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REGISTERED NUMBER: SC242324 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2025

for

Hannigan Hotels Ltd.

Hannigan Hotels Ltd. (Registered number: SC242324)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Hannigan Hotels Ltd. (Registered number: SC242324)

Statement of Financial Position
31 January 2025

31.1.25 31.1.24
Notes £    £   
FIXED ASSETS
Tangible assets 4 78,835 34,813
Investment property 5 13,742,256 13,439,523
13,821,091 13,474,336

CURRENT ASSETS
Debtors 6 114,700 171,075
Cash at bank 1,095,862 1,808,753
1,210,562 1,979,828
CREDITORS
Amounts falling due within one year 7 (2,888,753 ) (2,793,173 )
NET CURRENT LIABILITIES (1,678,191 ) (813,345 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,142,900

12,660,991

CREDITORS
Amounts falling due after more than one
year

8

(1,529,945

)

(3,048,793

)

PROVISIONS FOR LIABILITIES (715,842 ) (818,680 )
NET ASSETS 9,897,113 8,793,518

CAPITAL AND RESERVES
Called up share capital 2,060 2,060
Retained earnings 9,895,053 8,791,458
SHAREHOLDERS' FUNDS 9,897,113 8,793,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

Hannigan Hotels Ltd. (Registered number: SC242324)

Statement of Financial Position - continued
31 January 2025


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 26 May 2025 and were signed on its behalf by:





Mr D Hannigan - Director


Hannigan Hotels Ltd. (Registered number: SC242324)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Hannigan Hotels Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC242324. The registered office is Unit 5 Gateway Business Park, Beanrcross Road, Grangemouth, Stirlingshire, FK3 8WX.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced property rental income, excluding value added tax. Income is recognised when the agreed rental periods have expired.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore these are depreciated to nil value across the appropriate lifespan of the asset.

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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hannigan Hotels Ltd. (Registered number: SC242324)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2024 312,565
Additions 66,385
Disposals (264,081 )
At 31 January 2025 114,869
DEPRECIATION
At 1 February 2024 277,752
Charge for year 22,363
Eliminated on disposal (264,081 )
At 31 January 2025 36,034
NET BOOK VALUE
At 31 January 2025 78,835
At 31 January 2024 34,813

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2024 13,439,523
Additions 792,711
Disposals (489,978 )
At 31 January 2025 13,742,256
NET BOOK VALUE
At 31 January 2025 13,742,256
At 31 January 2024 13,439,523

Hannigan Hotels Ltd. (Registered number: SC242324)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

5. INVESTMENT PROPERTY - continued

Fair value at 31 January 2025 is represented by:
£   
Valuation in 2019 1,115,259
Valuation in 2020 450,000
Valuation in 2021 968,722
Cost 11,208,275
13,742,256

If investment property had not been revalued it would have been included at the following historical cost:

31.1.25 31.1.24
£    £   
Cost 11,208,275 10,905,542

Investment property was valued on an open market value basis on 31 January 2021 by the Board of Directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Trade debtors 40,024 59,561
Amounts owed by related parties - 44,303
Other debtors 74,676 67,211
114,700 171,075

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.25 31.1.24
£    £   
Bank loans and overdrafts 523,872 523,872
Trade creditors 56,092 29,948
Amounts owed to related parties 1,041,405 1,020,312
Taxation and social security 163,904 453,164
Other creditors 1,103,480 765,877
2,888,753 2,793,173

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.25 31.1.24
£    £   
Bank loans 1,529,945 3,048,793

Hannigan Hotels Ltd. (Registered number: SC242324)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.25 31.1.24
£    £   
Bank loans 2,053,817 3,572,664

In respect of the bank loans provided, the Clydesdale Bank holds a floating charge over the whole of the assets of the company and standard security over certain investment properties.

10. RELATED PARTY DISCLOSURES

Companies under common control
Service charges paid: £nil (2024: £300,000)
Rent and service charge received: £151,500 (2024: £272,870)
Related party balances written off: £-7,938 (2024 £-615)
Amounts owed to related parties: £1,041,405 (2024: £1,020,312)
Amounts owed by related parties: £nil (2024: £44,303)