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REGISTERED NUMBER:
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STIRLING INNS LTD. |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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REGISTERED NUMBER:
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STIRLING INNS LTD. |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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STIRLING INNS LTD. |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
STIRLING INNS LTD. |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only |
required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Stirling Inns Ltd. for the year ended 31st October 2017 which comprise the Income |
Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Stirling Inns Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stirling Inns Ltd. and state those matters that we have agreed to state to the Board of Directors of Stirling Inns Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Stirling Inns Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stirling Inns Ltd.. You consider that Stirling Inns Ltd. is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Stirling Inns Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
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STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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BALANCE SHEET |
31ST OCTOBER 2017 |
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31.10.17 | 31.10.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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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. |
STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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BALANCE SHEET - continued |
31ST OCTOBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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Stirling Inns Ltd. is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Before 2017, the financial statements were prepared in accounting with previous UK GAAP as issued by |
the former UK Accounting Standards Board. The financial effects of the transition to the FRS are set out |
below. |
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These financial statements for the year ended 31st October 2017 are the company's first financial |
statements that comply with the FRS. The company's date of transition to the FRS is 1st November 2015. |
Its last financial statements prepared in accordance with previous UK GAAP were for the year ended 31st |
October 2016 |
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The transition to the FRS has resulted in changes in the company's accounting policies. |
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Turnover |
The turnover shown in the profit and loss account represents rental and other income receivable for the |
period. |
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Tangible fixed assets |
All fixed assets are initially recorded at cost. |
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Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the |
useful economic life of that asset as follows: |
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Fixtures & equipment - 10-25% straight line |
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Investment properties |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax |
is provided on these gains at the rate at the balance sheet date. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is |
any contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
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equipment |
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COST |
At 1st November 2016 |
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Additions |
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At 31st October 2017 |
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DEPRECIATION |
At 1st November 2016 |
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Charge for year |
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At 31st October 2017 |
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NET BOOK VALUE |
At 31st October 2017 |
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At 31st October 2016 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
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COST |
At 1st November 2016 |
and 31st October 2017 |
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NET BOOK VALUE |
At 31st October 2017 |
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At 31st October 2016 |
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STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
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Joint venture |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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( |
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Profit for the year |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st November 2016 |
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Additions |
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At 31st October 2017 |
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NET BOOK VALUE |
At 31st October 2017 |
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At 31st October 2016 |
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Investment properties include two properties which are held in the name of Lee Doyle with Stirling Inns |
Limited being the beneficial owner. |
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Fair value at 31st October 2017 is represented by: |
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£ |
Valuation in 2017 | 1,138,202 |
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If the investment properties had not been revalued they would have been included at the following |
historical cost: |
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31.10.17 | 31.10.16 |
£ | £ |
Cost | 963,337 | 960,135 |
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The investment properties were valued on a market value basis on 31st October 2017 by Lee Doyle . |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Other debtors |
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STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Bank loans (see note 10) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans over 5 years |
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Repayable by instalments |
Bank loans payable after 5 years | 199,676 | 261,071 |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.10.17 | 31.10.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Other loans |
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Amounts falling due between one and two years: |
Other loans - 1-5 years | - |
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Amounts falling due between two and five years: |
Bank loans payable in 1 - 5 years |
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Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans over 5 years | 112,817 | 112,866 |
STIRLING INNS LTD. (REGISTERED NUMBER: SC190222) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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10. | LOANS - continued |
31.10.17 | 31.10.16 |
£ | £ |
Repayable by instalments |
Bank loans payable after 5 years | 199,676 | 261,071 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.10.17 | 31.10.16 |
£ | £ |
Bank loans |
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There is a fixed charge and negative pledge over the assets of the company in favour of Svenska |
Handelsbanken AB (PUBL). |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.17 | 31.10.16 |
value: | £ | £ |
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Ordinary shares of £1 each | £1 | 115 | 115 |
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Ordinary A | £1 | 1 | 1 |
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Ordinary B | £1 | 1 | 1 |
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Ordinary C | £1 | 1 | 1 |
1 | Ordinary D | £1 | 1 | 1 |
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119 |
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13. | RELATED PARTY DISCLOSURES |
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Kippen Properties Limited |
Stirling Inns Limited owns 50% of Kippen Properties Limited |
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The amount of £62,448 (2016: £119,237) owed by Kippen Properties Limited is included in debtors. It |
bears no interest and has no fixed repayment terms. |
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Lee Doyle |
Director and shareholder |
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The amount of £221,955 (2016: £301,627) owed to Lee Doyle is included in creditors. It bears no interest |
and has no fixed repayment terms. |
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14. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of Lee Doyle throughout the current and previous period. |