Company Registration No. SC261034 (Scotland)
Ailsa Hotels Limited
financial statements
for the year ended 31 December 2018
Pages for filing with Registrar
Ailsa Hotels Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Ailsa Hotels Limited
Balance sheet
as at 31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Stocks
206,465
206,465
Debtors
2
164,848
93,846
Cash at bank and in hand
4,659
3,347
375,972
303,658
Creditors: amounts falling due within one year
3
(25,588)
(7,862)
Net current assets
350,384
295,796
Creditors: amounts falling due after more than one year
4
(154,795)
(87,675)
Net assets
195,589
208,121
Capital and reserves
Called up share capital
5
400
400
Profit and loss reserves
6
195,189
207,721
Total equity
195,589
208,121
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 December 2019
KJ Mackie
Director
Company Registration No. SC261034
Ailsa Hotels Limited
Notes to the financial statements
for the year ended 31 December 2018
- 2 -
1
Accounting policies
Company information
Ailsa Hotels Limited is a private company limited by shares incorporated in Scotland. The registered office is 46-48 Clerk Street, Brechin, Angus, DD9 6AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Mackie Motors. These consolidated financial statements are available from its registered office.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Rental income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Rental income is accrued on a time basis, by reference to the lease agreement.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Ailsa Hotels Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
1
Accounting policies (continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Ailsa Hotels Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
1
Accounting policies (continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
37,479
44,678
Amounts owed by group undertakings
124,613
49,168
Other debtors
2,756
-
164,848
93,846
3
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
17,421
1,962
Other creditors
8,167
5,900
25,588
7,862
The bank loan is secured by standard security over the company's work in progress.
Ailsa Hotels Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
- 5 -
4
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
154,795
87,675
The bank loan is secured by standard security over the company's work in progress.
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
400 ordinary shares of £1 each
400
400
The ordinary shares carry a vote and are entitled to any dividend or capital distribution.
6
Profit and loss reserves
Profit and loss reserves include all current and prior period retained profits and losses.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Ian J Cameron.
The auditor was MHA Henderson Loggie, a trading name of Henderson Loggie LLP.
8
Financial commitments, guarantees and contingent liabilities
The company is party with other group companies, being Mackie Motors (Brechin) Limited to an unlimited inter-company guarantee to the bank for borrowings.
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
124,614
24,168
Other related parties
2,719
-
Ailsa Hotels Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
- 6 -
10
Directors' transactions
Loans due to the company are shown in other debtors due within one year.
At the year end £37 (2017 - £8,941) was due to the company and is included within other debtors.
11
Parent company
The company is a wholly owned subsidiary of Mackie Motors (Brechin) Limited, and registered in Scotland.
This company is controlled by KJ Mackie.
2018-12-312018-01-01false09 December 2019CCH SoftwareCCH Accounts Production 2019.301No description of principal activityThis audit opinion is unqualifiedKJ MackieSC2610342018-01-012018-12-31SC2610342018-12-31SC2610342017-12-31SC261034core:CurrentFinancialInstrumentscore:WithinOneYear2018-12-31SC261034core:CurrentFinancialInstrumentscore:WithinOneYear2017-12-31SC261034core:CurrentFinancialInstruments2018-12-31SC261034core:CurrentFinancialInstruments2017-12-31SC261034core:Non-currentFinancialInstruments2018-12-31SC261034core:Non-currentFinancialInstruments2017-12-31SC261034core:ShareCapital2018-12-31SC261034core:ShareCapital2017-12-31SC261034core:RetainedEarningsAccumulatedLosses2018-12-31SC261034core:RetainedEarningsAccumulatedLosses2017-12-31SC261034bus:Director12018-01-012018-12-31SC261034bus:PrivateLimitedCompanyLtd2018-01-012018-12-31SC261034bus:SmallCompaniesRegimeForAccounts2018-01-012018-12-31SC261034bus:FRS1022018-01-012018-12-31SC261034bus:Audited2018-01-012018-12-31SC261034bus:FullAccounts2018-01-012018-12-31xbrli:purexbrli:sharesiso4217:GBP