| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 January 2025 |
| for |
| Hannigan Hotels Ltd. |
| REGISTERED NUMBER: |
| 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 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 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 |
| Plant and machinery etc | - |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 |
| Amounts owed by related parties |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to related parties | 1,041,405 | 1,020,312 |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans |
| 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) |