Aros (Isle of Skye) Limited - Accounts to registrar (filleted) - small 18.2
Aros (Isle of Skye) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 January 2020 |
| for |
| Aros (Isle of Skye) Limited |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 9 |
| Aros (Isle of Skye) Limited |
| Company Information |
| for the Year Ended 31 January 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 8 Wentworth Street |
| Portree |
| Highland |
| IV51 9EJ |
| BANKERS: |
| Bank Street |
| Portree |
| Isle of Skye |
| IV51 9BX |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Balance Sheet |
| 31 January 2020 |
| 31/1/20 | 31/1/19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 13 |
| Fair value reserve | 13 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Balance Sheet - continued |
| 31 January 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2020 |
| 1. | STATUTORY INFORMATION |
| Aros (Isle of Skye) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| There were no significant estimates and assumptions made in preparing these financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| 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. |
| SkyeStory film production costs are being amortised evenly over 80 months. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 the profit and loss account in the period to which they relate. |
| Going concern |
| In their assessment of going concern the directors have considered the impact on the business as a result of the COVID-19 virus. Since the year end the UK lockdown restrictions have resulted in a loss of turnover. The company has made use of government funding where appropriate. The directors continue to review the situation and any impact on the company's operations. |
| Working relationships with the bank and funders continue to be positive and there is no indication that this support will be withdrawn in the foreseeable future. |
| On this basis the directors have prepared these accounts on a going concern basis. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 31 January 2020 |
| AMORTISATION |
| Charge for year |
| At 31 January 2020 |
| NET BOOK VALUE |
| At 31 January 2020 |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2020 |
| 6. | TANGIBLE FIXED ASSETS |
| Aros | Plant & |
| Hotel | Centre | Machinery | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2019 |
| Additions |
| At 31 January 2020 |
| DEPRECIATION |
| At 1 February 2019 |
| Charge for year |
| At 31 January 2020 |
| NET BOOK VALUE |
| At 31 January 2020 |
| At 31 January 2019 |
| Included in cost or valuation of land and buildings is freehold land of £ 135,000 (2019 - £ 135,000 ) which is not depreciated. |
| Included within Hotel is professional fees for the development of a new hotel building. These capitalised costs are not depreciated. |
| Cost or valuation at 31 January 2020 is represented by: |
| Aros | Plant & |
| Hotel | Centre | Machinery | Totals |
| £ | £ | £ | £ |
| Valuation in 2015 | - | (483,179 | ) | - | (483,179 | ) |
| Cost | 29,846 | 2,183,179 | 382,042 | 2,595,067 |
| 29,846 | 1,700,000 | 382,042 | 2,111,888 |
| If land & buildings had not been revalued they would have been included at the following historical cost: |
| 31/1/20 | 31/1/19 |
| £ | £ |
| Cost | 2,183,179 | 2,183,179 |
| Aggregate depreciation | 895,750 | 835,558 |
| Value of land in freehold land and buildings | 135,000 | 135,000 |
| Land and buildings were valued on an open market basis on 31 January 2015 by The Torrance Partnership . |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2019 |
| Revaluations | 455,000 |
| At 31 January 2020 |
| NET BOOK VALUE |
| At 31 January 2020 |
| At 31 January 2019 |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2020 |
| 7. | INVESTMENT PROPERTY - continued |
| Fair value at 31 January 2020 is represented by: |
| £ |
| Valuation in 2019 | 455,000 |
| Cost | 95,000 |
| 550,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 31/1/20 | 31/1/19 |
| £ | £ |
| Cost | 95,000 | 95,000 |
| Investment property was valued on an open market basis on 1 May 2019 by Lambert, Smith & Hampton . |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/1/20 | 31/1/19 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/1/20 | 31/1/19 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/1/20 | 31/1/19 |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | - | 5,673 |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31/1/20 | 31/1/19 |
| £ | £ |
| Within one year |
| Between one and five years |
| Aros (Isle of Skye) Limited (Registered number: SC134116) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2020 |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31/1/20 | 31/1/19 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| Bank borrowings are secured by a standard security over the leasehold subjects together with a floating charge over all the company assets. |
| A standard security has been granted to The Scottish Arts Council (now Creative Scotland) in respect of assistance provided by that body. The security is calculated on a reducing balance basis of £2,675 per month. |
| At the year end, the secured balance was £113,625, with the security due to be discharged in August 2023. |
| The above are regulated by a ranking agreement dated 4 February 1998. |
| 13. | RESERVES |
| Fair |
| Retained | Revaluation | value |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 February 2019 | 595,630 |
| Profit for the year |
| Reserves transfer | (368,550 | ) | - | 368,550 | - |
| At 31 January 2020 | 1,006,163 |
| 14. | RELATED PARTY DISCLOSURES |
| Directors or closely connected parties transact with the company, but this is conducted on an arms length basis on the same terms as the general public using the restaurant or shop. |
| D MacDonald, director, provided loans totalling £10,000 (2019 - £40,000) to the company during the year. A balance of £9,780 (2019 - £Nil) was repaid to D MacDonald, during the year, with interest of £1,023 charged on the loan (2019 - £Nil). |
| The company paid bills totalling £317 (2019 - £210) on behalf of D MacDonald during the year. D MacDonald was due to claim £2,410 of business expenses. (2019 - £Nil). |
| The amount due to D MacDonald at the balance sheet date was £62,793 (2019 - £60,177). |
| C MacLean, director, provided loans totalling £Nil (2018 - £Nil) to the company during the year. A balance of £8,334 (2019 - £6,125) was repaid to C MacLean, during the year, with interest of £481 charged on the loan (2019 - £722). |
| C MacLean charged the company for services £2,600 (2019 - £1,410) for services during the year. |
| The amount due to C MacLean at the balance sheet date was £28,829 (2019 - £37,129). |
| 15. | POST BALANCE SHEET EVENTS |
| In December 2019, a strain of coronavirus (COVID-19) surfaced in China and was declared a Public Health Emergency of International Concern by the World Health Organization in January 2020. The UK lockdown restrictions to combat the COVID 19 pandemic have resulted in a loss of turnover to the business. The company has made use of government funding where appropriate. The directors continue to review the situation and any impact on the company's operations. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Aros (Isle of Skye) Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aros (Isle of Skye) Limited for the year ended 31 January 2020 which comprise the Income Statement, Balance Sheet and the 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 Aros (Isle of Skye) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aros (Isle of Skye) Limited and state those matters that we have agreed to state to the Board of Directors of Aros (Isle of Skye) 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 the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Aros (Isle of Skye) 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 Aros (Isle of Skye) Limited. You consider that Aros (Isle of Skye) 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 Aros (Isle of Skye) 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. |
| Chartered Accountants |
| 8 Wentworth Street |
| Portree |
| Highland |
| IV51 9EJ |