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REGISTERED NUMBER: SC445374















MEARNS CASTLE GOLF ACADEMY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






MEARNS CASTLE GOLF ACADEMY LIMITED (REGISTERED NUMBER: SC445374)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MEARNS CASTLE GOLF ACADEMY LIMITED (REGISTERED NUMBER: SC445374)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 126,089 113,161

CURRENT ASSETS
Debtors 5 1,983,173 1,605,443
Cash at bank and in hand 212,089 325,961
2,195,262 1,931,404
CREDITORS
Amounts falling due within one year 6 2,246,426 2,026,921
NET CURRENT LIABILITIES (51,164 ) (95,517 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,925

17,644

PROVISIONS FOR LIABILITIES 30,843 21,501
NET ASSETS/(LIABILITIES) 44,082 (3,857 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 44,081 (3,858 )
SHAREHOLDERS' FUNDS 44,082 (3,857 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

MEARNS CASTLE GOLF ACADEMY LIMITED (REGISTERED NUMBER: SC445374)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2023 and were signed on its behalf by:





Mr F V Waters - Director


MEARNS CASTLE GOLF ACADEMY LIMITED (REGISTERED NUMBER: SC445374)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Mearns Castle Golf Academy Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Mearns Castle Golf Academy Waterfoot Road, Newton Mearns, Glasgow, Scotland, G77 5RR.

The presentation currency of the financial statements is Sterling (£).

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. There were no material departures from that standard.

Going concern
The financial statements have been prepared on a going concern basis. After due consideration, the directors consider it appropriate to prepare the financial statements on this basis.

Turnover
Turnover represents the invoiced value of services provided during the period. The company's policy is to recognise a sale when all the risks and rewards in connection with the services have been passed to the purchaser.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 50% on cost, 33.3% on cost, 25% on cost, 20% on cost and 10% on cost

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the profit and loss account.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.


MEARNS CASTLE GOLF ACADEMY LIMITED (REGISTERED NUMBER: SC445374)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

Rental income
Rental income is recognised on a straight line basis over the term of the lease.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 16 ) .

MEARNS CASTLE GOLF ACADEMY LIMITED (REGISTERED NUMBER: SC445374)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 270,695
Additions 52,568
Disposals (6,667 )
At 31 March 2023 316,596
DEPRECIATION
At 1 April 2022 157,534
Charge for year 39,640
Eliminated on disposal (6,667 )
At 31 March 2023 190,507
NET BOOK VALUE
At 31 March 2023 126,089
At 31 March 2022 113,161

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 275,987 236,249
Other debtors 447,912 358,683
723,899 594,932

Amounts falling due after more than one year:
Other debtors 1,259,274 1,010,511

Aggregate amounts 1,983,173 1,605,443

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 83,583 116,599
Taxation and social security 200,401 232,655
Other creditors 1,962,442 1,677,667
2,246,426 2,026,921

MEARNS CASTLE GOLF ACADEMY LIMITED (REGISTERED NUMBER: SC445374)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. RELATED PARTY DISCLOSURES

At the balance sheet date there was an amount due from the ultimate controlling party amounting to £1,259,274 (2022: £1,010,511). The loan, which is included within other debtors note 5 is repayable on demand. The balance due from the ultimate controlling party earns interest at 2.5%.

At the balance sheet date, there is a provision for management charges from the directors for services provided which amounted to £1,762,000 (2022: £1,462,000)). This provision is included within other creditors note 6.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is MAGA LLP. The registered office is Mearns Castle Golf Academy Waterfoot Road, Newton Mearns, Glasgow, Scotland, G77 5RR.