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2021-01-31
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
SC353127
West End Hospitality Limited
Unaudited filleted financial statements
30 January 2022
West End Hospitality Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
West End Hospitality Limited
Directors and other information
|
|
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Directors
|
Mr Steven Kermack
|
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Company number
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SC353127
|
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|
Edinburgh
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|
EH12 5AU
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Business address
|
35 Palmerston Place
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Edinburgh
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EH12 5AU
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Accountants
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John Lynch & Co
|
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Torridon House
|
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Torridon lane
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Rosyth
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KY11 2EU
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Bankers
|
The Royal Bank of Scotland
|
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Edinburgh West End Office
|
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142-144 Princess Street
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Edinburgh
|
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EH2 4EQ
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|
West End Hospitality Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of West End Hospitality Limited
Year ended 30 January 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West End Hospitality Limited for the year ended 30 January 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
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.
This report is made solely to the board of directors of West End Hospitality Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of West End Hospitality Limited and state those matters that we have agreed to state to the board of directors of West End Hospitality Limited 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 West End Hospitality Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that West End Hospitality Limited 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 West End Hospitality Limited. You consider that West End Hospitality Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of West End Hospitality Limited. 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.
John Lynch & Co
Chartered Accountants
Torridon House
Torridon lane
Rosyth
KY11 2EU
19 April 2022
West End Hospitality Limited
Statement of financial position
30 January 2022
|
|
|
2022
|
|
|
|
2021
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
-
|
|
|
|
-
|
|
|
Tangible assets
|
|
6
|
3,508,687
|
|
|
|
3,563,161
|
|
|
Investments
|
|
7
|
200
|
|
|
|
200
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
3,508,887
|
|
|
|
3,563,361
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
8
|
478,016
|
|
|
|
499,017
|
|
|
Cash at bank and in hand
|
|
|
2,051
|
|
|
|
345
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
480,067
|
|
|
|
499,362
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
9
|
(
1,876,807)
|
|
|
|
(
2,056,780)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
1,396,740)
|
|
|
|
(
1,557,418)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
2,112,147
|
|
|
|
2,005,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
2,112,147
|
|
|
|
2,005,943
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
100
|
|
|
|
100
|
Revaluation reserve
|
|
|
|
|
1,874,643
|
|
|
|
1,874,643
|
Profit and loss account
|
|
|
|
|
237,404
|
|
|
|
131,200
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
2,112,147
|
|
|
|
2,005,943
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 30 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 April 2022
, and are signed on behalf of the board by:
Mr Steven Kermack
Director
Company registration number:
SC353127
West End Hospitality Limited
Statement of changes in equity
Year ended 30 January 2022
|
|
Called up share capital
|
|
Revaluation reserve
|
|
Profit and loss account
|
Total
|
|
|
|
|
|
£
|
|
£
|
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 January 2020
|
|
100
|
|
1,874,643
|
|
279,664
|
2,154,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year
|
|
|
|
|
|
(
148,464)
|
(
148,464)
|
|
|
|
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
Total comprehensive income for the year
|
|
-
|
|
-
|
|
(
148,464)
|
(
148,464)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
At 30 January 2021 and 31 January 2021
|
|
100
|
|
1,874,643
|
|
131,200
|
2,005,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year
|
|
|
|
|
|
106,204
|
106,204
|
|
|
|
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
Total comprehensive income for the year
|
|
-
|
|
-
|
|
106,204
|
106,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
At 30 January 2022
|
|
100
|
|
1,874,643
|
|
237,404
|
2,112,147
|
|
|
|
|
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West End Hospitality Limited
Notes to the financial statements
Year ended 30 January 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 35 Palmerston Place, Edinburgh, EH12 5AU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2021:
1
).
5.
Intangible assets
|
|
Goodwill
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 31 January 2021 and 30 January 2022
|
450,000
|
450,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 31 January 2021 and 30 January 2022
|
450,000
|
450,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 30 January 2022
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 30 January 2021
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal instalments over its estimated economic life of 5 years.
6.
Tangible assets
|
|
Freehold property
|
Fixtures, fittings and equipment
|
Total
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 31 January 2021 and 30 January 2022
|
3,200,000
|
976,520
|
4,176,520
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 31 January 2021
|
-
|
613,359
|
613,359
|
|
|
|
|
|
Charge for the year
|
-
|
54,474
|
54,474
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 30 January 2022
|
-
|
667,833
|
667,833
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 January 2022
|
3,200,000
|
308,687
|
3,508,687
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 30 January 2021
|
3,200,000
|
363,161
|
3,563,161
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The director revalued the investment properties during the 2019 fianacial year dased on indicative current market values.
7.
Investments
|
|
Other investments other than loans
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 31 January 2021 and 30 January 2022
|
200
|
200
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
At 31 January 2021 and 30 January 2022
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 30 January 2022
|
200
|
200
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 30 January 2021
|
200
|
200
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
|
478,016
|
466,597
|
|
Other debtors
|
|
-
|
32,420
|
|
|
|
_______
|
_______
|
|
|
|
478,016
|
499,017
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
1,849,928
|
1,851,294
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
|
-
|
180,607
|
|
Corporation tax
|
|
9,079
|
9,079
|
|
Other creditors
|
|
17,800
|
15,800
|
|
|
|
_______
|
_______
|
|
|
|
1,876,807
|
2,056,780
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value
|
|
Balance owed by/(owed to)
|
|
|
|
2022
|
2021
|
2022
|
2021
|
|
|
£
|
£
|
£
|
£
|
|
Related company, SK1 Property Limited
|
11,419
|
(
35,575)
|
478,016
|
466,597
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
The company gave further loans to SK1 Property Limited, a related company, of £11,419 increasing the loans given to £478,016 (2021-£466,597).