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

REGISTERED NUMBER: SC108130 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Queensferry Hotels Limited

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

3,274,893

4,031,674

CURRENT ASSETS

Stocks

18,159

23,000

Debtors

5

283,307

280,894

Cash in hand

4,506

7,510

305,972

311,404

CREDITORS

Amounts falling due within one year

6

(923,486

)

(920,122

)

NET CURRENT LIABILITIES

(617,514

)

(608,718

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,657,379

3,422,956

CREDITORS

Amounts falling due after more than one year

7

(1,478,199

)

(1,564,573

)

NET ASSETS

1,179,180

1,858,383

CAPITAL AND RESERVES

Called up share capital

1,211,052

1,211,052

Share premium

28,264

28,264

Retained earnings

(60,136

)

619,067

SHAREHOLDERS' FUNDS

1,179,180

1,858,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2021 and were signed on its behalf by:

Mrs C A Gwyn - Director

1.	STATUTORY INFORMATION

Queensferry Hotels Limited is a private company, limited by shares, domiciled in Scotland, registration number SC108130. The registered office is 69 Bruntsfield Place, Edinburgh, Midlothian, EH10 4HH.

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.

Turnover

The turnover shown in the profit and loss account represents the value of all hotel, hospitality and leisure management services delivered during the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

Tangible fixed assets and depreciation

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

Land and buildings

-

not provided

Plant and machinery etc

-

20% on cost and 15% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

It is the directors' belief that the residual value of the property is at least equal to the book values. Therefore it is considered that the depreciation of any such property as required by the Companies Act 2006 and FRS 102 would not be material. Accordingly, where any impairment arises the value of the asset in the financial statements will be reduced to the impaired value.

The directors do not believe that any other assets have residual value and are depreciated to £nil.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Going concern

The financial statements of the company have been prepared on the assumption that the company will continue as a going concern. The application of the going concern basis is based on the assumption that the company will be able to realise its assets and settle its liabilities in the normal course of business.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 72 (2019 - 72 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2019

4,000,000

1,448,673

5,448,673

Impairments

(750,000

)

-

(750,000

)

At 30 April 2020

3,250,000

1,448,673

4,698,673

DEPRECIATION

At 1 May 2019

-

1,416,999

1,416,999

Charge for year

-

6,781

6,781

At 30 April 2020

-

1,423,780

1,423,780

NET BOOK VALUE

At 30 April 2020

3,250,000

24,893

3,274,893

At 30 April 2019

4,000,000

31,674

4,031,674

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

as restated

£

£

Trade debtors

9,605

2,702

Amounts owed by related parties

270,708

235,063

Other debtors

2,994

43,129

283,307

280,894

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

as restated

£

£

Bank loans and overdrafts

392,659

341,089

Trade creditors

76,796

119,426

Taxation and social security

193,025

155,913

Other creditors

261,006

303,694

923,486

920,122

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

as restated

£

£

Bank loans

1,478,199

1,564,573

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

708,967

832,947

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.20

30.4.19

as restated

£

£

Bank overdrafts

279,120

180,177

Bank loans

1,591,738

1,725,485

1,870,858

1,905,662

The bank has a bond and floating charge over the whole assets of the company with a standard security over Keavil House Hotel. The bank has assignation of Keyman Policy over the life of Russell Imrie, sum assured £1,500,000.

9.	RELATED PARTY DISCLOSURES

The Bruntsfield Hotel is under common control. At the year-end there is a balance due from the The Bruntsfield Hotel of £270,708 (2019: £235,063). There was £330,000 (2019: £330,000) of net management charges raised to The Bruntsfield Hotel in the year.