Loch Ness Country House Hotel Limited 30/06/2021 iXBRL

Loch Ness Country House Hotel Limited 30/06/2021 iXBRL

LOCH NESS COUNTRY HOUSE HOTEL LIMITED - Company Information

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Company registration number: SC289485
Loch Ness Country House Hotel Limited
Unaudited filleted financial statements
30 June 2021
Loch Ness Country House Hotel Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Loch Ness Country House Hotel Limited
Directors and other information
Directors Mr D J Campbell
Mr J F Campbell
Mr A D McMaster
Company number SC289485
Registered office 2 Seafield Road
Inverness
Scotland
IV1 1SG
Bankers Royal Bank of Scotland
29 Harbour Road
Inverness
IV1 1NU
Loch Ness Country House Hotel Limited
Statement of financial position
30 June 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 4,527,100 4,541,975
_______ _______
4,527,100 4,541,975
Current assets
Debtors 6 38,000 4,754
Cash at bank and in hand 4,313 39,817
_______ _______
42,313 44,571
Creditors: amounts falling due
within one year 7 ( 709,101) ( 752,875)
_______ _______
Net current liabilities ( 666,788) ( 708,304)
_______ _______
Total assets less current liabilities 3,860,312 3,833,671
Creditors: amounts falling due
after more than one year 8 ( 2,943,747) ( 3,023,064)
_______ _______
Net assets 916,565 810,607
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 916,563 810,605
_______ _______
Shareholders funds 916,565 810,607
_______ _______
For the year ending 30 June 2021 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 Section 1A of 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 30 June 2022 , and are signed on behalf of the board by:
Mr J F Campbell
Director
Company registration number: SC289485
Loch Ness Country House Hotel Limited
Notes to the financial statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Seafield Road, Inverness, Scotland, IV1 1SG.
2. 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.
3. 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.
Going concern
The directors have considered the financial position of the company and assessed the risks facing the business. In making this assessment they have considered the company's ability to meet its future liabilities as they fall due and to comply with the financial covenants that the company has entered into. The directors have concluded that it is appropriate to use the going concern concept in preparing these financial statements.
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:
Investment property - Nil
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 July 2020 4,541,975 4,541,975
Additions 25,125 25,125
Revaluation ( 40,000) ( 40,000)
_______ _______
At 30 June 2021 4,527,100 4,527,100
_______ _______
Depreciation
At 1 July 2020 and 30 June 2021 - -
_______ _______
Carrying amount
At 30 June 2021 4,527,100 4,527,100
_______ _______
At 30 June 2020 4,541,975 4,541,975
_______ _______
The directors revalued the properties at 30th June 2021 at the open market value.
6. Debtors
2021 2020
£ £
Other debtors 38,000 4,754
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 148,100 55,809
Trade creditors 1,400 -
Social security and other taxes 36,259 22,964
Other creditors 523,342 674,102
_______ _______
709,101 752,875
_______ _______
The bank loans are secured against assets of the company.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 2,943,747 3,023,064
_______ _______
The bank loans are secured against assets of the company.