fixtures and fittings - 25% on reducing balance

Letting lodges and office accommodation - over 30 years

Tangible fixed assets are stated at cost less depreciation.

Assets under construction are not depreciated until brought into full use.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Loch Lomond Castle Lodges Limited (Registered number: SC612636)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and 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.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Loch Lomond Castle Lodges Limited (Registered number: SC612636)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 amount 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSENTS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 2,083
AMORTISATION
At 1 July 2023
and 30 June 2024 2,083
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Letting
lodges Equipment,
and fixtures
office and Computer
accommodation fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 1,252,061 21,749 2,522 1,276,332
DEPRECIATION
At 1 July 2023 23,478 13,038 1,715 38,231
Charge for year 15,473 4,348 807 20,628
At 30 June 2024 38,951 17,386 2,522 58,859
NET BOOK VALUE
At 30 June 2024 1,213,110 4,363 - 1,217,473
At 30 June 2023 1,228,583 8,711 807 1,238,101

Loch Lomond Castle Lodges Limited (Registered number: SC612636)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,861 9,861
Amounts owed by group undertakings 137,056 131,489
Amounts owed by associates 131,326 51,662
Other debtors 43,739 24,058
321,982 217,070

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 99,625 107,746
Trade creditors 34,799 13,528
Amounts owed to group undertakings 562,968 497,568
Taxation and social security 40,520 7,590
Other creditors 62,446 52,619
800,358 679,051

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 852,956 876,866

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 643,793 667,705

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 29,904 38,025
Bank loans 69,721 69,721
99,625 107,746

Amounts falling due between one and two years:
Bank loans - 1-2 years 69,721 69,721

Amounts falling due between two and five years:
Bank loans - 2-5 years 139,442 139,440

Amounts falling due in more than five years:

Loch Lomond Castle Lodges Limited (Registered number: SC612636)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans over 5 years 643,793 667,705

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 29,904 38,025
Bank loans 922,677 946,587
952,581 984,612

All bank borrowings are secured by way of a bond and floating charge over all the assets of the company, by supported cross company guarantee of all group and associated businesses and by a limited guarantee of the director.

The company has also granted a First Standard Security over certain parcels of land owned by the company, fellow group companies and associated businesses.

11. CALLED UP SHARE CAPITAL

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

12. CONTINGENT LIABILITIES

The company has provided unlimited cross company guarantees for all bank borrowings of group companies and associated businesses. As at 30th June 2024 the exposure under this heading amounted to £1,350,809 (2023 - £1,733,159).

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The loan from the director is interest free and repayable on demand.

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company Loch Lomond Castle Lodges (Holdings) Limited and other wholly owned subsidiaries within the group.

During the year, various commercial transactions were made to and from Loch Lomond Guest House & Lodges LLP resulting in a balance owing from that business at 30 June 2024 of £131,325 (2023: £51,662).

15. ULTIMATE CONTROLLING PARTY

The company is under the control of James Carr by virtue of 100% ownership of the company's parent company Loch Lomond Castle Lodges (Holdings) Ltd.