Kilbirnie Hotel Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 10

Kilbirnie Hotel Ltd

Balance Sheet

31 January 2025

	Note	2025 £	Unaudited (As restated) 2024 £
Fixed assets
Intangible assets	4	55,416	72,916
Tangible assets	5	1,900,312	1,939,037
		1,955,728	2,011,953
Current assets
Stocks	6	8,445	7,758
Debtors	7	9,740	6,896
Cash at bank and in hand		36,118	32,653
		54,303	47,307
Creditors: Amounts falling due within one year	8	(1,503,951)	(890,565)
Net current liabilities		(1,449,648)	(843,258)
Total assets less current liabilities		506,080	1,168,695
Creditors: Amounts falling due after more than one year	8	-	(782,234)
Provisions for liabilities		(90,285)	(84,010)
Net assets		415,795	302,451
Capital and reserves
Called up share capital	10	100	100
Profit and loss account		415,695	302,351
Shareholders' funds		415,795	302,451

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 October 2025 and signed on its behalf by:
 

......................................... J J Nel Director

Company Registration Number: 10817284

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Narrowcliff
Newquay
Cornwall
TR7 2RS
United Kingdom

These financial statements were authorised for issue by the Board on 30 October 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date the company had net current liabilities of £1,449,648 (2024 - £843,258) and net assets of £415,795 (2024 - £302,451). Included in current liabilities is £1,357,207 (2024 - £729,287) due to Kronen Hotels Ltd, the parent company. Kronen Hotels Ltd have confirmed that they do not require repayment of this balance within the next 12 months from the balance sheet date.

The company is party to a composite guarantee provided to NatWest Bank with the total outstanding balance of £14,364,500 at the year end.

The group's ability to continue as a going concern is dependant upon both the ongoing support of its bankers and its shareholders. However, in the event that this is not forthcoming than a material uncertainty would exist with regards to the appropriateness of the going conern assertion.

After due consideration the Directors continue to apply the going concern basis to the preparation of the financial statements.

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2025

Changes in accounting policy

The following have been applied for the first time from 1 February 2024 and have had an effect on the financial statements:

Prior Period Adjustment

The company has considered the presentation of financial statements across the group and has made the decision to re-allocate certain costs and balances. The prior period has been restated so that the comparative figures are consistent with the treatment in the current year, however there has been no net impact on the prior year profit or net assets position.

Wages costs, including staff pension and employers NI, of £683,527 have been re-allocated from administrative expenses to cost of sales.

Consumables costs of £15,813 have been re-allocated from administrative expenses to cost of sales.

Cost of sales have increased by £699,340 and administrative expenses have reduced by £699,340.

Amounts due to group undertakings of £729,287 are now included within creditors due in under one year instead of creditors due in over one year.

Key sources of estimation uncertainty

Carrying value of fixed assets (note 5)
Management have carefully considered the depreciation estimates applied on the tangible assets held by the group and company. This assessment is performed on an annual basis and would be amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and physical condition of each asset. The directors have considered the current trading performance for the year to 31 January 2025 which does not indicate any impairment to the business or underlying assets.

The carrying value of tangible fixed assets at the balance sheet date is £1,900,312 (2024 - £1,939,037), with depreciation being recognised in the year of £87,386 (2024 - £83,133).

Recognition of deferred tax asset
As outlined in a separate note the group and company has carried forward tax losses available to utilise in future periods. A deferred tax asset has been recognised on the basis that the losses will be utilised within the group in subsequent accounting periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of restaurant facilities and hotel accommodation. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Accommodation revenue is recognised at the point of the customer staying in the room. Deposits received in advance of customer stays are treated as payments on account and recognised within creditors due within one year.

Food, beverage and other income is recognised at the point of sale.

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2025

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and Buildings	100 years straight line
Plant and Machinery	20% reducing balance
Vehicles	25% reducing balance
Fixtures and Fittings	20% reducing balance
Office equipment	20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2024 - 42).

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2024	175,000	175,000
At 31 January 2025	175,000	175,000
Amortisation
At 1 February 2024	102,084	102,084
Amortisation charge	17,500	17,500
At 31 January 2025	119,584	119,584
Carrying amount
At 31 January 2025	55,416	55,416
At 31 January 2024	72,916	72,916