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Company registration number: SC278048
GEO Foundation for Sustainable Golf Ltd
Previously known as GEO Foundation Limited
Company limited by guarantee
Unaudited filleted abridged financial statements
31 December 2021
GEO Foundation for Sustainable Golf Ltd
Company limited by guarantee
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
GEO Foundation for Sustainable Golf Ltd
Company limited by guarantee
Directors and other information
Directors J A Smith
B T Nordberg
G Shepherd
W C Wood
W Lambert
Secretary J A Smith
Company number SC278048
Registered office 2 Quality Street
North Berwick
East Lothian
EH39 4HW
Accountants Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers The Royal Bank of Scotland
12 Westgate
North Berwick
East Lothian
EH39 4AF
GEO Foundation for Sustainable Golf Ltd
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of GEO Foundation for Sustainable Golf Ltd
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GEO Foundation for Sustainable Golf Ltd for the year ended 31 December 2021 which comprise the abridged statement of financial position 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 GEO Foundation for Sustainable Golf Ltd, 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 GEO Foundation for Sustainable Golf Ltd and state those matters that we have agreed to state to the board of directors of GEO Foundation for Sustainable Golf 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 GEO Foundation for Sustainable Golf Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that GEO Foundation for Sustainable Golf 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 GEO Foundation for Sustainable Golf Ltd. You consider that GEO Foundation for Sustainable Golf Ltd 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 GEO Foundation for Sustainable Golf 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.
Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
2 September 2022
GEO Foundation for Sustainable Golf Ltd
Company limited by guarantee
Abridged statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 6 - 138,659
Tangible assets 7 155,962 2,420
_______ _______
155,962 141,079
Current assets
Debtors 138,065 71,604
Cash at bank and in hand 118,593 134,627
_______ _______
256,658 206,231
Creditors: amounts falling due
within one year ( 103,525) ( 81,573)
_______ _______
Net current assets 153,133 124,658
_______ _______
Total assets less current liabilities 309,095 265,737
Creditors: amounts falling due
after more than one year ( 39,167) ( 48,333)
Provisions for liabilities ( 29,633) ( 26,805)
_______ _______
Net assets 240,295 190,599
_______ _______
Capital and reserves
Profit and loss account 240,295 190,599
_______ _______
Reserves 240,295 190,599
_______ _______
For the year ending 31 December 2021 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 abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2022 , and are signed on behalf of the board by:
J A Smith
Director
Company registration number: SC278048
GEO Foundation for Sustainable Golf Ltd
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 2 Quality Street, North Berwick, East Lothian, EH39 4HW. With effect from 23 May 2022, the name of the company was changed from GEO Foundation Limited to GEO Foundation for Sustainable Golf Ltd.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Website - Straight line over 6 years
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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Website - Straight line over 6 years
Fittings fixtures and equipment - 25 % straight line
Computer equipment - 25 % straight line
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
GEO Foundation Limited is a company limited by guarantee and has no share capital. Each member of the company has undertaken to contribute an amount not exceeding £1 towards any deficit arising in the event of the company being placed in liquidation.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2020: 10 ).
6. Intangible assets
£
Cost
At 1 January 2021 307,201
Disposals (300,125)
Transfers ( 7,076)
_______
At 31 December 2021 -
_______
Amortisation
At 1 January 2021 168,542
Disposals ( 167,363)
Transfers ( 1,179)
_______
At 31 December 2021 -
_______
Carrying amount
At 31 December 2021 -
_______
At 31 December 2020 138,659
_______
7. Tangible assets
£
Cost
At 1 January 2021 29,084
Additions 180,040
Transfers 7,076
_______
At 31 December 2021 216,200
_______
Depreciation
At 1 January 2021 26,664
Charge for the year 32,395
Transfers 1,179
_______
At 31 December 2021 60,238
_______
Carrying amount
At 31 December 2021 155,962
_______
At 31 December 2020 2,420
_______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 3,987 3,987
Later than 1 year and not later than 5 years 4,107 8,094
_______ _______
8,094 12,081
_______ _______
9. Related party transactions
GEO Foundation Limited is the sole member of GEO Certification. During the year a grant of £18,423 (2020: £24,873) was made to GEO Certification. At the balance sheet date the company was due £700 to (2020:£6,372 from) GEO Certification.
10. Key management personnel
The total remuneration of key management personnel during the year was £179,330 (2020: £151,157).