PORTREE_PARTNERSHIP_LIMIT - Accounts

PORTREE_PARTNERSHIP_LIMIT - Accounts

PORTREE PARTNERSHIP LIMITED - Company Information

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Company Registration No. SC154087 (Scotland)
PORTREE PARTNERSHIP LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
PORTREE PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
Alastair G Pearson
Richard A C Wilson
Secretary
Richard A C Wilson
Company number
SC154087
Registered office
CBC House
24 Canning Street
Edinburgh
EH3 8EG
Accountants
David Marshall Associates
CBC House
24 Canning Street
Edinburgh
EH3 8EG
Business address
The Old Inn
Gairloch
IV21 2BD
Bankers
Clydesdale Bank Plc
Somerled Square
Portree
Skye
IV51 9EH
Solicitors
Lorna Murray
45 Culduthel Road
Inverness
IV2 4HQ
PORTREE PARTNERSHIP LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 9
PORTREE PARTNERSHIP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2015
- 1 -
The directors present their report and financial statements for the year ended 31 October 2015.
Principal activities
The principal activity of the company continued to be that of hoteliers.
Directors
The following directors have held office since 1 November 2014:
Alastair G Pearson
Richard A C Wilson
Statement of directors' responsibilities

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Alastair G Pearson
Director
26 January 2016
PORTREE PARTNERSHIP LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PORTREE PARTNERSHIP LIMITED FOR THE YEAR ENDED 31 OCTOBER 2015
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Portree Partnership Limited for the year ended 31 October 2015 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Portree Partnership Limited, as a body, in accordance with the terms of our engagement letter dated 14 March 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Portree Partnership Limited and state those matters that we have agreed to state to the Board of Directors of Portree Partnership Limited, as a body in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portree Partnership Limited and its Board of Directors as a body, for our work or for this report.

You have acknowledged on the balance sheet as at 31 October 2015 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Portree Partnership 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.
David Marshall Associates
26 January 2016
Chartered Accountants
CBC House
24 Canning Street
Edinburgh
EH3 8EG
PORTREE PARTNERSHIP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2015
- 3 -
2015
2014
Notes
£
£
Turnover
837,513
843,650
Cost of sales
(510,853)
(551,897)
Gross profit
326,660
291,753
Administrative expenses
(234,455)
(224,681)
Operating profit
2
92,205
67,072
Interest payable and similar charges
(44,271)
(38,739)
Profit on ordinary activities before taxation
47,934
28,333
Tax on profit on ordinary activities
3
(3,695)
(2,354)
Profit for the year
10
44,239
25,979
PORTREE PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
4
955,774
963,908
Current assets
Stocks
7,597
7,087
Debtors
5
21,207
33,033
Cash at bank and in hand
215,886
85,498
244,690
125,618
Creditors: amounts falling due within one year
6
(299,163)
(209,772)
Net current liabilities
(54,473)
(84,154)
Total assets less current liabilities
901,301
879,754
Creditors: amounts falling due after more than one year
7
(722,091)
(744,060)
Provisions for liabilities
8
(4,182)
(4,905)
175,028
130,789
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss account
10
165,028
120,789
Shareholders'  funds
175,028
130,789
PORTREE PARTNERSHIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2015
31 October 2015
- 5 -
For the financial year ended 31 October 2015 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 in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 26 January 2016
Alastair G Pearson
Director
Company Registration No. SC154087
PORTREE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 6 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Nil
Plant and machinery
12.5%, 20% and 25% straight line
Fixtures, fittings & equipment
10% straight line
Motor vehicles
25% straight line
No depreciation is provided in respect of Heritable Property.  It is the company's policy to maintain the heritable properties at a high standard to ensure there is no diminution in value.

At the balance sheet date the Heritable Propery was held at cost. The financial statements departed from UK accounting standard, FRS 15 Tangible Fixed Assets, stating that properties should be revalued on periodic basis.  The directors of the company have expressed their wishes not to comply with the standard as it would impair their reading of the statements.  It is believed at the balance sheet date that the value of the heritable properties is in excess of that shown in the financial statements.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
2
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
14,011
25,347
Directors' remuneration
16,000
12,572
PORTREE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 7 -
3
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
4,418
-
Total current tax
4,418
-
Deferred tax
Deferred tax charge/credit current year
(723)
2,354
3,695
2,354
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2014
915,388
99,293
1,014,681
Additions
-
5,878
5,878
Disposals
-
(1,067)
(1,067)
At 31 October 2015
915,388
104,104
1,019,492
Depreciation
At 1 November 2014
-
50,774
50,774
On disposals
-
(1,067)
(1,067)
Charge for the year
-
14,011
14,011
At 31 October 2015
-
63,718
63,718
Net book value
At 31 October 2015
915,388
40,386
955,774
At 31 October 2014
915,388
48,520
963,908
The net book value of other tangible fixed assets includes £11,460 (2014 - £16,201) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £4,742 (2014 - £2,765) for the year.
PORTREE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 8 -
5
Debtors
2015
2014
£
£
Trade debtors
350
6,437
Other debtors
20,857
26,596
21,207
33,033
6
Creditors: amounts falling due within one year
2015
2014
£
£
Bank loans and overdrafts
62,690
61,425
Net obligations under finance leases
4,324
4,074
Trade creditors
101,939
32,750
Taxation and social security
78,430
68,340
Other creditors
51,780
43,183
299,163
209,772

Included in Other creditors are amounts due to the Directors as follows: A Pearson £1,502 (2014 £1,640), R Wilson £2,015 (2014 £1,254).

7
Creditors: amounts falling due after more than one year
2015
2014
£
£
Bank loans
53,099
116,530
Net obligations under finance leases
6,992
12,530
Other creditors
662,000
615,000
722,091
744,060
Analysis of loans
Wholly repayable within five years
777,789
792,955
Included in current liabilities
(62,690)
(61,425)
715,099
731,530

The bank loan is secured as follows:

A standard security over The Old Inn, Gairloch;

A standard security over Gairloch Highland Lodge, Gairloch;

A £100,000 Life Insurance Policy on the life of A Pearson.

The Other creditors figure includes loans from the directors as follows: A Pearson £282,000 (2014 £280,000), R Wilson £380,000 (2014 £335,000). Interest is payable on these loans at 5% p.a.

PORTREE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 9 -
8
Provisions for liabilities
Deferred tax liability
£
Balance at 1 November 2014
4,905
Profit and loss account
(723)
Balance at 31 October 2015
4,182
The deferred tax liability is made up as follows:
2015
2014
£
£
Accelerated capital allowances
4,182
4,905
9
Share capital
2015
2014
£
£
Allotted, called up and fully paid
10,000 Ordinary shares class 1 of £1 each
10,000
10,000
10
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 November 2014
120,789
Profit for the year
44,239
Balance at 31 October 2015
165,028
11
Control

Portree Partnership Limited is ultimately controlled by Mr Alastair Pearson through shareholding.

PORTREE PARTNERSHIP LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2015
PORTREE PARTNERSHIP LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 OCTOBER 2015
2015
2014
£
£
Administrative expenses
Wages and salaries (excl. N.I.)
38,792
30,248
Directors' remuneration
16,000
12,572
Employer's N.I. contributions
4,469
2,572
Staff training
1,045
2,290
Rent re operating leases
6,379
5,103
Rates
44,925
38,125
Insurance
4,763
4,944
Light and heat
34,688
38,089
Repairs and maintenance
12,637
12,599
Printing, postage and stationery
8,959
5,058
Advertising
4,197
4,296
Telephone
4,715
4,389
Internet costs
2,378
4,399
Motor running expenses
7,433
11,583
Travelling expenses
3,083
3,126
Legal and prof fees
200
144
Accountancy
12,681
12,362
Bank charges
9,345
8,611
Staff uniforms
35
278
Sundry expenses
3,387
3,318
Charitable donations
100
120
Subscriptions
233
525
Depreciation
14,011
25,347
Profits/losses on disp of tangibles
-
(5,417)
234,455
224,681
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