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REGISTRAR OF COMPANIES

Registration number: SC331345

Laggan Outdoor Limited

Unaudited Financial Statements

31 October 2024

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Laggan Outdoor Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Laggan Outdoor Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Laggan Outdoor Limited for the year ended 31 October 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Laggan Outdoor Limited, as a body, in accordance with the terms of our engagement letter dated 12 December 2023. Our work has been undertaken solely to prepare for your approval the accounts of Laggan Outdoor Limited and state those matters that we have agreed to state to the Board of Directors of Laggan Outdoor Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laggan Outdoor Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Laggan Outdoor Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Laggan Outdoor Limited. You consider that Laggan Outdoor Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Laggan Outdoor Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

24 February 2025

 

Laggan Outdoor Limited

(Registration number: SC331345)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,498,115

3,534,532

Current assets

 

Stocks

48,000

48,000

Debtors

5

63,783

146,259

Cash at bank and in hand

 

183,647

84,569

 

295,430

278,828

Creditors: Amounts falling due within one year

6

(1,056,226)

(1,017,723)

Net current liabilities

 

(760,796)

(738,895)

Total assets less current liabilities

 

2,737,319

2,795,637

Creditors: Amounts falling due after more than one year

6

(1,688,587)

(1,735,366)

Provisions for liabilities

(275,387)

(277,207)

Net assets

 

773,345

783,064

Capital and reserves

 

Allotted, called up and fully paid share capital

150

150

Profit and loss account

773,195

782,914

Total equity

 

773,345

783,064

 

Laggan Outdoor Limited

(Registration number: SC331345)
Balance Sheet as at 31 October 2024 (continued)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 

.........................................

D J McConchie

Company secretary and director

.........................................

V M McConchie

Director

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Laggan
Gatehouse Of Fleet
Castle Douglas
DG7 2ES
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 October 2024 and meets its day to day working capital requirements through its bank facilities. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line basis

Plant and equipment

20% reducing balance basis

Motor vehicles

20% reducing balance basis

Furniture, fittings and office equipment

15% reducing balance or 33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 86 (2023 - 79).

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 November 2023

2,593,059

1,520,155

77,603

186,987

4,377,804

Additions

103,571

67,467

19,078

29,546

219,662

Disposals

-

-

(5,400)

-

(5,400)

At 31 October 2024

2,696,630

1,587,622

91,281

216,533

4,592,066

Depreciation

At 1 November 2023

136,371

648,791

42,725

15,385

843,272

Charge for the year

48,593

163,880

11,661

31,054

255,188

Eliminated on disposal

-

-

(4,509)

-

(4,509)

At 31 October 2024

184,964

812,671

49,877

46,439

1,093,951

Carrying amount

At 31 October 2024

2,511,666

774,951

41,404

170,094

3,498,115

At 31 October 2023

2,456,688

871,364

34,878

171,602

3,534,532

5

Debtors

2024
£

2023
£

Trade debtors

24,046

68,021

Other debtors

39,737

78,238

63,783

146,259

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

49,740

48,563

Trade creditors

 

132,107

149,625

Taxation and social security

 

98,353

84,794

Other creditors

 

776,026

734,741

 

1,056,226

1,017,723

Due after one year

 

Loans and borrowings

7

1,688,587

1,735,366

2024
£

2023
£

After more than five years by instalments

1,480,368

1,517,393

1,480,368

1,517,393

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

49,740

48,563

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

49,740

48,563

Bank borrowings are secured by floating charges over the company's assets.
 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,688,587

1,735,366

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

1,688,587

1,735,366

Bank borrowings are secured by floating charges over the company's assets.

 

Laggan Outdoor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Related party transactions

2024

At 1 November 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 October 2024
£

D J McConchie

Loan

32,371

56,063

(13,442)

-

(63,000)

330

12,322

               
         

V M McConchie

Loan

29,308

55,863

(14,031)

-

(63,000)

241

8,381

               
         

 

2023

At 1 November 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 October 2023
£

D J McConchie

Loan

159,188

158,536

(286,565)

-

-

1,212

32,371

               
         

V M McConchie

Loan

154,885

159,850

(286,565)

-

-

1,138

29,308

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.