Spindrift (Guesthouse) Ltd

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Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—6

Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Spindrift (Guesthouse) Ltd for the year ended 31 May 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spindrift (Guesthouse) Ltd for the year ended 31 May 2025 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the directors of Spindrift (Guesthouse) Ltd , as a body, in accordance with the terms of our engagement letter dated 05 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of Spindrift (Guesthouse) Ltd and state those matters that we have agreed to state to the directors of Spindrift (Guesthouse) Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spindrift (Guesthouse) Ltd and its directors, as a body, for our work or for this report.

It is your duty to ensure that Spindrift (Guesthouse) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Spindrift (Guesthouse) Ltd . You consider that Spindrift (Guesthouse) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Spindrift (Guesthouse) Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

4th September 2025

Gillespie's Fife

Accountants

Fric Ajax Way

Methil

Leven

KY8 3RS

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Spindrift (Guesthouse) Ltd

Balance Sheet

As At 31 May 2025

Balance Sheet

Registered number: SC731327

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		13,122		14,580
Tangible Assets	5		12,869		15,209

			25,991		29,789
CURRENT ASSETS
Stocks	6	8,000		8,500
Debtors	7	1,351		1,702
Cash at bank and in hand		10,994		13,013

		20,345		23,215
Creditors: Amounts Falling Due Within One Year	8	(61,960 )		(62,115 )

NET CURRENT ASSETS (LIABILITIES)			(41,615 )		(38,900 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(15,624 )		(9,111 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(940 )		(1,054 )

NET LIABILITIES			(16,564 )		(10,165 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(16,664 )		(10,265 )

SHAREHOLDERS' FUNDS			(16,564)		(10,165)

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Spindrift (Guesthouse) Ltd

Balance Sheet (continued)

As At 31 May 2025

For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Mark Carmichael-Green

Director

4th September 2025

The notes on pages 4 to 6 form part of these financial statements.

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Spindrift (Guesthouse) Ltd

Notes to the Financial Statements

For The Year Ended 31 May 2025

Notes to the Financial Statements

1. General Information

Spindrift (Guesthouse) Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC731327 . The registered office is The Spindrift, Pittenweem Road, Anstruther, Fife, KY10 3DT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	20% reducing balance
Computer Equipment	33.33% reducing balance

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

Corporation tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Spindrift (Guesthouse) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2024: 12)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 June 2024	18,000

As at 31 May 2025	18,000

Amortisation
As at 1 June 2024	3,420
Provided during the period	1,458

As at 31 May 2025	4,878

Net Book Value
As at 31 May 2025	13,122

As at 1 June 2024	14,580

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 June 2024	19,801	724	20,525

As at 31 May 2025	19,801	724	20,525

Depreciation
As at 1 June 2024	4,914	402	5,316
Provided during the period	2,233	107	2,340

As at 31 May 2025	7,147	509	7,656

Net Book Value
As at 31 May 2025	12,654	215	12,869

As at 1 June 2024	14,887	322	15,209

6. Stocks

	2025	2024
	£	£
Stock	8,000	8,500

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Spindrift (Guesthouse) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	7	260
Prepayments and accrued income	1,344	1,442

	1,351	1,702

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,562	1,981
Corporation tax	-	306
Other taxes and social security	-	43
VAT	3,757	4,559
Accruals and deferred income	1,360	1,895
Directors' loan accounts	55,281	53,331

	61,960	62,115

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

10. Directors Advances, Credits and Guarantees

Included within Creditors are the following loans from directors:

	As at 1 June 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 May 2025
	£	£	£	£	£
Mrs Jennifer Carmichael-Green	26,665	15,530	16,505	-	27,640
Mr Mark Carmichael-Green	26,666	15,530	16,505	-	27,641

The above loan is unsecured, interest free and repayable on demand.

11. Dividends

12. Ultimate Controlling Party

The company's ultimate controlling party is Mr Mark and Mrs Jennifer Carmichael-Green by virtue of their ownership of 100% of the issued share capital in the company.

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