Ingliston Hotels Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC172197 (Scotland)

Financial Statements

for the Year Ended 30 April 2019

for

Ingliston Hotels Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M V Taylor

Mr A I Armstrong

Ms N J Taylor

SECRETARY:

Mr A I Armstrong

REGISTERED OFFICE:

Victoria Chambers

3rd Floor

142 West Nile Street

Glasgow

G1 2RQ

REGISTERED NUMBER:

SC172197 (Scotland)

AUDITORS:

Stevenson & Kyles

Statutory Auditor

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Intangible assets

4

24,658

26,338

Tangible assets

5

13,438,502

13,500,000

13,463,160

13,526,338

CURRENT ASSETS

Stocks

6,297

5,460

Debtors

6

76,969

93,772

Cash at bank and in hand

517,663

271,161

600,929

370,393

CREDITORS

Amounts falling due within one year

7

1,458,834

1,063,682

NET CURRENT LIABILITIES

(857,905

)

(693,289

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,605,255

12,833,049

PROVISIONS FOR LIABILITIES

(1,327,905

)

(1,351,653

)

ACCRUALS AND DEFERRED INCOME

(183,333

)

(195,833

)

NET ASSETS

11,094,017

11,285,563

CAPITAL AND RESERVES

Called up share capital

750,002

750,002

Revaluation reserve

9

9,265,700

9,346,601

Retained earnings

1,078,315

1,188,960

SHAREHOLDERS' FUNDS

11,094,017

11,285,563

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 4 October 2019 and were signed on its behalf by:

Mr M V Taylor - Director

1.	STATUTORY INFORMATION

Ingliston Hotels 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions within the group.

Turnover

Turnover, which is stated net of value added tax, represents amounts due in respect of goods supplied and

services rendered.

Turnover is attributable to the one continuing activity, that of owning and operating hotels.

Intangible assets

The hotel owned by the company is operated as a Holiday Inn Express. The costs of setting up the franchise

agreement were capitalised as intellectual property and are being amortised over its twenty year term.

The company received 'key money' of £250,000 relating to the franchise. This has been treated as deferred

income in the financial statements and is also being released to the profit and loss account over the term of the

franchise agreement.

Tangible fixed assets

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

Land and buildings

-

over the lease term

Plant and machinery etc

-

20% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable

within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the

profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income except to the extent that it relates to items recognised 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 in the period to which the charge relates.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution pension scheme. Contributions payable to the pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2018 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2018

and 30 April 2019

33,622

AMORTISATION

At 1 May 2018

7,284

Charge for year

1,680

At 30 April 2019

8,964

NET BOOK VALUE

At 30 April 2019

24,658

At 30 April 2018

26,338

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 May 2018

13,340,676

982,858

14,323,534

Additions

-

107,823

107,823

At 30 April 2019

13,340,676

1,090,681

14,431,357

DEPRECIATION

At 1 May 2018

-

823,534

823,534

Charge for year

128,276

41,045

169,321

At 30 April 2019

128,276

864,579

992,855

NET BOOK VALUE

At 30 April 2019

13,212,400

226,102

13,438,502

At 30 April 2018

13,340,676

159,324

13,500,000

In September 2018, the leasehold property was revalued by Colliers International UK at a value of £13,500,000

and that valuation has been incorporated in the financial statements. The property was valued as a fully equipped

operational entity, having regard to trading potential and the valuation report has been prepared in accordance

with the RICS valuation - Professional Standards 2014.

On a historical cost basis the net book value of the property would be £2,637,217 (2018 - £2,662,821).

Additions to plant and machinery include expenditure of £61,922 on the advance purchase of an electricity

sub-station. As at the date of signing the accounts work had not yet commenced on the erection of the

sub-station.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

57,749

63,604

Other debtors

19,220

30,168

76,969

93,772

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

199,196

240,380

Amounts owed to parent undertaking

901,541

244,956

Taxation and social security

133,926

137,648

Other creditors

224,171

440,698

1,458,834

1,063,682

8.	SECURED DEBTS

The Royal Bank of Scotland plc hold a standard security over the property owned by the company. Cross

guarantees exist between the company and other group companies in respect of bank accounts and loans with the

Royal Bank of Scotland plc

9.

RESERVES

Revaluation

reserve

£

At 1 May 2018

9,346,601

Adjustment to deferred tax on revalued asset

21,807

Transfer to retained earnings

(102,708

)

At 30 April 2019

9,265,700

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Weir (Senior Statutory Auditor)

for and on behalf of Stevenson & Kyles

11.	OTHER FINANCIAL COMMITMENTS

The company has an operating lease over the land on which the hotel is located. The minimum commitment over

the remaining length of the lease of 104 years is £11,440,000 (2018 - £11,550,000). The company had other

commitments, guarantees and contingencies of £7,937 (2018 - £12,473).

12.	RELATED PARTY DISCLOSURES

The company is a subsidiary of Chardon Trading Limited which owns 100% of the share capital. Chardon

Trading Limited, whose registered office is at Victoria Chambers, 142 West Nile Street, Glasgow G1 2RQ,

prepares consolidated financial statements for the group.

Thistle Car Parking Ltd, a company in which both Mr A I Armstrong and Ms N J Taylor are directors and

shareholders, sold services totalling £137,174 (2018 - £123,280) on normal commercial terms to Ingliston

Hotels Ltd. Included in creditors is a balance of £16,658 (2018 - £29,989) due to that company.