Company registration number SC745216 (Scotland)
SKYE LINEN (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SKYE LINEN (SCOTLAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SKYE LINEN (SCOTLAND) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
121,638
51,764
Current assets
Debtors
4
232,221
143,695
Cash at bank and in hand
1,045
2,601
233,266
146,296
Creditors: amounts falling due within one year
5
(136,532)
(107,558)
Net current assets
96,734
38,738
Total assets less current liabilities
218,372
90,502
Creditors: amounts falling due after more than one year
6
(60,421)
Provisions for liabilities
(27,066)
(31,175)
Net assets
130,885
59,327
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
130,785
59,227
Total equity
130,885
59,327
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SKYE LINEN (SCOTLAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 August 2025
Miss E Dickson
Director
Company Registration No. SC745216
SKYE LINEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
Skye Linen (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is Hawthorn Cottage, Somerled Square, Portree, Isle of Skye, United Kingdom, IV51 9EH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% straight line
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SKYE LINEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Provisions
Provisions are recognised when the company has a legal or constructive 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
10
SKYE LINEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
14,700
40,315
55,015
Additions
13,000
77,496
90,496
At 30 November 2024
14,700
53,315
77,496
145,511
Depreciation and impairment
At 1 December 2023
699
2,552
3,251
Depreciation charged in the year
1,473
12,691
6,458
20,622
At 30 November 2024
2,172
15,243
6,458
23,873
Carrying amount
At 30 November 2024
12,528
38,072
71,038
121,638
At 30 November 2023
14,001
37,763
51,764
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,483
38,303
Other debtors
219,738
105,392
232,221
143,695
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
15,762
Trade creditors
13,495
9,848
Corporation tax
12,339
7,314
Other taxation and social security
38,916
19,054
Other creditors
53,667
69,542
Accruals and deferred income
2,353
1,800
136,532
107,558
SKYE LINEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
60,421
SKYE LINEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Related party transactions
The following transactions occurred with companies in which Alexandra Dickson and/or close family members hold a controlling interest:
Revenue
Skye Hotels Ltd £23,643 (2023: £9,256)
Sithean Beag Ltd £24,504 (2023: £9,001)
Caledonian Skye Ltd £nil (2023: £7,000)
Campbell Dickson Trading £4,391 (2023: £2,314)
Kedrah Trading Ltd £5,255 (2023: £2,274)
Greshornish House Ltd £nil (2023: £2,000)
Expenses
Portree Hotel Ltd £nil (2023: £36,580)
Caledonian Skye (Skye) Ltd £nil (2023: £1,200)
At the balance sheet date, the following amounts were:
Owed by Skye Linen (Scotland) Ltd
Caledonian Skye Ltd £nil (2023: £40,340)
Skye Hotels Ltd £17,409 (2023: £7,000)
Greshornish House Ltd £nil (2023: £600)
Puddle Duck Properties Ltd £19,800 (2023: £20,400)
Kedrah Trading Ltd £41 (2023: £1,200)
Hard Cake Holdings Ltd (Parent) £600 (2023: £nil)
Owed to Skye Linen (Scotland) Ltd
The Portree Hotel Ltd £168,719 (2023: £75,532)
Caledonian Skye Distillers Ltd £408 (2023: £nil)
Sithean Beag Ltd £3,455 (2023: £nil)
Greshornish House Ltd £26,488 (2023: £nil)
8
Directors' transactions
At the balance sheet date, the sum of £15,641 (2023: £29,860) was owed to the company by close family members of the director. No interest has been charged and no repayment terms have been set.
9
Ultimate Controlling Party
The ultimate controlling party is Alexandra Dickson.