Kirklea Cottages Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC252284 (Scotland)

KIRKLEA COTTAGES LIMITED

Financial Statements for the Year Ended 31 March 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Macleod

SECRETARY:

Mrs C Macleod

REGISTERED OFFICE:

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

REGISTERED NUMBER:

SC252284 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

FIXED ASSETS

Tangible assets

5

274,072

136,000

CURRENT ASSETS

Debtors

6

4,227

25,691

Cash at bank and in hand

3,275

5,277

7,502

30,968

CREDITORS

Amounts falling due within one year

7

151,605

37,797

NET CURRENT LIABILITIES

(144,103

)

(6,829

)

TOTAL ASSETS LESS CURRENT LIABILITIES

129,969

129,171

CREDITORS

Amounts falling due after more than one year

8

148,223

104,490

NET (LIABILITIES)/ASSETS

(18,254

)

24,681

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(18,255

)

24,680

SHAREHOLDERS' FUNDS

(18,254

)

24,681

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 19 December 2017 and were signed by:

A J Macleod - Director

1.	STATUTORY INFORMATION

Kirklea Cottages Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounts are rounded to the nearest £1.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis despite the negative reserves in the balance sheet.

The companies main creditor is a group company and the company are not seeking early repayment of the debt.

The debt was incurred due to the cost of the significant improvements to the companies leasehold properties in

the year, resulting in a reduced trading period due to the refurbishment.

The director expects the company to return to profitability in the 2017-18 year.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 April 2015.

Significant judgements and estimates

Significant judgements and estimates are applied in considering the relevant rates to be charged for depreciation

in the financial statements be that as a result of estimating useful economic life or estimating residual value.

Turnover

Turnover represents the income from letting of furnished holiday accommodation, exclusive of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

4% on cost

Fixtures and fittings

-

10% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - NIL).

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1 April 2016

22,457

113,543

136,000

Additions

95,040

63,393

158,433

At 31 March 2017

117,497

176,936

294,433

DEPRECIATION

Charge for year

3,281

17,080

20,361

At 31 March 2017

3,281

17,080

20,361

NET BOOK VALUE

At 31 March 2017

114,216

159,856

274,072

At 31 March 2016

22,457

113,543

136,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

1,265

-

Other debtors

2,962

25,691

4,227

25,691

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

6,742

37,197

Other creditors

144,863

600

151,605

37,797

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Amounts owed to associates

148,223

104,490

9.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the sum of £148,223 to Hotel Hebrides Ltd.

No interest was charged on outstanding balances.

No fixed repayment terms have been entered into.

During the year the company incurred management charges from Hotel Hebrides Ltd in respect of management

and changeover services to the value of £27,500.

The company trading premises are owned by Mr Angus Macleod, director. Rent of £11,794 was charged in the

period by Mr Macleod.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Macleod Hospitality Group Limited.

A J Macleod, director, is the ultimate controlling party.