Silverfin false false 31/03/2025 01/04/2024 31/03/2025 Caroline Gregory 14/10/2014 Sean Kelly 14/10/2014 16 August 2025 The principal activity of the Company continues to be that of running a hotel. SC488936 2025-03-31 SC488936 bus:Director1 2025-03-31 SC488936 bus:Director2 2025-03-31 SC488936 2024-03-31 SC488936 core:CurrentFinancialInstruments 2025-03-31 SC488936 core:CurrentFinancialInstruments 2024-03-31 SC488936 core:Non-currentFinancialInstruments 2025-03-31 SC488936 core:Non-currentFinancialInstruments 2024-03-31 SC488936 core:ShareCapital 2025-03-31 SC488936 core:ShareCapital 2024-03-31 SC488936 core:RevaluationReserve 2025-03-31 SC488936 core:RevaluationReserve 2024-03-31 SC488936 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC488936 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC488936 core:LandBuildings 2024-03-31 SC488936 core:FurnitureFittings 2024-03-31 SC488936 core:OfficeEquipment 2024-03-31 SC488936 core:LandBuildings 2025-03-31 SC488936 core:FurnitureFittings 2025-03-31 SC488936 core:OfficeEquipment 2025-03-31 SC488936 core:CurrentFinancialInstruments core:Secured 2025-03-31 SC488936 core:MoreThanFiveYears 2025-03-31 SC488936 core:MoreThanFiveYears 2024-03-31 SC488936 2023-03-31 SC488936 bus:OrdinaryShareClass1 2025-03-31 SC488936 bus:PreferenceShareClass1 2025-03-31 SC488936 2024-04-01 2025-03-31 SC488936 bus:FilletedAccounts 2024-04-01 2025-03-31 SC488936 bus:SmallEntities 2024-04-01 2025-03-31 SC488936 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 SC488936 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC488936 bus:Director1 2024-04-01 2025-03-31 SC488936 bus:Director2 2024-04-01 2025-03-31 SC488936 core:LandBuildings core:TopRangeValue 2024-04-01 2025-03-31 SC488936 core:FurnitureFittings 2024-04-01 2025-03-31 SC488936 core:OfficeEquipment 2024-04-01 2025-03-31 SC488936 2023-04-01 2024-03-31 SC488936 core:LandBuildings 2024-04-01 2025-03-31 SC488936 core:CurrentFinancialInstruments 2024-04-01 2025-03-31 SC488936 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 SC488936 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 SC488936 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC488936 bus:PreferenceShareClass1 2024-04-01 2025-03-31 SC488936 bus:PreferenceShareClass1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC488936 (Scotland)

THE LOVAT LOCH NESS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

THE LOVAT LOCH NESS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

THE LOVAT LOCH NESS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025
THE LOVAT LOCH NESS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 2,216,730 2,221,601
2,216,730 2,221,601
Current assets
Stocks 13,066 11,212
Debtors 4 59,059 63,402
Cash at bank and in hand 2,707 1,717
74,832 76,331
Creditors: amounts falling due within one year 5 ( 504,109) ( 476,393)
Net current liabilities (429,277) (400,062)
Total assets less current liabilities 1,787,453 1,821,539
Creditors: amounts falling due after more than one year 6 ( 580,010) ( 659,734)
Provision for liabilities 7 ( 151,911) ( 157,036)
Net assets 1,055,532 1,004,769
Capital and reserves
Called-up share capital 8 50,000 50,000
Revaluation reserve 423,262 565,123
Profit and loss account 582,270 389,646
Total shareholders' funds 1,055,532 1,004,769

For the financial year ending 31 March 2025 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 The Lovat Loch Ness Limited (registered number: SC488936) were approved and authorised for issue by the Board of Directors on 16 August 2025. They were signed on its behalf by:

Caroline Gregory
Director
THE LOVAT LOCH NESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
THE LOVAT LOCH NESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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 Lovat, Loch Ness 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 Clava House, Cradlehall Business Park, Inverness, IV2 5GH, 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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, despite having net current liabilities at the year end of £429,277.

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

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:

Land and buildings 100 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 25 % 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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 assets 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.

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 bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Government grants

Grants received towards capital expenditure are released to the profit and loss account over the expected useful life of the asset. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 26

3. Tangible assets

Land and buildings Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2024 2,117,580 612,766 44,396 2,774,742
Additions 23,281 34,127 2,105 59,513
Disposals 0 ( 9,256) ( 2,669) ( 11,925)
At 31 March 2025 2,140,861 637,637 43,832 2,822,330
Accumulated depreciation
At 01 April 2024 127,657 402,690 22,794 553,141
Charge for the financial year 21,271 34,492 5,548 61,311
Disposals 0 ( 6,499) ( 2,353) ( 8,852)
At 31 March 2025 148,928 430,683 25,989 605,600
Net book value
At 31 March 2025 1,991,933 206,954 17,843 2,216,730
At 31 March 2024 1,989,923 210,076 21,602 2,221,601

Revaluation of tangible assets

Land and buildings with a carrying amount of £1,991,775 were revalued at 22 July 2024 by DM Hall Chartered Surveyors, independent valuers not connected with the company on an open market basis. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

2025 2024
£ £
Historical cost 1,552,457 1,552,457
Accumulated depreciation (143,274) (127,656)
Carrying value 1,409,183 1,424,801

4. Debtors

2025 2024
£ £
Corporation tax 5,298 0
Other debtors 53,761 63,402
59,059 63,402

5. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans and overdrafts (secured) 237,410 230,927
Trade creditors 90,115 57,389
Taxation and social security 35,633 65,439
Other creditors 140,951 122,638
504,109 476,393

The bank loans and overdrafts are secured by a standard security over the property.

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

2025 2024
£ £
Bank loans (secured) 377,362 434,809
Other creditors 202,648 224,925
580,010 659,734

The bank loan is secured by a standard security over the property.

The redeemable shares are to be redeemed based on monthly repayments recommencing after March 2025. All redeemable shares will be redeemed at par but the balance carries an interest rate of 6%.

The aggregate amount of secured liabilities due after one year is £377,362 (2024 - £434,809)

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2025 2024
£ £
Bank loans (secured) 147,142 201,120

7. Deferred tax

2025 2024
£ £
At the beginning of financial year ( 157,036) ( 19,739)
Credited/(charged) to the Statement of Income and Retained Earnings 5,125 ( 137,297)
At the end of financial year ( 151,911) ( 157,036)

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000
118,463 6.00% Preference redeemable shares of £ 1.00 each 118,463 118,463
168,463 168,463

Preference shares of £118,463 (2024 - £118,463) are within the Other Creditors falling due after more than one year.

9. Financial commitments

Other financial commitments

2025 2024
£ £
Current Commitments arising from government grants 6,220 6,995
Non-current Commitments arising from government grants 69,993 76,213
Operating Lease Commitments 1,359 6,300
77,572 89,508

Operating Lease commitments are due as follows: £741 due within one year and £618 due within 2-5 years.

10. Related party transactions

Transactions with the entity's directors

2025 2024
£ £
Amounts due to Key Management Personnel 34,192 40,999
Amounts due from Key Management Personnel (15,697) (8,215)

The above loans are interest free, unsecured, and have no fixed terms of repayment.

Other related party transactions

2025 2024
£ £
Amounts due from Other Related Parties 9,250 19,250

The above loan is interest free, unsecured, and have no fixed terms of repayment.