REGISTERED NUMBER: SC397127 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2024

for

Commercial Hotel (Thurso) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Youngson

J J W Youngson

REGISTERED OFFICE:

1 Princes Street

Thurso

Caithness

KW14 7BQ

REGISTERED NUMBER:

SC397127 (Scotland)

ACCOUNTANTS:

Reid & Fraser

Chartered Accountants

15 Princes Street

Thurso

Caithness

KW14 7BQ

FIXED ASSETS

Tangible assets

4

109,137

124,102

Investments

5

5,600

5,600

Investment property

6

279,915

90,002

394,652

219,704

CURRENT ASSETS

Stocks

13,024

12,975

Debtors

7

97,809

82,583

Investments

8

19,367

16,667

Cash at bank and in hand

226,704

351,520

356,904

463,745

CREDITORS

Amounts falling due within one year

9

(114,614

)

(106,657

)

NET CURRENT ASSETS

242,290

357,088

TOTAL ASSETS LESS CURRENT LIABILITIES

636,942

576,792

CREDITORS

Amounts falling due after more than one year

10

(25,714

)

(39,026

)

PROVISIONS FOR LIABILITIES

(8,932

)

(10,434

)

NET ASSETS

602,296

527,332

CAPITAL AND RESERVES

Called up share capital

1

1

Capital redemption reserve

1

1

Retained earnings

602,294

527,330

SHAREHOLDERS' FUNDS

602,296

527,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:

S Youngson - Director

1.	STATUTORY INFORMATION

Commercial Hotel (Thurso) Ltd 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% straight line

Plant and machinery

-

15% reducing balance

Motor vehicles

-

25% reducing balance

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 September 2023

63,301

172,701

46,854

282,856

Additions

-

4,480

34,000

38,480

Disposals

-

-

(34,000

)

(34,000

)

At 31 August 2024

63,301

177,181

46,854

287,336

DEPRECIATION

At 1 September 2023

8,263

130,836

19,655

158,754

Charge for year

1,127

8,307

10,011

19,445

At 31 August 2024

9,390

139,143

29,666

178,199

NET BOOK VALUE

At 31 August 2024

53,911

38,038

17,188

109,137

At 31 August 2023

55,038

41,865

27,199

124,102

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 September 2023

and 31 August 2024

22,295

DEPRECIATION

At 1 September 2023

6,187

Charge for year

2,416

At 31 August 2024

8,603

NET BOOK VALUE

At 31 August 2024

13,692

At 31 August 2023

16,108

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2024

2023

£

£

Fixed asset investment

5,600

5,600

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2023

90,002

Additions

189,913

At 31 August 2024

279,915

NET BOOK VALUE

At 31 August 2024

279,915

At 31 August 2023

90,002

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

97,809

82,583

8.	CURRENT ASSET INVESTMENTS

2024

2023

£

£

Other investments

19,367

16,667

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

3,405

3,405

Trade creditors

42,397

40,873

Taxation and social security

24,743

27,043

Other creditors

44,069

35,336

114,614

106,657

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

22,309

32,216

Hire purchase contracts

3,405

6,810

25,714

39,026

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024

2023

£

£

S Youngson

Balance outstanding at start of year

41,683

36,516

Amounts advanced

10,549

5,167

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

52,232

41,683

Interest on overdrawn balance is charged at HM Revenue & Custom's official rate of interest.