Lochmaddy Hotel Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC035545 (Scotland)

LOCHMADDY HOTEL LIMITED

Financial Statements for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

George Fergus Granville Leveson-Gower

Niall Leveson-Gower

SECRETARY:

Ms Christine Macleod

REGISTERED OFFICE:

North Uist Estate Office

Lochmaddy

North Uist

Western Isles

HS6 5AA

REGISTERED NUMBER:

SC035545 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

SOLICITORS:

Turcan Connell WS

Princes Exchange

1 Earl Grey Street

Edinburgh

EH3 9EE

FIXED ASSETS

Tangible assets

4

60,545

36,965

CURRENT ASSETS

Debtors

5

61,828

56,926

Cash at bank

32,684

41,245

94,512

98,171

CREDITORS

Amounts falling due within one year

6

79,752

68,985

NET CURRENT ASSETS

14,760

29,186

TOTAL ASSETS LESS CURRENT LIABILITIES

75,305

66,151

CREDITORS

Amounts falling due after more than one year

7

768,583

768,583

NET LIABILITIES

(693,278

)

(702,432

)

CAPITAL AND RESERVES

Called up share capital

176,095

176,095

Retained earnings

(869,373

)

(878,527

)

SHAREHOLDERS' FUNDS

(693,278

)

(702,432

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 2 December 2022 and were signed on its behalf by:

George Fergus Granville Leveson-Gower - Director

1.	STATUTORY INFORMATION

Lochmaddy Hotel 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.	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.

The financial statements have been prepared on a going concern basis. The directors are of the opinion that this is appropriate given the ongoing support of the ultimate controlling party, North Uist Estate Trust 1990.

Turnover

Turnover comprises the amount earned, excluding value added tax, from shooting lets, fishing rights and sales of stags, hinds ,venison and ammunition. It does not include property rental income.

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

-

7.5% on cost

Motor vehicles

-

25% depreciation on reducing balance

Fishing equipment

-

10% depreciation on cost

Terrapin bungalow

-

10% depreciation on cost

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Motor

Fishing

Terrapin

property

vehicles

equipment

bungalow

Totals

£

£

£

£

£

COST

At 1 April 2021

265,570

44,677

20,591

1,100

331,938

Additions

-

32,952

-

-

32,952

Disposals

-

(5,750

)

-

-

(5,750

)

At 31 March 2022

265,570

71,879

20,591

1,100

359,140

DEPRECIATION

At 1 April 2021

265,569

14,571

13,734

1,099

294,973

Charge for year

-

7,355

1,328

-

8,683

Eliminated on disposal

-

(5,061

)

-

-

(5,061

)

At 31 March 2022

265,569

16,865

15,062

1,099

298,595

NET BOOK VALUE

At 31 March 2022

1

55,014

5,529

1

60,545

At 31 March 2021

1

30,106

6,857

1

36,965

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

34,895

35,217

Due from parent undertaking

20,045

20,045

VAT

5,041

-

Prepaid lease incentive

1,847

1,664

61,828

56,926

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

51,386

26,065

VAT

-

87

Deposits received in advance

6,141

8,216

Deposits held

8,000

8,000

Accrued expenses

14,225

26,617

79,752

68,985

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Loan - North Uist Estate Trust 1990

753,173

753,173

Loan - The Executors of the late Lord Granville

15,410

15,410

768,583

768,583

The loans from North Uist Estate Trust 1990 and the Executors of the late Lord Granville are interest free and there are no requirements to repay them in the foreseeable future.

8.	SECURED DEBTS

A letter of offset has been granted to the company's bankers by the Trustees of North Uist Estate Trust 1990 in respect of all sums due to the bank.

9.	RELATED PARTY DISCLOSURES

During the year Niall Leveson-Gower, director issued invoices totalling £2,760 (2021 - £7,500) in relation to stalking expenses.

10.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking is North Uist Estate Trust 1990 which owns the whole of the issued share capital of the company and operates in Scotland.