Lochend Chalets Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC293939 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Lochend Chalets Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C R S Nairn

V Carroll

C Carroll

REGISTERED OFFICE:

Port of Menteith

Stirling

FK8 3JZ

REGISTERED NUMBER:

SC293939 (Scotland)

ACCOUNTANTS:

Wallace and Company C.A.

10 Clydesdale Street

Hamilton

Strathclyde

ML3 0DP

FIXED ASSETS

Intangible assets

5

375,000

375,000

Tangible assets

6

174,359

191,561

549,359

566,561

CURRENT ASSETS

Debtors

7

6,074

5,651

Cash at bank and in hand

405,916

12,626

411,990

18,277

CREDITORS

Amounts falling due within one year

8

113,178

56,841

NET CURRENT ASSETS/(LIABILITIES)

298,812

(38,564

)

TOTAL ASSETS LESS CURRENT LIABILITIES

848,171

527,997

CREDITORS

Amounts falling due after more than one year

9

(818,682

)

(501,335

)

PROVISIONS FOR LIABILITIES

(3,402

)

(6,670

)

NET ASSETS

26,087

19,992

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

25,087

18,992

SHAREHOLDERS' FUNDS

26,087

19,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2022 and were signed on its behalf by:

C R S Nairn - Director

V Carroll - Director

C Carroll - Director

1.	STATUTORY INFORMATION

Lochend Chalets Ltd. 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.

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.

Turnover

Turnover relates to chalet rental income on holidays commenced during the period. All turnover is recorded net of value added tax.

Goodwill

The directors are of the opinion that this asset will continue to increase in value and as a result no amortisation has been provided for. This is a departure from the accounting standards but the directors are of the opinion that this departure shows a true and fair view of the company`s affairs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

not provided

Plant and machinery

-

20% on cost

Financial instruments

Financial instruments are recognised in the company's balance sheet 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, which include debtors and cash and bank balances, 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.

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; including creditors, bank loans 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 payments 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. Amounts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2020 - 13 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

375,000

NET BOOK VALUE

At 31 December 2021

375,000

At 31 December 2020

375,000

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

156,451

372,828

529,279

DEPRECIATION

At 1 January 2021

-

337,718

337,718

Charge for year

-

17,202

17,202

At 31 December 2021

-

354,920

354,920

NET BOOK VALUE

At 31 December 2021

156,451

17,908

174,359

At 31 December 2020

156,451

35,110

191,561

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

6,074

5,651

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

3,515

2,414

Taxation and social security

56,232

29,623

Other creditors

53,431

24,804

113,178

56,841

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

300,000

62,626

Other creditors

518,682

438,709

818,682

501,335

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary

1

1,000

1,000

11.	RELATED PARTY DISCLOSURES

The controlling party is the directors.