Company registration number SC553468 (Scotland)
BUCHANAN CASTLE GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
BUCHANAN CASTLE GOLF CLUB LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BUCHANAN CASTLE GOLF CLUB LIMITED
COMPANY INFORMATION
- 1 -
Directors
G Yule
M Farrell
J Shaftoe
J Allan
(Appointed 1 July 2023)
G Cordner
(Appointed 1 July 2023)
C Weir
(Appointed 14 September 2023)
Company number
SC553468
Registered office
Buchanan Castle Golf Club
Drymen
Glasgow
Scotland
G63 0HY
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
Buchannan Castle Estate
Drymen
Glasgow
Scotland
G63 0HX
BUCHANAN CASTLE GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
180,099
178,643
Current assets
Stocks
2,600
1,954
Debtors
4
63,758
40,753
Cash at bank and in hand
206,444
269,561
272,802
312,268
Creditors: amounts falling due within one year
5
(297,592)
(269,934)
Net current (liabilities)/assets
(24,790)
42,334
Total assets less current liabilities
155,309
220,977
Creditors: amounts falling due after more than one year
6
(87,016)
(100,854)
Net assets
68,293
120,123
Reserves
Other reserves
1,112
3,595
Income and expenditure account
67,181
116,528
Members' funds
68,293
120,123
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BUCHANAN CASTLE GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
J Allan
Director
Company Registration No. SC553468
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information
Buchanan Castle Golf Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Buchanan Castle Golf Club, Drymen, Glasgow, Scotland, G63 0HY. The company's registration number is SC553468.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In making their assessment, following losses incurred in the year, the directors have reviewed the revenue streams available to the club and are putting plans in place to try and increase the revenue through the club. They have also reviewed the underlying cost basis, and will make cuts to the costs to reduce the losses incurred by the club. The directors are regularly reviewing cashflows to ensure that the club can continue to operate within the available finances of the club, and continue to meet their liabilities as they fall due.
1.3
Turnover
The turnover shown in the Income Statement represents amounts relating to membership subscriptions for the period and other income generated from the clubhouse and course in the period, exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual and legal obligations to the customer. Membership subscriptions received in advance are presented as deferred income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost represents purchase price together with any incidental costs of acquisition. Residual values and potential asset impairments are reviewed annually by the directors.
Plant and machinery has been valued by the directors during the year. The basis of the valuation is on an existing value in use basis.
Revaluation surpluses are taken to the revaluation reserve through Other Comprehensive Income in the Statement of Comprehensive Income. Deficits on revaluation are charged to the revaluation reserve up to the amount of the associated revaluation surplus. Any excess deficits are charged to operating profit in the Statement of Comprehensive Income.
Where an asset that was previously revalued is disposed of, its book value is eliminated and an appropriate transfer is made from the revaluation reserve to retained earnings.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
14% to 50% on cost.
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.7
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
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.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit and loss account in the period in which it arises.
1.9
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
13
13
3
Tangible fixed assets
Plant and machinery
£
Cost or valuation
At 1 February 2022
229,479
Additions
35,955
At 31 January 2023
265,434
Depreciation and impairment
At 1 February 2022
50,836
Depreciation charged in the year
34,499
At 31 January 2023
85,335
Carrying amount
At 31 January 2023
180,099
At 31 January 2022
178,643
Cost or valuation represented by:
Plant and machinery
£
Valuation in 2023
135,164
Cost
130,271
265,435
If the plant and machinery had not been revalued they would have been included at the following historical cost:
2023
2022
£
£
Cost
256,511
220,557
Aggregate depreciation
86,781
76,108
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
3
Tangible fixed assets
(Continued)
- 8 -
Hire purchase and finance lease agreements
Included within the net book value is £107,431 (2022 - £130,366) relating to assets held under hire purchase and finance lease agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £16,051 (2022 - £10,934).
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
47,359
21,551
Other debtors
1,883
Prepayments and accrued income
16,399
17,319
63,758
40,753
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,000
5,000
Obligations under finance leases
30,978
28,304
Trade creditors
26,505
21,739
Taxation and social security
11,722
2,864
Other creditors
12,760
13,001
Accruals and deferred income
210,627
199,026
297,592
269,934
Obligations under hire purchase agreements are secured on the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
36,509
41,667
Obligations under finance leases
50,507
59,187
87,016
100,854
Obligations under hire purchase agreements are secured on the assets to which they relate.
The bank loan is unsecured, repayable over 10 years commencing May 2021 and interest is charged at a fixed rate of 2.5%.
Amounts included above which fall due after five years are as follows:
Payable by instalments
5,228
4,667
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 9 -
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Other reserves
Other reserves
Income and expenditure account
Total
£
£
£
At the end of the prior year
3,595
116,528
120,123
Surplus for the year
2,017
(53,847)
(51,830)
Transfers between reserves
(4,500)
4,500
-
At the end of the current year
1,112
67,181
68,293
Other reserves - Golf and Social Fund represents monies received by the company which the directors have set aside for the ongoing development of the course and membership.
Included within reserves is £75,027 of non-distributable reserves relating to the revaluation of plant and machinery. £2,500 of this is included within Golf and Social Fund and £72,527 is included within the Income and expenditure account.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
192,074
59,781
10
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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