REGISTERED NUMBER: SC455325 (Scotland)

Audited Financial Statements

for the Year Ended 31 December 2024

for

Marsco Skye Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

F Rehman

REGISTERED OFFICE:

9-11 Boswell Terrace

Portree

Isle of Skye

IV51 9DG

REGISTERED NUMBER:

SC455325 (Scotland)

INDEPENDENT AUDITORS:

Gillespie & Anderson

Statutory Auditors

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

FIXED ASSETS

Tangible assets

4

6,968,604

626,500

CREDITORS

Amounts falling due within one year

5

433,939

431,842

NET CURRENT LIABILITIES

(433,939

)

(431,842

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,534,665

194,658

PROVISIONS FOR LIABILITIES

6

1,624,784

28,454

NET ASSETS

4,909,881

166,204

CAPITAL AND RESERVES

Called up share capital

1

1

Non- distributable fair value

reserve

4,953,384

200,955

Retained earnings

(43,504

)

(34,752

)

4,909,881

166,204

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 20 May 2025 and were signed by:

F Rehman - Director

1.	STATUTORY INFORMATION

Marsco Skye Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC455325 and its registered office address is 9 - 11 Bosville Terrace, Portree, Isle of Skye, IV51 9DG.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts are rounded to the nearest whole £ except where otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The company is supported by funding indirectly from the director, through loans from other companies under his control. The director has no plans to withdraw funding and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements.

Significant judgements and estimates

The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated note.

Tangible fixed assets

The company early adopted the amendments from the Triennial Review 2017, which allowed the company to transfer the investment property, a hotel which is operated by another group company, to property, plant and equipment (tangible fixed assets) and measure it at cost (less depreciation and impairment) under FRS 102 Section 17 Property, Plant and Equipment. Freehold property is therefore measured at deemed cost, being the fair value at the date of transition which was 1 January 2017.

Depreciation of freehold property is provided at 2.5% on cost less estimated residual value in order to write off the cost less estimated residual value over its estimated useful life of 40 years.The estimated residual value of the property is 40% of its deemed cost. 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 to profit or loss.

Freehold property is initially measured at deemed cost. Subsequently it is measured at fair value less depreciation and impairment losses at the reporting end date. Any surplus or deficit on revaluation is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Financial instruments

The company has no complex financial instruments but does hold basic financial instruments of creditors.

Creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, creditors are stated at cost.

Provisions for liabilities

A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST OR VALUATION

At 1 January 2024

700,000

Revaluations

6,268,604

At 31 December 2024

6,968,604

DEPRECIATION

At 1 January 2024

73,500

Charge for year

10,500

Revaluation adjustments

(84,000

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

6,968,604

At 31 December 2023

626,500

The deferred tax provision in relation to the property is £1,624,784 (2023 - £28,454).

Cost or valuation at 31 December 2024 is represented by:

Freehold

property

£

Valuation in 2016

256,324

Valuation in 2023

6,268,604

Cost

443,676

6,968,604

If the freehold property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

443,676

443,676

Aggregate depreciation

53,241

46,585

The freehold property was valued on 24 October 2016 by Christie & Co. This valuation was on the assumption that the property was under vacant possession as the trading and other property assets were held by another group company. Following adoption of the Triennial Review 2017 this valuation was adopted as deemed cost on the reallocation of the asset to tangible fixed assets as at 1 January 2017.

During the year to 31 December 2024, the director made the decision to restate freehold property at its fair value. The freehold property was valued on an open market basis on 31 July 2023 by Collier International Property Consultants Limited. This valuation was deemed to include fixtures and fittings and property improvement costs relating to this property included within the parent company, and therefore the net book value of these assets have been removed from the fair value for freehold properties shown within the financial statements of Marsco Skye Limited to 31 December 2024. The director believes that there has been no change in valuation between the date of the professional valuation and the year end of 31 December 2024.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

433,819

431,722

Social security and other taxes

120

120

433,939

431,842

6.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Other timing differences

1,624,784

28,454

Deferred

tax

£

Balance at 1 January 2024

28,454

Provided during year

1,596,330

Balance at 31 December 2024

1,624,784

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Alastair Stewart BA (Hons) CA (Senior Statutory Auditor)

for and on behalf of Gillespie & Anderson

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Fasih Rehman by way of his 100% shareholding (both directly and indirectly) in the parent company, Perle Hotels Limited which has its registered office at 9-11 Bosville Terrace, Portree, Isle of Skye, Scotland, IV51 9DG.

Perle Hotels Limited, the 100% shareholder in Marsco Skye Limited, prepares consolidated accounts which include Marsco Skye Limited. The consolidated accounts of Perle Hotels Limited are available from its registered office.

11.

SECURITY

A Floating Charge was granted 21 November 2018 in favour of The Royal Bank of Scotland plc over all property or undertakings of the company. Contains a negative pledge.

A Standard Security was granted 5 December 2018 in favour of The Royal Bank of Scotland plc over all and whole subjects at Marmalade Hotel, Home Farm Road, Portree. Contains a negative pledge.

A cross guarantee was granted 25 August 2023 in favour of The Royal Bank of Scotland plc over a loan and bank overdraft granted to Perle Hotels Limited over subjects owned by Marsco Skye Limited. As at 31 December 2024, the loan balance outstanding was £Nil (2023 - £2,990,731) and the bank overdraft balance at the year end was £1,082,894.