REGISTERED NUMBER: SC247966 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2017

for

A & D Leisure Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D De Gaetano

A De Gaetano

SECRETARY:

A De Gaetano

REGISTERED OFFICE:

The Victoria Park Hotel

221 Ferry Road

Edinburgh

EH6 4NN

REGISTERED NUMBER:

SC247966 (Scotland)

ACCOUNTANTS:

Sutherland Black

Chartered Accountants

8 Deer Park Avenue

Fairways Business Park

Livingston

West Lothian

EH54 8GA

FIXED ASSETS

Intangible assets

4

102,900

117,600

Tangible assets

5

1,245,772

1,094,715

Investment property

6

180,000

680,000

1,528,672

1,892,315

CURRENT ASSETS

Stocks

9,600

9,400

Debtors

7

387,140

17,166

Cash at bank and in hand

4,037

5,943

400,777

32,509

CREDITORS

Amounts falling due within one year

8

268,513

239,734

NET CURRENT ASSETS/(LIABILITIES)

132,264

(207,225

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,660,936

1,685,090

CREDITORS

Amounts falling due after more than one year

9

(916,528

)

(978,820

)

PROVISIONS FOR LIABILITIES

12

(48,451

)

(3,156

)

NET ASSETS

695,957

703,114

CAPITAL AND RESERVES

Called up share capital

13

2

2

Revaluation reserve

14

186,191

178,557

Fair value reserve

14

10,197

-

Retained earnings

14

499,567

524,555

SHAREHOLDERS' FUNDS

695,957

703,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30 April 2018 and were signed on its behalf by:

A De Gaetano - Director

1.	STATUTORY INFORMATION

A & D Leisure 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is

being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit

arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2016

and 31 October 2017

294,000

AMORTISATION

At 1 November 2016

176,400

Amortisation for year

14,700

At 31 October 2017

191,100

NET BOOK VALUE

At 31 October 2017

102,900

At 31 October 2016

117,600

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 November 2016

1,075,000

86,239

3,808

1,165,047

Additions

155,000

-

-

155,000

At 31 October 2017

1,230,000

86,239

3,808

1,320,047

DEPRECIATION

At 1 November 2016

-

66,524

3,808

70,332

Charge for year

-

3,943

-

3,943

At 31 October 2017

-

70,467

3,808

74,275

NET BOOK VALUE

At 31 October 2017

1,230,000

15,772

-

1,245,772

At 31 October 2016

1,075,000

19,715

-

1,094,715

Cost or valuation at 31 October 2017 is represented by:

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

Valuation in 2008

299,865

-

-

299,865

Valuation in 2012

(225,000

)

-

-

(225,000

)

Valuation in 2017

155,000

-

-

155,000

Cost

1,000,135

86,239

3,808

1,090,182

1,230,000

86,239

3,808

1,320,047

If the hotel had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

1,000,135

1,000,135

The hotel was valued on an open market basis on 5 April 2017 by Christie + Co .

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

680,000

Disposals

(500,000

)

At 31 October 2017

180,000

NET BOOK VALUE

At 31 October 2017

180,000

At 31 October 2016

680,000

Fair value at 31 October 2017 is represented by:

£

Valuation in 2006

12,589

Cost

167,411

180,000

If Investment property had not been revalued it would have been included at the following

historical cost:

2017

2016

£

£

Cost

167,411

576,308

Investment property was valued on an open market basis on 31 March 2007 by Graham & Sibbald, Chartered Surveyors

.

The directors consider that there has been no material changes in the valuation at 31

October 2017.

If sold at valuation, no potential capital gains tax liability will arise.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

14,444

14,839

Other debtors

370,000

-

Prepayments

2,696

2,327

387,140

17,166

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 10)

136,313

123,631

Other loans (see note 10)

18,835

33,149

Trade creditors

5,456

7,468

Tax

35,061

24,864

Social security and other taxes

-

2,237

VAT

42,510

24,001

Other creditors

27,492

21,672

Pension

134

-

Accrued expenses

2,712

2,712

268,513

239,734

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 10)

622,622

650,565

Other loans (see note 10)

51,841

110,400

Directors loan accounts

242,065

217,855

916,528

978,820

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

210,754

272,423

10.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

29,221

29,095

Bank loans

107,092

94,536

Other loans

-

1,757

Other Loans < 1 year

18,835

31,392

155,148

156,780

2017

2016

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

411,868

378,142

Other loans - 2-5 years

51,841

110,400

463,709

488,542

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

210,754

272,423

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

729,714

745,101

The company has granted a standard security to the Allied Irish Bank constituting a first

charge over the under-noted heritable properties:

Victoria Park Hotel, 221 Ferry Road, Edinburgh

The Anchorage, Lamlash, Isle of Arran

16 Dalkeith Road, Edinburgh

In addition, the company has granted a bond and floating charge to the Allied Irish Bank

over all its assets.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

48,451

3,156

Deferred

tax

£

Balance at 1 November 2016

3,156

Provided during year

(771

)

Fixed asset revaluation

43,674

Investment property reval'n

2,392

Balance at 31 October 2017

48,451

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

1

2

2

14.

RESERVES

Fair

Retained

Revaluation

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 November 2016

524,555

178,557

-

703,112

Profit for the year

15,012

15,012

Dividends

(40,000

)

(40,000

)

Investment property

-

-

12,589

12,589

Revaluation reserve charge

-

51,308

-

51,308

Deferred tax movement

-

(43,674

)

(2,392

)

(46,066

)

At 31 October 2017

499,567

186,191

10,197

695,955

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 October 2017, the directors had advanced a total sum of £242,065 (2016 -

£217,855) to the company. There are no fixed terms for repayment and no interest is

payable. However, the directors consider the funds to be of a long term nature.

16.	POST BALANCE SHEET EVENTS

The financial statements include the sale of an investment property which was listed for sale

before the year end, the sale was completed in February 2018. The sales proceeds of

£370,000 are included within year end debtors.

17.	ULTIMATE CONTROLLING PARTY

The two directors hold equal shares in the company.