St Magnus Bay Hotel Ltd - Period Ending 2016-04-30

Registration number: SC328690

St Magnus Bay Hotel Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016
 

Moore Scarrott Ltd
Chartered Accountants
Calyx House
South Road
Taunton
Somerset
Somerset
TA1 3DU

St Magnus Bay Hotel Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
St Magnus Bay Hotel Ltd
for the Year Ended 30 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of St Magnus Bay Hotel Ltd for the year ended 30 April 2016 set out on pages 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of St Magnus Bay Hotel Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of St Magnus Bay Hotel Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St Magnus Bay Hotel Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that St Magnus Bay Hotel Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of St Magnus Bay Hotel Ltd. You consider that St Magnus Bay Hotel Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of St Magnus Bay Hotel Ltd. 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 accounts.

 
 
 
  Moore Scarrott Ltd
  Chartered Accountants
  Calyx House
  South Road
  Taunton
  Somerset
  Somerset
  TA1 3DU

27 January 2017

Page 1

St Magnus Bay Hotel Ltd
(Registration number: SC328690)
Abbreviated Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					99,158			95,746
Current assets
Stocks					10,509			11,750
Debtors					454,412			423,824
Cash at bank and in hand					4,680			49,606
					469,601			485,180
Creditors: Amounts falling due within one year					(201,698)			(255,510)
Net current assets					267,903			229,670
Total assets less current liabilities					367,061			325,416
Provisions for liabilities					(18,776)			(17,861)
Net assets					348,285			307,555
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					348,283			307,553
Shareholders' funds					348,285			307,555

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 27 January 2017 and signed on its behalf by:

 Ms Andrea Manson
 Director

 Mr Paul Bird
 Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

St Magnus Bay Hotel Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and equipment	20% straight line
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

St Magnus Bay Hotel Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 May 2015		211,456			211,456
Additions		42,866			42,866
At 30 April 2016		254,322			254,322
Depreciation
At 1 May 2015		115,710			115,710
Charge for the year		39,454			39,454
At 30 April 2016		155,164			155,164
Net book value
At 30 April 2016		99,158			99,158
At 30 April 2015		95,746			95,746

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 4