Dunkeld Hotel Limited 30/06/2022 iXBRL

Dunkeld Hotel Limited 30/06/2022 iXBRL

DUNKELD HOTEL LIMITED - Company Information

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Company registration number: SC663182
Dunkeld Hotel Limited
Unaudited abridged financial statements
30 June 2022
Dunkeld Hotel Limited
Contents
Directors and other information
Director's report
Accountants report
Statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Dunkeld Hotel Limited
Directors and other information
Director Mr Thomas Melville
Company number SC663182
Registered office 54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
Accountants Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
Dunkeld Hotel Limited
Director's report
Year ended 30 June 2022
The director presents his report and the unaudited financial statements of the company for the year ended 30 June 2022.
Director
The director who served the company during the year was as follows:
Mr Thomas Melville
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 March 2023 and signed on behalf of the board by:
Mr Thomas Melville
Director
Dunkeld Hotel Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Dunkeld Hotel Limited
Year ended 30 June 2022
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 June 2022 which comprise the statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Carrick Kerr & Co
54 Cowgate
Kirkintilloch
Glasgow
G66 1HN
24 March 2023
Dunkeld Hotel Limited
Statement of comprehensive income
Year ended 30 June 2022
2022 2021
Note £ £
Turnover 765,477 468,004
Change in stocks of finished goods and in work in progress ( 179,200) ( 65,039)
Other operating income - 124,035
_______ _______
586,277 527,000
Other external charges ( 23,354) ( 47,189)
Staff costs ( 279,047) ( 213,718)
Depreciation and other amounts written off tangible and intangible fixed assets ( 10,243) ( 5,781)
Other operating expenses ( 234,832) ( 175,395)
_______ _______
Operating profit 38,801 84,917
Other interest receivable and similar income - 5
Interest payable and similar expenses - ( 2)
_______ _______
Profit before taxation 38,801 84,920
Tax on profit ( 2,569) ( 8,982)
_______ _______
Profit for the financial year and total comprehensive income 36,232 75,938
_______ _______
All the activities of the company are from continuing operations.
Dunkeld Hotel Limited
Abridged statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 58,044 32,763
_______ _______
58,044 32,763
Current assets
Stocks 16,150 2,300
Debtors 236,038 -
Cash at bank and in hand 13,728 189,239
_______ _______
265,916 191,539
Creditors: amounts falling due
within one year ( 173,789) ( 100,363)
_______ _______
Net current assets 92,127 91,176
_______ _______
Total assets less current liabilities 150,171 123,939
Creditors: amounts falling due
after more than one year ( 40,000) ( 50,000)
_______ _______
Net assets 110,171 73,939
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 110,170 73,938
_______ _______
Shareholders funds 110,171 73,939
_______ _______
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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'.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 30 June 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 24 March 2023 , and are signed on behalf of the board by:
Mr Thomas Melville
Director
Company registration number: SC663182
Dunkeld Hotel Limited
Statement of changes in equity
Year ended 30 June 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2020 - - -
Profit for the year 75,938 75,938
_______ _______ _______
Total comprehensive income for the year - 75,938 75,938
Issue of shares 1 1
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______
Total investments by and distributions to owners 1 ( 2,000) ( 1,999)
_______ _______ _______
At 30 June 2021 and 1 July 2021 1 73,938 73,939
Profit for the year 36,232 36,232
_______ _______ _______
Total comprehensive income for the year - 36,232 36,232
_______ _______ _______
At 30 June 2022 1 110,170 110,171
_______ _______ _______
Dunkeld Hotel Limited
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 54 Cowgate, Kirkintilloch, Glasgow, G66 1HN.
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.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % 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.
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.
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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 25 (2021: 16 ).
The aggregate payroll costs incurred during the year were:
2022 2021
£ £
Wages and salaries 276,952 211,031
Other pension costs 2,095 2,687
_______ _______
279,047 213,718
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible assets 10,243 5,781
_______ _______
6. Tangible assets
£
Cost
At 1 July 2021 38,544
Additions 35,524
_______
At 30 June 2022 74,068
_______
Depreciation
At 1 July 2021 5,781
Charge for the year 10,243
_______
At 30 June 2022 16,024
_______
Carrying amount
At 30 June 2022 58,044
_______
At 30 June 2021 32,763
_______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Thomas Melville ( 35,168) 149,622 ( 15,300) 99,154
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Thomas Melville - ( 35,168) - ( 35,168)
_______ _______ _______ _______