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Company No: SC428935 (Scotland)

THE TOWN HOUSE HOTEL ARBROATH LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

THE TOWN HOUSE HOTEL ARBROATH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

THE TOWN HOUSE HOTEL ARBROATH LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2024
THE TOWN HOUSE HOTEL ARBROATH LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 67,288 66,063
67,288 66,063
Current assets
Stocks 7,659 7,452
Debtors 4 10,686 11,615
Cash at bank and in hand 58,090 41,664
76,435 60,731
Creditors: amounts falling due within one year 5 ( 92,647) ( 65,479)
Net current liabilities (16,212) (4,748)
Total assets less current liabilities 51,076 61,315
Creditors: amounts falling due after more than one year 6 ( 25,437) ( 40,125)
Provision for liabilities 7, 8 ( 17,122) ( 14,225)
Net assets 8,517 6,965
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 8,515 6,963
Total shareholders' funds 8,517 6,965

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Town House Hotel Arbroath Limited (registered number: SC428935) were approved and authorised for issue by the Director on 02 May 2025. They were signed on its behalf by:

Graeme Ritchie Gersok
Director
THE TOWN HOUSE HOTEL ARBROATH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
THE TOWN HOUSE HOTEL ARBROATH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Town House Hotel Arbroath Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 99-101 High Street, Arbroath, DD11 1DP, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for bar, food and accommodation sales net of VAT and trade discounts. Revenue is recognised on an accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which was 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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 extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with bank.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 30 40

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2023 66,987 1,292 94,722 14,331 177,332
Additions 8,322 0 3,546 524 12,392
At 30 November 2024 75,309 1,292 98,268 14,855 189,724
Accumulated depreciation
At 01 December 2023 35,194 1,237 62,761 12,077 111,269
Charge for the financial year 5,234 14 5,063 856 11,167
At 30 November 2024 40,428 1,251 67,824 12,933 122,436
Net book value
At 30 November 2024 34,881 41 30,444 1,922 67,288
At 30 November 2023 31,793 55 31,961 2,254 66,063

4. Debtors

2024 2023
£ £
Trade debtors 0 3
Other taxation and social security 544 0
Other debtors 10,142 11,612
10,686 11,615

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,002 5,000
Trade creditors 8,126 7,786
Taxation and social security 69,831 48,145
Other creditors 8,688 4,548
92,647 65,479

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme totalling £6,002 (2023 - £5,000). This loan is fully backed by a government guarantee.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 25,437 40,125

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme totalling £25,437 (2023 - £40,125). This loan is fully backed by a government guarantee.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 17,122 14,225

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 14,225) ( 9,133)
Charged to the Statement of Income and Retained Earnings ( 2,897) ( 5,092)
At the end of financial year ( 17,122) ( 14,225)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
180 A ordinary shares of £ 0.01 each 1.80 1.80
20 B ordinary shares of £ 0.01 each 0.20 0.20
2.00 2.00

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 73,380 73,380
between one and five years 293,519 366,899
after five years 98,781 172,161
465,680 612,440

11. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed by director

2024 2023
£ £
Director's loan 0 1,612

Amounts owed to director

2024 2023
£ £
Director's loan 136 0

Advances

Advances have been made in the year to the Directors totalling £6,952, with £8,700 being repaid. The above balance is unsecured, interest free and repayable on demand.