Company registration number SC748445 (Scotland)
GRESHORNISH HOUSE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GRESHORNISH HOUSE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GRESHORNISH HOUSE LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,302
26,999
Current assets
Stocks
12,667
-
Debtors
4
57,702
34,703
Cash at bank and in hand
-
0
14
70,369
34,717
Creditors: amounts falling due within one year
5
(451,085)
(109,678)
Net current liabilities
(380,716)
(74,961)
Total assets less current liabilities
(353,414)
(47,962)
Creditors: amounts falling due after more than one year
6
(2,467)
(4,933)
Net liabilities
(355,881)
(52,895)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(355,981)
(52,995)
Total equity
(355,881)
(52,895)

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.

GRESHORNISH HOUSE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 August 2025 and are signed on its behalf by:
Miss E Dickson
Director
Company Registration No. SC748445
GRESHORNISH HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

Greshornish House Ltd is a private company limited by shares incorporated in Scotland. The registered office is Greshornish House Hotel, Greshornish, By Portree, Isle of Skye, United Kingdom, IV51 9PN.

1.1
Reporting period

The financial statements that have been presented are for a period of 13 months and 6 days as this is the company's first accounting period.

1.2
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.

1.3
Going concern

At the balance sheet date, the company had net liabilities, however the director has confirmed that they will continue to provide financial assistance until such times that the financial position of the company improves. They therefore believe it is appropriate to prepare the financial statements on a going concern basis.

1.4
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
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.

GRESHORNISH HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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
Fixtures and fittings
25% reducing balance
Computers
25% straight line
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.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
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.

1.8
Leases

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
6
GRESHORNISH HOUSE LTD
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
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2023
-
0
5,146
5,859
9,638
12,990
33,633
Additions
2,600
-
0
5,631
-
0
-
0
8,231
At 30 November 2024
2,600
5,146
11,490
9,638
12,990
41,864
Depreciation and impairment
At 1 December 2023
-
0
777
854
1,755
3,248
6,634
Depreciation charged in the year
217
1,092
1,774
2,409
2,436
7,928
At 30 November 2024
217
1,869
2,628
4,164
5,684
14,562
Carrying amount
At 30 November 2024
2,383
3,277
8,862
5,474
7,306
27,302
At 30 November 2023
-
0
4,369
5,005
7,883
9,742
26,999
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
6,405
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
57,702
28,298
Total debtors
57,702
34,703
GRESHORNISH HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
2,691
2,691
Trade creditors
47,590
28,729
Taxation and social security
75,031
58,863
Deferred income
216,676
-
0
Other creditors
104,692
17,425
Accruals and deferred income
4,405
1,970
451,085
109,678
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
2,467
4,933
7
Ultimate controlling party

The ultimate controlling party is Alexandra Dickon

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