SHANTER_INNS_LIMITED - Accounts

SHANTER INNS LIMITED - Company Information

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Company Registration No. SC236870 (Scotland)

SHANTER INNS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2015

SHANTER INNS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

SHANTER INNS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

476,000

Tangible assets

715,093

740,165

1,191,093

1,216,165

Current assets

Stocks

4,050

10,100

Debtors

16,608

32,998

Cash at bank and in hand

45,363

99,765

66,021

142,863

Creditors: amounts falling due within one year

(258,313)

(271,708)

Net current liabilities

(192,292)

(128,845)

Total assets less current liabilities

998,801

1,087,320

Creditors: amounts falling due after more than one year

(685,028)

(786,861)

313,773

300,459

Capital and reserves

Called up share capital

400,000

Profit and loss account

(86,227)

(99,541)

Shareholders' funds

313,773

300,459

SHANTER INNS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 NOVEMBER 2015

- 2 -

For the financial year ended 30 November 2015 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 25 August 2016

D Cowan

Director

Company Registration No. SC236870

SHANTER INNS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2015

- 3 -

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

The turnover shown in the profit and loss account represents amounts during the year, exclusive of Value Added Tax.

1.4

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

1.5

Fixed assets

All fixed assets are initially recorded at cost.

1.6

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value over the economic life of that assets as follows:

Goodwill - over 30 years

1.7

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line

Leasehold Property - 5% straight line

Fixtures & Fittings - 25% straight line

Equipment - 25% straight line

1.8

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

SHANTER INNS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 December 2014

560,000

1,101,019

1,661,019

Additions

3,095

At 30 November 2015

560,000

1,104,114

1,664,114

Depreciation

At 1 December 2014

84,000

360,854

444,854

Charge for the year

28,167

At 30 November 2015

84,000

389,021

473,021

Net book value

At 30 November 2015

476,000

715,093

1,191,093

At 30 November 2014

476,000

740,165

1,216,165

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £42,942 (2014 - £41,063).

The Clydesdale Bank PLC hold the following securities over the bank loans:

Standard Security over the lease of Tam O'Shanter Inn, High Street, Ayr.

Standard Security over The Campbeltown Bar, 8 Main Street, Ayr.

Standard Security over The Harvest Bar, 12 Main Street, Ayr.

Floating charge over the assets and undertakings of Shanter Inns Limited.

Standard Security over The Market Inn, 2 Castlehill Road, Ayr.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £571,028 (2014 - £645,951).

Share capital

2015

2014

Allotted, called up and fully paid

400,000 Ordinary shares of £1 each

400,000