| Luxury Cottages Loch Tay Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going Concern |
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The company has made a profit of £17,773 in the year to 31 December 2024 (2023: £81,857) and has net assets of £2,888,899 at the balance sheet date (2023: £2,871,126). The directors believe that the company will continue to operate profitably in future years and thus they continue to adopt the going concern policy. |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
10% to 20% on cost |
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Motor Vehicles |
20% on cost |
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Fixtures, fittings, tools and equipment |
10% to 50% on cost |
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Investment property |
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Investment properties (held in tangible fixed assets as land and buildings) are carried at fair value which is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Government grants |
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Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
15 |
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11 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery fixtures etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 January 2024 |
1,986,319 |
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232,711 |
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32,705 |
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2,251,735 |
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Additions |
- |
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- |
|
1,050 |
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1,050 |
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At 31 December 2024 |
1,986,319 |
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232,711 |
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33,755 |
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2,252,785 |
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Depreciation |
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At 1 January 2024 |
- |
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216,836 |
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21,866 |
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238,702 |
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Charge for the year |
- |
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13,726 |
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11,102 |
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24,828 |
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At 31 December 2024 |
- |
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230,562 |
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32,968 |
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263,530 |
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Net book value |
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At 31 December 2024 |
1,986,319 |
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2,149 |
|
787 |
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1,989,255 |
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At 31 December 2023 |
1,986,319 |
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15,875 |
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10,839 |
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2,013,033 |
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The land and buildings represents investment properties.
The company's interest in investment properties was valued as at 31 December 2020 on a fair value basis by the directors of the company. |
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| 4 |
Investments |
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| Other |
| investments |
| £ |
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Cost |
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At 1 January 2024 |
197,849 |
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At 31 December 2024 |
197,849 |
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| 5 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
36,891 |
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24,418 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,688,039 |
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1,688,039 |
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Other debtors |
6,161 |
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5,830 |
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1,731,091 |
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1,718,287 |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Bank loans and overdrafts |
35,000 |
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55,000 |
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Trade creditors |
14,527 |
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10,135 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
17,604 |
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10,437 |
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Taxation and social security costs |
25,839 |
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49,679 |
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Other creditors |
311,839 |
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306,438 |
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404,809 |
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431,689 |
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| 7 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
| £ |
£ |
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Bank loans |
678,105 |
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692,948 |
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| 8 |
Revaluation reserve |
2024 |
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2023 |
| £ |
£ |
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At 1 January 2024 |
7,185 |
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7,185 |
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At 31 December 2024 |
7,185 |
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7,185 |
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| 9 |
Related party transactions |
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Heys & Co (Holdings) Ltd, Luxury Cottages Loch Tay Limited and Ardeonaig Limited are related parties by virtue of common control. As permitted under FRS 102 Section 33, transactions with other companies in the group have not been disclosed as related party transactions as the company is a wholly owned subsidiary.
Kilrevin Holdings Limited is a related party by virtue of common control. Expenditure of £57,464 (2023: £65,337) was made by Kilrevin Holdings Limited on behalf of Luxury Cottages Loch Tay Limited. At the year-end date £2,798 (2023: £13,731) was outstanding.
Scot-Tech Furniture Services Limited is a related party by virtue of common control. During the year purchases of £1,941 (2023: £2,651) were made from Scot-Tech Furniture Services Limited. At the year-end date £nil (2023: £1,066) was outstanding.
Bluetech Energy Limited is a related party by virtue of common control. During the year purchases of £nil (2023: £nil) were made. At the year-end date £nil (2023: £nil) was outstanding.
Craggantoul Limited is a related party by virtue of common control. Sales of £86,112 (2023: £78,753) were made to Craggantoul Limited in the year of which £10,462 (2023: £nil) was outstanding at the year end. During the year purchases of £2,617 (2023:£2,796) were made from Craggantoul Limited. £45 (2023: £nil) was outstanding at the year end.
Ardlodge Limited is a related party by virtue of common control. Sales of £38,554 (2023: £38,042) were made to Ardlodge Limited in the year of which £5,025 (2023: £5,097) was outstanding at the year end. During the year purchases of £90 (2023: £nil) were made from Ardlodge Limited. £90 (2023: £nil) was outstanding at the year end. |
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| 10 |
Controlling party |
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The company's ultimate parent company is Heys & Co (Holdings) Limited, a company registered in Scotland. The address of Heys & Co (Holdings) Limited is 127 Elliot Street, Glasgow. There is no ultimate controlling party. |
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| 11 |
Other information |
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Luxury Cottages Loch Tay Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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127 Elliot Street |
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Glasgow |
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G3 8EX |