REGISTERED NUMBER: SC584353 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SHIELING HOLIDAYS (MULL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W J McClymont

Mrs N J McClymont

REGISTERED OFFICE:

R A Clement Associates

5 Argyll Square

OBAN

PA34 4AZ

REGISTERED NUMBER:

SC584353 (Scotland)

ACCOUNTANTS:

R A Clement Associates

5 Argyll Square

OBAN

Argyll

PA34 4AZ

FIXED ASSETS

Intangible assets

4

105,000

140,000

Tangible assets

5

1,607,274

1,615,083

1,712,274

1,755,083

CURRENT ASSETS

Cash at bank

73,732

76,521

CREDITORS

Amounts falling due within one year

6

563,385

682,912

NET CURRENT LIABILITIES

(489,653

)

(606,391

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,222,621

1,148,692

CREDITORS

Amounts falling due after more than one year

7

(13,333

)

(23,333

)

PROVISIONS FOR LIABILITIES

(9,319

)

(15,846

)

NET ASSETS

1,199,969

1,109,513

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

729,280

729,280

Retained earnings

470,589

380,133

SHAREHOLDERS' FUNDS

1,199,969

1,109,513

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Mrs N J McClymont - Director

1.	STATUTORY INFORMATION

Shieling Holidays (Mull) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

350,000

AMORTISATION

At 1 January 2024

210,000

Amortisation for year

35,000

At 31 December 2024

245,000

NET BOOK VALUE

At 31 December 2024

105,000

At 31 December 2023

140,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

1,570,000

29,100

55,215

1,654,315

DEPRECIATION

At 1 January 2024

-

18,636

20,596

39,232

Charge for year

-

2,616

5,193

7,809

At 31 December 2024

-

21,252

25,789

47,041

NET BOOK VALUE

At 31 December 2024

1,570,000

7,848

29,426

1,607,274

At 31 December 2023

1,570,000

10,464

34,619

1,615,083

Cost or valuation at 31 December 2024 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

Valuation in 2023

1,570,000

-

-

1,570,000

Cost

-

29,100

55,215

84,315

1,570,000

29,100

55,215

1,654,315

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

2024

2023

£

£

Cost

840,720

840,720

Freehold property was valued on an open market basis on 30 October 2023 by DM Hall .

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

8,334

8,334

Taxation and social security

54,850

95,178

Other creditors

500,201

579,400

563,385

682,912

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

13,333

23,333

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other loans

495,042

500,000

The Cumberland Building Society holds a standard security over the whole subjects known as Shieling Holidays, Craignure, Isle of Mull, PA65 6AY.

9.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

729,280