The Lochside Hotel Limited - Period Ending 2017-03-31
The Lochside Hotel Limited - Period Ending 2017-03-31
Registration number:
The Lochside Hotel Limited
for the Year Ended 31 March 2017
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG
The Lochside Hotel Limited
Contents
Company Information |
|
Director's Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
The Lochside Hotel Limited
Company Information
Director |
Mr Neil Morrison |
Registered office |
|
Accountants |
|
Page 1 |
The Lochside Hotel Limited
Director's Report for the Year Ended 31 March 2017
The director presents his report and the financial statements for the year ended 31 March 2017.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is hotel operator
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Neil Morrison
Director
Page 2 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Lochside Hotel Limited
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Lochside Hotel Limited for the year ended 31 March 2017 as set out on pages 4 to 11 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of The Lochside Hotel Limited, 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 The Lochside Hotel Limited and state those matters that we have agreed to state to the Board of Directors of The Lochside Hotel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Lochside Hotel Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Lochside Hotel Limited 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 The Lochside Hotel Limited. You consider that The Lochside Hotel Limited 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 The Lochside Hotel 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 accounts.
......................................
1 Aldersyde
Taynuilt
Argyll
PA35 1AG
Page 3 |
The Lochside Hotel Limited
Profit and Loss Account for the Year Ended 31 March 2017
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(2,191) |
(94) |
||
Profit before tax |
|
|
|
Taxation |
( |
- |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
The Lochside Hotel Limited
Statement of Comprehensive Income for the Year Ended 31 March 2017
Note |
2017 |
2016 |
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Page 5 |
The Lochside Hotel Limited
(Registration number: SC496257)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
- |
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr Neil Morrison
Director
Page 6 |
The Lochside Hotel Limited
Statement of Changes in Equity for the Year Ended 31 March 2017
Share capital |
Profit and loss account |
Total |
|
At 1 April 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
New share capital subscribed |
|
- |
|
At 31 March 2016 |
|
|
|
Page 7 |
The Lochside Hotel Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
25% reducing balance |
Furniture & fittings |
8% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 8 |
The Lochside Hotel Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Page 9 |
The Lochside Hotel Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 April 2016 |
|
|
|
|
Additions |
- |
|
|
|
At 31 March 2017 |
|
|
|
|
Depreciation |
||||
At 1 April 2016 |
- |
|
|
|
Charge for the period |
- |
|
|
|
At 31 March 2017 |
- |
|
|
|
Carrying amount |
||||
At 31 March 2017 |
|
|
|
|
At 31 March 2016 |
|
|
|
|
Included within the net book value of land and buildings above is £152,399 (2016 - £152,399) in respect of long leasehold land and buildings.
Debtors |
2017 |
2016 |
|
Other debtors |
- |
|
Total current trade and other debtors |
- |
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Page 10 |
The Lochside Hotel Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2017 |
2016 |
|
Current loans and borrowings |
||
Other borrowings |
|
|
Dividends |
2017 |
2016 |
|
£ |
£ |
|
Final dividend of £Nil (2016 - £Nil) per ordinary share |
- |
- |
Interim dividend of £ |
15,290 |
- |
15,290 |
- |
Page 11 |
The Lochside Hotel Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2017
Year ended 31 March 2017 |
29 January 2015 to 31 March 2016 |
|
Turnover (analysed below) |
922,613 |
590,768 |
Cost of sales (analysed below) |
(611,291) |
(391,150) |
Gross profit |
311,322 |
199,618 |
Gross profit (%) |
33.74% |
33.79% |
Administrative expenses |
||
Establishment costs (analysed below) |
(79,984) |
(82,076) |
General administrative expenses (analysed below) |
(92,388) |
(61,448) |
Finance charges (analysed below) |
(8,844) |
(4,335) |
Depreciation costs (analysed below) |
(17,877) |
(6,000) |
(199,093) |
(153,859) |
|
Operating profit |
112,229 |
45,759 |
Interest payable and similar charges (analysed below) |
(2,191) |
(94) |
Profit before tax |
110,038 |
45,665 |
Page 12 |
The Lochside Hotel Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2017
2017 |
2016 |
Turnover |
||
Sale of goods, UK |
922,613 |
590,768 |
Cost of sales |
||
Purchases |
249,248 |
174,368 |
Direct costs |
10,893 |
4,894 |
Wages and salaries (excluding directors) |
322,968 |
205,976 |
Consumable tools |
4,059 |
2,002 |
Commissions payable |
24,123 |
3,910 |
611,291 |
391,150 |
Establishment costs |
||
Rent |
(23,170) |
(23,833) |
Rates |
(16,654) |
(18,390) |
Light, heat and power |
(34,297) |
(33,794) |
Insurance |
(5,863) |
(6,059) |
(79,984) |
(82,076) |
General administrative expenses |
||
Repairs and maintenance |
(40,905) |
(25,216) |
Telephone and fax |
(2,230) |
(2,751) |
Printing, postage and stationery |
(3,002) |
(2,827) |
Trade subscriptions |
(1,752) |
(1,192) |
Hire of plant and machinery (Operating leases) |
(7,804) |
(7,021) |
Sundry expenses |
(841) |
(58) |
Cleaning |
(13,546) |
(9,194) |
Travel and subsistence |
(2,022) |
(1,355) |
Advertising |
(1,847) |
(581) |
Accountancy fees |
(1,743) |
(2,000) |
Consultancy fees |
(9,059) |
(2,070) |
Bookkeeping |
(6,987) |
(5,262) |
Legal and professional fees |
(650) |
(1,921) |
(92,388) |
(61,448) |
Finance charges |
||
Bank charges |
(8,844) |
(4,335) |
Depreciation costs |
||
Depreciation of plant and machinery (owned) |
(15,099) |
(5,000) |
Depreciation of fixtures and fittings (owned) |
(2,778) |
(1,000) |
(17,877) |
(6,000) |
Interest payable and similar expenses |
||
Other loan interest |
2,191 |
94 |
Page 13 |