REGISTERED NUMBER: SC634056 (Scotland)

Audited Financial Statements

for the Year Ended 31 December 2024

for

Bracken Hide Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

F Rehman

REGISTERED OFFICE:

9-11 Bosville Terrace

Portree

Isle of Skye

IV51 9DG

REGISTERED NUMBER:

SC634056 (Scotland)

INDEPENDENT AUDITORS:

Gillespie & Anderson

Statutory Auditors

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

FIXED ASSETS

Intangible assets

4

-

7,068

Tangible assets

5

6,697,251

6,637,119

6,697,251

6,644,187

CURRENT ASSETS

Stocks

-

1,124

Debtors

6

1,608

14,425

Cash at bank

8,268

143,877

9,876

159,426

CREDITORS

Amounts falling due within one year

7

1,010,957

1,603,822

NET CURRENT LIABILITIES

(1,001,081

)

(1,444,396

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,696,170

5,199,791

PROVISIONS FOR LIABILITIES

32,949

39,445

NET ASSETS

5,663,221

5,160,346

CAPITAL AND RESERVES

Called up share capital

3,326,233

3,326,233

Share premium

200,750

200,750

Non-distributable fair value

reserve

9

186,588

-

Retained earnings

1,949,650

1,633,363

5,663,221

5,160,346

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 by the director and authorised for issue on 20 May 2025 and were signed by:

F Rehman - Director

1.	STATUTORY INFORMATION

Bracken Hide Ltd is a private company, limited by shares, registered in Scotland. The company's registered number is SC634056 and its registered office address is 9-11 Bosville Terrace, Portree, Isle of Skye, Scotland, IV51 9DG.

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

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 financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue. The company relies on group borrowings to finance day to day working capital requirements and the acquisition and development of fixed assets. After making the appropriate enquiries, the director is confident that existing facilities will remain in place for the foreseeable future and on that basis and from his knowledge and review of requirements going forward, is satisfied that the company is placed to meet its commitments as they fall due. The director is satisfied that the accounts be prepared on a going concern basis.

Significant judgements and estimates

The Director has 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 Director's estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated note.

Turnover

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

The company recognises revenue when the entity becomes entitled to the income, the amount of revenue and related costs can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the collectability of the related receivables in reasonably assured and the specific criteria for each of the company's activities are met.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

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.

Depreciation is recognised so as to write off the cost or valuation of each asset less their residual values over its estimated useful life on the following bases:

Freehold property

2.5% on cost with 40% residual value

Furniture and equipment

10% on 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.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on the estimated selling price less additional costs to completion and disposal. Provision is made for obsolete, slow moving or defective stock where appropriate.

Financial instruments

The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors, and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other 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, trade and other creditors are stated at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Employment benefits

The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

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 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

9,424

Disposals

(9,424

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

2,356

Eliminated on disposal

(2,356

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

7,068

5.	TANGIBLE FIXED ASSETS

Furniture

Freehold

and

property

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

6,532,771

219,598

6,752,369

Disposals

-

(14,005

)

(14,005

)

At 31 December 2024

6,532,771

205,593

6,738,364

DEPRECIATION

At 1 January 2024

93,290

21,960

115,250

Charge for year

93,298

20,554

113,852

Eliminated on disposal

-

(1,401

)

(1,401

)

Revaluation adjustments

(186,588

)

-

(186,588

)

At 31 December 2024

-

41,113

41,113

NET BOOK VALUE

At 31 December 2024

6,532,771

164,480

6,697,251

At 31 December 2023

6,439,481

197,638

6,637,119

Cost or valuation at 31 December 2024 is represented by:

Furniture

Freehold

and

property

equipment

Totals

£

£

£

Cost

6,532,771

205,593

6,738,364

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

2024

2023

£

£

Cost

6,532,771

6,532,771

Aggregate depreciation

186,588

93,290

Value of land in freehold land and buildings

313,421

313,421

During the year to 31 December 2024, the director made the decision to restate freehold property at its fair value. The fair value of the freehold property as at 31 December 2024 was determined by the director; based on his knowledge of the local market and taking into account the current income generated. No formal professional valuation was undertaken. The freehold property valuation was deemed to include the furniture and equipment purchased in the year by the company, and therefore, the freehold property valuation included within the financial statements has been reduced by this amount to reflect the freehold property value only.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

1,608

14,425

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

-

16,946

Amounts owed to group undertakings

974,594

1,419,079

Taxation and social security

-

64,677

Other creditors

36,363

103,120

1,010,957

1,603,822

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

-

6,164

Between one and five years

-

24,785

-

30,949

Leasing agreements in place as at 31 December 2023 were terminated during the year to 31 December 2024.

9.

RESERVES

Non-distributable

fair

value

reserve

£

Fair value adjustments

186,588

At 31 December 2024

186,588

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

The Report of the Auditors was unqualified.

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

for and on behalf of Gillespie & Anderson

11.	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.

Within the financial statements to 31 December 2023, as part of the agreement with the previous shareholders for the 100% purchase of Bracken Hide Ltd by Perle Hotels Limited, loans owed from Bracken Hide Ltd to related party companies owned by the previous shareholders were waived by these companies as at the purchase date of 5 September 2023 totalling £1,425,856. No such transactions occurred in the year to 31 December 2024.

During the year to 31 December 2023, loans owed to shareholders (other than Directors) by Bracken Hide Ltd were fully repaid, therefore the balance outstanding as at 31 December 2023 was £nil. For the year to 31 December 2024, the only shareholder was Perle Hotels Limited, with the balance outstanding at the year-end included within the intercompany loan creditor within the balance sheet.

12.	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.

13.	ULTIMATE CONTROLLING PARTY

Bracken Hide Ltd was wholly purchased by Perle Hotels Limited (company number SC474803) during the prior year on 5 September 2023. The sole director, F Rehman, is the ultimate controlling party by way of his 100% shareholding (both directly and indirectly) in Perle Hotels Limited, whose registered office address is 9-11 Bosville Terrace, Portree, Isle of Skye, Scotland, IV51 9DG.

Perle Hotels Limited prepares consolidated accounts which include Bracken Hide Ltd. The consolidated accounts of Perle Hotels Limited are available from its registered office.

14.	CHANGE OF REPORTING PERIOD

The company extended its previous reporting period from the year to 30 November 2023 to the 13 months to 31 December 2023 to be coterminous with the group. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable with the year to 31 December 2024.