Registered number:
SC588516
LOCH NESS TITLES 3 LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2022
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LOCH NESS TITLES 3 LIMITED
REGISTERED NUMBER:
SC588516
BALANCE SHEET
AS AT
31 JANUARY 2022
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Stock and work in progress
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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LOCH NESS TITLES 3 LIMITED
REGISTERED NUMBER:
SC588516
BALANCE SHEET
(CONTINUED)
AS AT
31 JANUARY 2022
The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
Mr Robert M Girvan
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The notes on pages 3 to 10 form part of these financial statements.
Page 2
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
Loch Ness Titles 3 Limited is a Private Company limited by shares and incorporated in Scotland. The Company's registered office is Loch Ness Holiday Park, Invermoriston, Inverness, United Kingdom, IV63 7YE.
The principal activity of the Company is that of the operation of a holiday park and the sale of holiday accomodation.
2.
ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The Company's functional and presentational currency is Pound sterling.
The level of rounding is to the nearest £.
The following principal accounting policies have been applied:
The director has considered the going concern basis in preparing these financial statements. He has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading for a period of at least twelve months from the date of the approval of these financial statements to enable the company to meet its liabilities as they arise. The director has also received additional funding post year end and cash reserves are sufficient.
The Company also operates accounts with companies under common control which also provide additional financial support when required.
The financial statements do not include any adjustments that would be result from the withdrawal of this support.
Page 3
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Turnover is recognised by the Company to the extent that it obtains the right to consideration in exchange for its performance. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account.
Glamping pod income
Pod income is recognised on an accruals basis in the period to which it relates
Sales of Lodges
Sales of lodges are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.
Hire fleet income
Hire fleet income is recognised on an accruals basis in the period to which it relates.
Recharges
Recharges is recognised on an accruals basis in the period to which it relates.
Commission
Commisison receivable is recognised on an accruals basis in the period to which it relates.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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CORPORATION AND DEFERRED TAXATION
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The tax expense for the year comprises corporation and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 4
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the profit and loss account.
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REVALUATION OF TANGIBLE FIXED ASSETS
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 1
(2021 -
1
)
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Charge for the year on owned assets
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Charge for the year on financed assets
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Page 6
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
4.
TANGIBLE FIXED ASSETS (CONTINUED)
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The net book value of land and buildings may be further analysed as follows:
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Cost or valuation at 31 January 2022 is as follows:
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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The directors have adopted the above valuation, the director is of the opinion that this represented the market value of the land and buildings at the year end. This is the directors valuation and has not been professionaly valued.
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Page 7
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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STOCK AND WORK IN PROGRESS
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Unit stock is included in a finance facility in which the creditor is secured against the relevant stock units and is included in finance lease creditors.
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Prepayments and accrued income
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CREDITORS: Amounts falling due within one year
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Amounts owed to other participating interests
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Other taxation and social security
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Obligations under finance lease
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Accruals and deferred income
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ncluded within creditors are secured debts amounting to £2,134,320 (2021 - £2,106,830) which are secured on the stock and fixed assets to which they relate.
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Page 8
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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Charged to profit or loss
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Charged to other comprehensive income
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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On revaluation of freehold property
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Allotted, called up and fully paid
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1
(2021 -
1
)
Ordinary
share of £
1.00
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The Company is jointly and severally liable in respect of the its associated Company's (Loch Ness Titles Limited) bank loan facilites, which amounted to £2,366,957 (2021 - £2,711,700). The facility is also secured across the assets owned by Loch Ness Titles Limited and Loch Ness Titles 2 Limited.
Page 9
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LOCH NESS TITLES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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RELATED PARTY TRANSACTIONS
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During the year the Company operated loan accounts with Companies under common control. The balances are unsecured, interest free and repayable on demand.
The balance owed by the Company to Loch Ness Titles Limited as at the year end was £2,184,962 (2021 - £1,663,840). This balance is shown within creditors. During the year, the company transferred stock to Loch Ness Titles Limited. The value of the stock was £173,708 (2021 - £Nil). The units were transferred at their market value in situ.
The balance owed by the Company to Loch Ness Titles 2 Limited as at the year end was £583,213 (2021 - £423,711). This balance is shown within creditors. During the year, the company received stock having been transferred from Loch Ness Titles 2 Limited. The value of the stock was £251,450 (2021 - £Nil). The units were transferred at their market value in situ.
During the year the Company operated a loan with its Director, the amount owed to him at the year end was £704 (2021 - £Nil). This loan is interest free, repayable on demand and shown within other creditors.
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The controlling party is Mr Robert Mcbeth Girvan by virtue of his 100% shareholding.
Page 10
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