Loch Torridon Hotel Limited 31/01/2019 iXBRL

LOCH TORRIDON HOTEL LIMITED - Company Information

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Company registration number: SC192961

Loch Torridon Hotel Limited

Unaudited filleted financial statements

31 January 2019

Loch Torridon Hotel Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Loch Torridon Hotel Limited

Directors and other information


Directors	D Rose-Bristow
	R Rose-Bristow
	D M Gregory
	G M Gregory
	R Aitchison	(Appointed 1 February 2018)


Secretary	R Rose - Bristow


Company number	SC192961


Registered office	Torridon
	Achnasheen
	Ross-shire
	IV22 2EY


Accountants	Frame Kennedy
	31-33 High Street
	Inverness
	IV1 1HT




	Bankers	Bank of Scotland
		2-6 Eastgate
		Inverness
		IV2 3NA

Loch Torridon Hotel Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Loch Torridon Hotel Limited

Year ended 31 January 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Loch Torridon Hotel Limited for the year ended 31 January 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the board of directors of Loch Torridon Hotel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Loch Torridon Hotel Limited and state those matters that we have agreed to state to the board of directors of Loch Torridon Hotel Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loch Torridon Hotel Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Loch Torridon Hotel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Loch Torridon Hotel Limited. You consider that Loch Torridon Hotel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Loch Torridon Hotel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Frame Kennedy

Chartered Accountants

31-33 High Street

Inverness

IV1 1HT

26 June 2019

Loch Torridon Hotel Limited

Statement of financial position

31 January 2019

		31/01/19		31/01/18
	Note	£	£	£	£

Fixed assets
Tangible assets	6	869,030		663,033
		_______		_______
			869,030		663,033

Current assets
Stocks		65,215		71,932
Debtors	7	18,478		70,176
Cash at bank and in hand		372,864		471,430
		_______		_______
		456,557		613,538
Creditors: amounts falling due
within one year	8	( 460,584)		( 436,435)
		_______		_______
Net current (liabilities)/assets			( 4,027)		177,103
			_______		_______
Total assets less current liabilities			865,003		840,136

Creditors: amounts falling due
after more than one year	9		( 273,694)		( 322,338)

Provisions for liabilities			( 82,177)		( 40,587)

			_______		_______
Net assets			509,132		477,211
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			508,132		476,211
			_______		_______
Shareholders funds			509,132		477,211
			_______		_______

For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 26 June 2019 , and are signed on behalf of the board by:

D Rose-Bristow R Rose-Bristow

Director Director

Company registration number: SC192961

Loch Torridon Hotel Limited

Notes to the financial statements

Year ended 31 January 2019

1. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

There is no material departure from this standard.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Leasehold properties	-	Straight line over the life of the lease
Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

3. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4. Other operating income

	Year	Period
	ended	ended
	31/01/19	31/01/18
	£	£
Rental income	2,702	1,073
Government grant income	14,190	6,784
	_______	_______
	16,892	7,857
	_______	_______

5. Operating profit

Operating profit is stated after charging/(crediting):

	Year	Period
	ended	ended
	31/01/19	31/01/18
	£	£
Depreciation of tangible assets	145,901	91,942
(Gain)/loss on disposal of tangible assets	-	2,247
Cost of stocks recognised as an expense	298,222	295,787
Impairment of trade debtors	(992)	-
	_______	_______

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 February 2018	895,508	290,954	660,946	71,982	1,919,390
Additions	274,770	77,129	-	-	351,899
	_______	_______	_______	_______	_______
At 31 January 2019	1,170,278	368,083	660,946	71,982	2,271,289
	_______	_______	_______	_______	_______
Depreciation
At 1 February 2018	445,178	208,280	555,153	47,746	1,256,357
Charge for the year	84,022	39,951	15,869	6,060	145,902
	_______	_______	_______	_______	_______
At 31 January 2019	529,200	248,231	571,022	53,806	1,402,259
	_______	_______	_______	_______	_______
Carrying amount
At 31 January 2019	641,078	119,852	89,924	18,176	869,030
	_______	_______	_______	_______	_______
At 31 January 2018	450,330	82,674	105,793	24,236	663,033
	_______	_______	_______	_______	_______

7. Debtors

	31/01/19	31/01/18
	£	£
Trade debtors	305	8,389
Other debtors	18,173	61,787
	_______	_______
	18,478	70,176
	_______	_______

8. Creditors: amounts falling due within one year

	31/01/19	31/01/18
	£	£
Bank loans and overdrafts	64,050	40,853
Trade creditors	77,724	135,724
Corporation tax	31,910	58,362
Social security and other taxes	71,956	34,616
Other creditors	214,944	166,880
	_______	_______
	460,584	436,435
	_______	_______

9. Creditors: amounts falling due after more than one year

	31/01/19	31/01/18
	£	£
Bank loans and overdrafts	244,855	286,748
Other creditors	28,839	35,590
	_______	_______
	273,694	322,338
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 56,933 (2018 £ 107,101 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The loan is secured.

10. Related party transactions

During the period to 31 January 2019, dividends of £120,250 (2018- £116,744) were paid to the directors alongside remuneration of £58,966 (2018-£14,000).