Kirklea Cottages Limited - Accounts to registrar (filleted) - small 18.2

Kirklea Cottages Limited - Accounts to registrar (filleted) - small 18.2

KIRKLEA COTTAGES LIMITED - Company Information

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REGISTERED NUMBER: SC252284 (Scotland)















KIRKLEA COTTAGES LIMITED

Financial Statements for the Year Ended 31 March 2020





Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF








KIRKLEA COTTAGES LIMITED (REGISTERED NUMBER: SC252284)






Contents of the Financial Statements
for the Year Ended 31 March 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KIRKLEA COTTAGES LIMITED

Company Information
for the Year Ended 31 March 2020







DIRECTOR: A J Macleod





SECRETARY: Mrs C Macleod





REGISTERED OFFICE: 26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF





REGISTERED NUMBER: SC252284 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF
Page 1
KIRKLEA COTTAGES LIMITED (REGISTERED NUMBER: SC252284)

Balance Sheet
31 March 2020

31.3.20 31.3.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 213,194 234,259

CURRENT ASSETS
Debtors 6 23,465 76,633
Cash at bank and in hand 5,009 32,604
28,474 109,237
CREDITORS
Amounts falling due within one year 7 6,298 14,000
NET CURRENT ASSETS 22,176 95,237
TOTAL ASSETS LESS CURRENT
LIABILITIES
235,370
329,496

CREDITORS
Amounts falling due after more than one
year
8
(154,685
)
(197,707
)

ACCRUALS AND DEFERRED INCOME (63,998 ) (70,855 )
NET ASSETS 16,687 60,934

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 16,686 60,933
SHAREHOLDERS' FUNDS 16,687 60,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
KIRKLEA COTTAGES LIMITED (REGISTERED NUMBER: SC252284)

Balance Sheet - continued
31 March 2020


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 14 December 2020 and were signed by:





A J Macleod - Director


The notes form part of these financial statements

Page 3
KIRKLEA COTTAGES LIMITED (REGISTERED NUMBER: SC252284)

Notes to the Financial Statements
for the Year Ended 31 March 2020

1. STATUTORY INFORMATION

Kirklea Cottages 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.

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


The financial statements are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Significant judgements and estimates are applied in considering the relevant rates to be charged for depreciation in the financial statements be that as a result of estimating useful economic life or estimating residual value.

Turnover
Turnover represents the income from letting of furnished holiday accommodation, exclusive of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 4% depreciation on cost
Fixtures and fittings - 10% depreciation on 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.

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.

Page 4 continued...
KIRKLEA COTTAGES LIMITED (REGISTERED NUMBER: SC252284)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2020

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 April 2019 120,337 179,561 299,898
Additions - 1,800 1,800
At 31 March 2020 120,337 181,361 301,698
DEPRECIATION
At 1 April 2019 12,892 52,747 65,639
Charge for year 4,817 18,048 22,865
At 31 March 2020 17,709 70,795 88,504
NET BOOK VALUE
At 31 March 2020 102,628 110,566 213,194
At 31 March 2019 107,445 126,814 234,259

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Trade debtors 4,667 2,160
Amounts owed by group undertakings 17,312 58,742
Other debtors 1,486 15,731
23,465 76,633

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Trade creditors 4,049 2,005
Taxation and social security - 10,196
Other creditors 2,249 1,799
6,298 14,000

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.20 31.3.19
£    £   
Amounts owed to associates 154,685 166,032
Other creditors - 31,675
154,685 197,707

Page 5 continued...
KIRKLEA COTTAGES LIMITED (REGISTERED NUMBER: SC252284)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2020

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the sum of £154,685 to Hotel Hebrides Ltd.

No interest was charged on outstanding balances.

No fixed repayment terms have been entered into.

During the year the company incurred management charges from Hotel Hebrides Ltd in respect of management and changeover services to the value of £27,500.

The company trading premises are owned by Mr Angus Macleod, director. Rent of £15,850 was charged in the period by Mr Macleod.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Macleod Hospitality Group Limited.

A J Macleod, director, is the ultimate controlling party.

Page 6