12.18. SCOTLAND LTD.

• ⚠

  Material uncertainty over going concern

  The company has financial covenants linked to the hotel lease and the landlord has an option to terminate the hotel lease dependent on the trading performance of the group's trading subsidiary, 12.18 Roxburghe Hotel Golf & Spa Limited, for FY23 and FY24. Based on current results, these financial covenants have not been met and the landlord has reserved their rights in connection with this matter. The directors do not believe that the lease will be terminated based on their ongoing discussions with the landlord but acknowledge that this is a material uncertainty which may cast significant doubt on the group and company's ability to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Brown Butler

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The company has financial covenants linked to the hotel lease and the landlord has an option to terminate the hotel lease dependent on the trading performance of the group's trading subsidiary, 12.18 Roxburghe Hotel Golf & Spa Limited, for FY23 and FY24. Based on current results, these financial covenants have not been met and the landlord has reserved their rights in connection with this matter. The directors do not believe that the lease will be terminated based on their ongoing discussions with the landlord but acknowledge that this is a material uncertainty which may cast significant doubt on the group and company's ability to continue as a going concern.”

Group structure

1. 12.18. SCOTLAND LTD. · parent
   1. 12.18. Roxburghe GmbH 55% · Germany · Business services
   2. 12.18. Roxburghe Hotel Golf & Spa Ltd. 55% · United Kingdom · Hotel operation

Significant events

• “A major extension project was completed in 2022, this included expanding the number of rooms to 80, creating a spa, conference rooms and new restaurants.”
• “In January 2023 a partnership with Hyatt was announced.”
• “During the year the landlord of the hotel completed the construction of an additional 29 cottages within the hotel grounds resulting in a total of 55 cottages and a 20 bed - staff house within the hotel grounds.”
• “the hotel began operating a kids club, further golf facilities and an estate market shop.”
• “The hotel operator also transitioned from 12.18. Hospitality Management to Lindner Hotel AG.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +56.5%

  £5,705,771 → £8,932,104

• Cash

  -48.9%

  £2,028,314 → £1,037,178

• Net assets

  -170.2%

  -£2,397,608 → -£6,477,332

• Employees

  +7.5%

  161 → 173

• Operating profit

  +16.1%

  -£4,598,905 → -£3,859,536

• Profit before tax

  +15.6%

  -£4,596,141 → -£3,878,817

• Wages

  +29.4%

  £3,153,299 → £4,080,124

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers