Company Registration No. SC016057 (Scotland)
MacLeod Hotels Limited
Unaudited financial statements
for the year ended 31 December 2025
Pages for filing with the registrar
MacLeod Hotels Limited
Company information
Directors
A. H. MacLeod
F. J. MacLeod
Company number
SC016057
Registered office
Torridon House
Beechwood Park
Inverness
IV2 3BW
Accountants
Saffery LLP
Torridon House
Beechwood Park
Inverness
IV2 3BW
MacLeod Hotels Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
MacLeod Hotels Limited
Statement of financial position
As at 31 December 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,245,005
1,241,364
Current assets
Stocks
35,003
31,115
Debtors
5
28,330
47,858
Cash at bank and in hand
274,058
245,377
337,391
324,350
Creditors: amounts falling due within one year
6
(165,656)
(167,312)
Net current assets
171,735
157,038
Total assets less current liabilities
1,416,740
1,398,402
Creditors: amounts falling due after more than one year
7
-
0
(20,000)
Provisions for liabilities
8
(113,606)
(129,243)
Net assets
1,303,134
1,249,159
Capital and reserves
Called up share capital
9
70,000
70,000
Profit and loss reserves
1,233,134
1,179,159
Total equity
1,303,134
1,249,159
MacLeod Hotels Limited
Statement of financial position (continued)
As at 31 December 2025
2

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 16 August 2026 and are signed on its behalf by:
A. H. MacLeod
Director
Company Registration No. SC016057
MacLeod Hotels Limited
Notes to the financial statements
For the year ended 31 December 2025
3
1
Accounting policies
Company information

MacLeod Hotels Limited is a private company limited by shares incorporated in Scotland. The registered office is Torridon House, Beechwood Park, Inverness, IV2 3BW.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

The company recognises revenue from the following major sources:

- Hotel accommodation

- Catering and food & beverage

- Rental

Hotel accommodation

Revenue from the provision of hotel accommodation is recognised over the period of the guest’s stay, as this is when the services are delivered and the customer simultaneously receives and consumes the benefits.

Amounts invoiced or received in advance of the stay (e.g. deposits) are recorded as deferred income until the service is provided.

Catering and food & beverage

Revenue from catering, restaurant services, bar sales, and other food and beverage operations is recognised at the point in time the goods or services are provided to the customer. This reflects the completion of the performance obligation.

MacLeod Hotels Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
4
Rental

Rental income from letting part of the hotel premises to third‑party operators is recognised on a straight‑line basis over the term of the lease, in accordance with the pattern in which benefits from the leased asset are provided to the tenant.

Income is recognised when:

- the amount of revenue can be measured reliably

- it is probable that economic benefits will flow to the company

- the company has transferred the right of use of the space to the tenant

Any rent received in advance is recorded as deferred income and released to profit or loss over the period to which it relates.

Where lease incentives or rent‑free periods are granted, the aggregate cost of such incentives is recognised as a reduction of rental income over the lease term on a straight‑line basis.

1.3
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 assets less their residual values over their useful lives on the following bases:

Freehold property
nil
Fixtures and fittings
0% to 10% reducing balance per annum

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 or charged to profit or loss.

No depreciation is provided on freehold property as it is considered that the regular repairs and maintenance that are performed maintain a very high residual value and ensure a very long useful economic life. This is contrary to the requirements of the Companies Act 2006 and of section 1A of FRS102. The directors believe that the accounting policy provides a true and fair view.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MacLeod Hotels Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
5

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MacLeod Hotels Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
6
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
28
29
MacLeod Hotels Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
7
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
39,922
40,453
Adjustments in respect of prior periods
(126)
-
0
Total current tax
39,796
40,453
Deferred tax
Origination and reversal of timing differences
(15,637)
638
Total tax charge
24,159
41,091
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
959,809
1,112,052
2,071,861
Additions
-
0
34,993
34,993
At 31 December 2025
959,809
1,147,045
2,106,854
Depreciation and impairment
At 1 January 2025
-
0
830,497
830,497
Depreciation charged in the year
-
0
31,352
31,352
At 31 December 2025
-
0
861,849
861,849
Carrying amount
At 31 December 2025
959,809
285,196
1,245,005
At 31 December 2024
959,809
281,555
1,241,364
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
10,885
28,029
Corporation tax recoverable
455
455
Other debtors
16,990
19,374
28,330
47,858
MacLeod Hotels Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
8
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
20,000
30,000
Trade creditors
24,853
26,288
Corporation tax
39,897
40,453
Other taxation and social security
56,654
46,621
Other creditors
24,252
23,950
165,656
167,312

The bank loans are secured by a standard security and a floating charge over the assets of the company.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
20,000
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
113,606
129,243
2025
Movements in the year:
£
Liability at 1 January 2025
129,243
Credit to profit or loss
(15,637)
Liability at 31 December 2025
113,606
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
70,000
70,000
70,000
70,000
MacLeod Hotels Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
9
10
Directors' transactions

Dividends totalling £21,000 (2024 - £35,000) were paid in the year in respect of shares held by the company's directors.

During the year the company paid consultancy fees of £7,400 to a director for design services provided in relation to the hotel development. The transaction was conducted in the normal course of business and no amounts were outstanding at the year end (2024 - £1,087).

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