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REGISTERED NUMBER: SC612635 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Loch Lomond Castles Lodges (Holdings)
Limited

Loch Lomond Castles Lodges (Holdings)
Limited (Registered number: SC612635)






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 Castles Lodges (Holdings)
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: SC612635 (Scotland)





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

Loch Lomond Castles Lodges (Holdings)
Limited (Registered number: SC612635)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,270,602 1,270,602

CURRENT ASSETS
Debtors 5 - 3,942
Cash at bank 132 565
132 4,507
CREDITORS
Amounts falling due within one year 6 399,580 365,050
NET CURRENT LIABILITIES (399,448 ) (360,543 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

871,154

910,059

CREDITORS
Amounts falling due after more than one
year

7

558,842

584,830
NET ASSETS 312,312 325,229

CAPITAL AND RESERVES
Called up share capital 10 48,556 48,556
Share premium 257,554 257,554
Retained earnings 6,202 19,119
SHAREHOLDERS' FUNDS 312,312 325,229

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 Castles Lodges (Holdings)
Limited (Registered number: SC612635)

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 Castles Lodges (Holdings)
Limited (Registered number: SC612635)

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

1. STATUTORY INFORMATION

Loch Lomond Castles Lodges (Holdings) 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 director is of the view that the current level of support from the bank 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.

Preparation of consolidated financial statements
The financial statements contain information about Loch Lomond Castles Lodges (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Loch Lomond Castles Lodges (Holdings)
Limited (Registered number: SC612635)

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.

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.

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.

Loch Lomond Castles Lodges (Holdings)
Limited (Registered number: SC612635)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 3 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1,270,602
NET BOOK VALUE
At 30 June 2024 1,270,602
At 30 June 2023 1,270,602

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Name of Company Class of shares Holding
Loch Lomond Castle Lodges Ltd Ordinary 100%

The Cruin Ltd Ordinary 79%


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 3,942

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 39,300 39,300
Amounts owed to group undertakings 256,538 235,855
Other creditors 103,742 89,895
399,580 365,050

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 558,842 584,830

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 401,641 427,629

Loch Lomond Castles Lodges (Holdings)
Limited (Registered number: SC612635)

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

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 39,300 39,300

Amounts falling due between one and two years:
Bank loans - 1-2 years 39,300 39,300

Amounts falling due between two and five years:
Bank loans - 2-5 years 117,901 117,901

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 401,641 427,629

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 598,142 624,130

Bank loans and overdrafts are secured by a first standard security over the groups freehold land and buildings and by bond and floating charge over all of the company's assets.

Bank borrowings are also secured by cross company guarantees from other group and associated businesses. Interest is charged at a commercial rate on all bank borrowings.

All bank borrowings are also secured by a limited guarantee of the director.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
48,556 Ordinary 1 48,556 48,556

11. CONTINGENT LIABILITIES

The company has provided security by way of cross company guarantees in respect of the borrowings of associated businesses, namely The Cruin Limited, the Loch Lomond Guest Houses & Lodges LLP and Loch Lomond Castle Lodges Ltd. As at 30 June 2023 these amounts to £2,086,779 (2022: £2,239,465).

Loch Lomond Castles Lodges (Holdings)
Limited (Registered number: SC612635)

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

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr J Carr
Balance outstanding at start of year - (25,031 )
Amounts advanced - 25,131
Amounts repaid - (100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The overdrawn director's loan account was interest free and was repaid within 9 months of the year end.

13. 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 wholly owned subsidiaries within the group.

During the year the company entered into various transactions with a Limited Liability Partnership in which one of the Director's is a designated member. As at 30 June 2023 amounts due to this business amounted to £82,684 (2022: £80,743).

During the year the company entered into transactions with a business in which it owns 79% of the issued share capital. As 30 June 2023 amounts due to this company were £131,489 (2022: £127,027).

14. ULTIMATE CONTROLLING PARTY

The company is controlled by the director by virtue of his 100% ownership.