Silverfin false false 31/10/2024 01/11/2023 31/10/2024 H Dunn 26/09/2019 R Dunn 26/09/2019 A W Hardy D R Hardy N Hardy 26/09/2019 16 July 2025 The principal activity of the Company during the financial year continued to be that of operating a hotel. SC107221 2024-10-31 SC107221 bus:Director1 2024-10-31 SC107221 bus:Director2 2024-10-31 SC107221 bus:Director5 2024-10-31 SC107221 2023-10-31 SC107221 core:CurrentFinancialInstruments 2024-10-31 SC107221 core:CurrentFinancialInstruments 2023-10-31 SC107221 core:Non-currentFinancialInstruments 2024-10-31 SC107221 core:Non-currentFinancialInstruments 2023-10-31 SC107221 core:ShareCapital 2024-10-31 SC107221 core:ShareCapital 2023-10-31 SC107221 core:RevaluationReserve 2024-10-31 SC107221 core:RevaluationReserve 2023-10-31 SC107221 core:RetainedEarningsAccumulatedLosses 2024-10-31 SC107221 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC107221 core:LandBuildings 2023-10-31 SC107221 core:PlantMachinery 2023-10-31 SC107221 core:Vehicles 2023-10-31 SC107221 core:FurnitureFittings 2023-10-31 SC107221 core:LandBuildings 2024-10-31 SC107221 core:PlantMachinery 2024-10-31 SC107221 core:Vehicles 2024-10-31 SC107221 core:FurnitureFittings 2024-10-31 SC107221 core:CostValuation 2023-10-31 SC107221 core:CostValuation 2024-10-31 SC107221 core:ImmediateParent core:CurrentFinancialInstruments 2024-10-31 SC107221 core:ImmediateParent core:CurrentFinancialInstruments 2023-10-31 SC107221 bus:OrdinaryShareClass1 2024-10-31 SC107221 2023-11-01 2024-10-31 SC107221 bus:FilletedAccounts 2023-11-01 2024-10-31 SC107221 bus:SmallEntities 2023-11-01 2024-10-31 SC107221 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 SC107221 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC107221 bus:Director1 2023-11-01 2024-10-31 SC107221 bus:Director2 2023-11-01 2024-10-31 SC107221 bus:Director3 2023-11-01 2024-10-31 SC107221 bus:Director4 2023-11-01 2024-10-31 SC107221 bus:Director5 2023-11-01 2024-10-31 SC107221 core:LandBuildings core:TopRangeValue 2023-11-01 2024-10-31 SC107221 core:PlantMachinery 2023-11-01 2024-10-31 SC107221 core:Vehicles 2023-11-01 2024-10-31 SC107221 core:FurnitureFittings 2023-11-01 2024-10-31 SC107221 2022-11-01 2023-10-31 SC107221 core:LandBuildings 2023-11-01 2024-10-31 SC107221 core:CurrentFinancialInstruments 2023-11-01 2024-10-31 SC107221 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 SC107221 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 SC107221 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC107221 (Scotland)

INVERKIP HOTEL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

INVERKIP HOTEL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

INVERKIP HOTEL LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
INVERKIP HOTEL LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 496,048 520,668
Investments 4 2,400 2,400
498,448 523,068
Current assets
Stocks 21,917 19,129
Debtors 5 146,778 36,827
Cash at bank and in hand 34,423 30,551
203,118 86,507
Creditors: amounts falling due within one year 6 ( 134,723) ( 124,938)
Net current assets/(liabilities) 68,395 (38,431)
Total assets less current liabilities 566,843 484,637
Creditors: amounts falling due after more than one year 7 ( 133,288) ( 21,937)
Provision for liabilities 8 ( 11,786) ( 13,955)
Net assets 421,769 448,745
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 382,432 382,432
Profit and loss account 39,237 66,213
Total shareholder's funds 421,769 448,745

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 financial statements of Inverkip Hotel Limited (registered number: SC107221) were approved and authorised for issue by the Board of Directors on 16 July 2025. They were signed on its behalf by:

A W Hardy
Director
INVERKIP HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
INVERKIP HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Inverkip Hotel 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 Inverkip Hotel Main Street, Inverkip, Greenock, PA16 0AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties, 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 £.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point in which the company fulfils its contractual obligation to the customer. Deposits received for future events are deferred until the service has been provided.

Turnover for bar and restaurant sales is recognised when goods are received by customers. Turnover for hotel nights or functions is recognised when customers receive these services.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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, 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:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % 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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents

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

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 initially measured at transaction price including transaction costs.

Basic financial liabilities
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 liabilities, including creditors, 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 proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 52 46

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2023 791,274 136,880 21,150 152,438 1,101,742
At 31 October 2024 791,274 136,880 21,150 152,438 1,101,742
Accumulated depreciation
At 01 November 2023 328,178 93,358 19,563 139,975 581,074
Charge for the financial year 15,825 6,528 397 1,870 24,620
At 31 October 2024 344,003 99,886 19,960 141,845 605,694
Net book value
At 31 October 2024 447,271 36,994 1,190 10,593 496,048
At 31 October 2023 463,096 43,522 1,587 12,463 520,668

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2023 2,400 2,400
At 31 October 2024 2,400 2,400
Carrying value at 31 October 2024 2,400 2,400
Carrying value at 31 October 2023 2,400 2,400

5. Debtors

2024 2023
£ £
Amounts owed by Parent undertakings 47,226 35,603
Other debtors 99,552 1,224
146,778 36,827

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 16,135 9,548
Trade creditors 49,607 50,205
Taxation and social security 52,841 49,836
Other creditors 16,140 15,349
134,723 124,938

The Royal Bank of Scotland PLC has provided an overdraft facility which is secured by a fixed charge over the business premises and a floating charge over all the property and undertakings of the company.

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

2024 2023
£ £
Bank loans 133,288 21,937

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 11,786 13,955

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by key management personnel 99,552 0

Interest has been charged at 2.25% and there are no fixed repayment terms.

Other related party transactions

2024 2023
£ £
Amounts owed by other related parties 47,226 35,603
0 0