REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Parklands Country Club Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Parklands Country Club Limited |
Parklands Country Club Limited (Registered number: SC086959) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Profit and Loss Account | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Parklands Country Club Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
Parklands Country Club Limited (Registered number: SC086959) |
Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements, which should be considered in the light of the recovery from the Covid-19 pandemic and associated restrictions which affected the hotel and hospitality industry more than most. |
Turnover increased to a figure of £3,573,371 (2022 £3,127,075), with all departments showing the effects of the recommencement of trade following the impact of shutdowns. |
In line with this, costs (both direct and overheads) have increased accordingly, whilst the temporary measures brought in by government to assist businesses during the pandemic were not in place for the year ended 31 March 2023 in contrast to the comparative year. |
Specifically, the year under review saw no grant funding from local or national government (2022 - £132,916), whilst the removal of business rates relief from 22/23 onwards and the return to the full rate of VAT for the hospitality industry from 1 April 2022 have adversely affected this year's results in comparison with the prior year. |
Overall, the company had a pre-tax profit of £358,741 (which includes both depreciation of £196,070 and a asset impairment write-off of £130,288) in comparison with 2022's pre-tax profit of £709,845. |
Looking to the balance sheet, the company managed to maintain the condition, fabric and safety of the building during the pandemic, which greatly eased the transition back to normality. The company looks to continue its progress from the investments made in recent years, together with the plans put in place by senior management, with the net current liabilities position improving significantly on the prior year. |
The company's programme of refurbishment continued in the year, with capital expenditure of £47,402 being incurred, in conjunction with the expanded programme of ongoing repairs, under the control and supervision of management. |
Going forward, the directors are confident that the strong financial position at 31 March 2023 as reflected in the balance sheet continues to stand the company in good stead for the future. |
The underlying business objectives remain as before, following the temporary shift in focus needed to safeguard the company's future during the pandemic. These continue to be concentrating on improving business profitability by ncreasing turnover & occupancy levels in the face of local competition, whilst controlling the required operational costs. The company continues to provide its guests and members with an unbeatable combination of quality accommodation and spa facilities, as well as two purpose-built function suites which are ideal for intimate and bespoke weddings, christenings, birthday parties and conferences. |
Parklands Country Club Limited (Registered number: SC086959) |
Strategic Report |
for the Year Ended 31 March 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Principal risks and uncertainties relate mainly to the overall economic factors facing the business as a whole, in the aftermath of the pandemic which still affects businesses and people's everyday lives. This negatively affected the economy as a whole, with particular damage seen in the leisure, hospitality and entertainment sectors of industry. This, together with prevailing local economic conditions (including the rise in business rates,utilities costs and inflationary pressures generally) are the main risks facing the company. |
The sales plans in place and the targets set are indicative of the pro-active approach adopted by management in attaining the company's stated objectives, in the face of increased competition. |
Seasonality in the company's trade is also mitigated by the investments made in prior years, which seek to expand the range of activities on offer, whilst finance repayments are structured accordingly in line with anticipated cash flows (including payments in advance of the agreed schedule, where cash flows allow). |
Financial and cash flow risk is considered with the assistance of financial reporting, budgets and forecasts which management review in the light of subsequent events. The management team look to retain a level of reserves consistent with ongoing liabilities plus sufficient headroom to cover eventualities. |
These are the most significant risks that may adversely affect business strategy, financial position or future performance. Senior management meet regularly to identify risk factors which may affect the business, evaluating the risk of these materialising and the financial or strategic impact of such events, in order to apply relevant and effective mitigating factors. |
ON BEHALF OF THE BOARD: |
Parklands Country Club Limited (Registered number: SC086959) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
DIVIDENDS |
Dividends totalling £70,000 (2022 - £60,000) were declared and distributed to eligible shareholders in the year under review. |
FUTURE DEVELOPMENTS |
The company's specific plans for future development centre on the continuation of the refurbishment programme, designed to improve existing facilities, fabric and services on offer to both existing and new customers. |
This programme sits alongside the main operational objective of driving the company forward via sales initiatives, improving margins and controlling costs, whilst continuing to provide the service levels currently being provided. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Parklands Country Club Limited (Registered number: SC086959) |
Report of the Directors |
for the Year Ended 31 March 2023 |
AUDITORS |
The auditors, Gillespie & Anderson, (appointed in March 2023, following the resignation of the previous auditors before the expiry of their term of office) will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Parklands Country Club Limited |
Opinion |
We have audited the financial statements of Parklands Country Club Limited (the 'company') for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Parklands Country Club Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Parklands Country Club Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach and assessment were as follows: |
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
Enquire of management and review supporting documentation concerning the company's policies and procedures relating to: |
- identify, evaluate and comply with laws and regulations and their awareness of any instances of non-compliance; |
- detect and respond to the risks of irregularities, fraud and their knowledge of any actual, suspected or alleged fraud; |
- internal controls established to mitigate risks related to, unusual items, fraud or non-compliance with laws and regulations. |
Obtain an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006 and Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", together with health and safety regulations, money laundering regulations, employment legislation and data protection legislation. |
Discuss among the engagement team how and where irregularities might occur in the financial statements and potential indicators of fraud. Identify potential audit risks in relation to income recognition, authorisation of expenses and possible management override of controls. |
Communicate relevant identified laws and regulations and potential irregularity risks to all engagement team members and remain alert to any indications of unusual items, fraud or non-compliance with laws and regulations throughout the audit. |
Review all reports and correspondence with HMRC and legal advisers. |
Perform audit testing which covers the audit assumptions of: existence, completeness, rights and obligations, accuracy and valuation in respect of income recognition and expenditure incurred. |
Evaluate the overall presentation, structure and content of the financial statements, including disclosures, by performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to an irregularity or fraud. Agree financial statement disclosures to underlying documents. |
Assess whether the financial statements represent the underlying transactions and events in a manner that achieves compliance with relevant laws and regulations. |
To address the risk of fraud through management override of controls and management bias, we: assess the rationale behind significant or unusual transactions identified through audit testing and assess where management judgement used in determining accounting estimates were indicative of potential bias. |
Report of the Independent Auditors to the Members of |
Parklands Country Club Limited |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
Parklands Country Club Limited (Registered number: SC086959) |
Profit and Loss Account |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
490,040 | 668,799 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Parklands Country Club Limited (Registered number: SC086959) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Parklands Country Club Limited (Registered number: SC086959) |
Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Parklands Country Club Limited (Registered number: SC086959) |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 12,700 | 253,599 |
Amount withdrawn by directors | (56,830 | ) | (356,148 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
113,382 |
Cash and cash equivalents at end of year | 2 | 489,946 | 427,254 |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Government grants | ( |
) |
Finance costs | 145,658 | 91,870 |
700,469 | 874,765 |
Increase in stocks | ( |
) | ( |
) |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 489,946 | 427,254 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 427,254 | 113,382 |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 427,254 | 62,692 | 489,946 |
427,254 | 489,946 |
Debt |
Debts falling due within 1 year | (300,000 | ) | 57,406 | (242,594 | ) |
Debts falling due after 1 year | (2,576,471 | ) | 353,760 | (2,222,711 | ) |
(2,876,471 | ) | 411,166 | (2,465,305 | ) |
Total | (2,449,217 | ) | 473,858 | (1,975,359 | ) |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Parklands Country Club Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Despite the net current liabilities position, the financial statements are prepared on the going concern basis of accounting. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements. |
Significant judgements and estimates |
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes. |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents net sales of goods & services, excluding value added tax and any discount offered, and includes all income (including rental income) which the directors consider to be relevant to the main trading activities of the company. Such turnover is recognised when the company becomes entitled to the income concerned and when the outcome of the transaction can be reliably measured. |
For turnover involving the sale of goods, this occurs when: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the company no longer retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- it is probable that the economic benefits associated with the transaction will flow to the company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
For turnover involving the rendering of services, this occurs by reference to the stage of completion of the transaction at the end of the reporting period and where the outcome of a transaction can be estimated reliably, with the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the entity; |
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and |
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. |
For example, turnover in relation to room sales is recognised at close of business on the date of the customer's stay, along with all services provided to the guest during that day, whilst membership fees received in advance of the period of membership (along with deposits received in advance) are deferred and released according to the period of membership. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102. |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Grants are recognised when the company has complied with the attaching conditions and there is reasonable assurance that the grants will be received. They are measured at fair value. Grants relating to revenue are recognised in income on a systematic basis over the period or periods in which the entity recognises the related costs for which the grant is intended to compensate. |
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors. |
Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities. |
Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts. |
Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Employee benefits |
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate. |
Provision for liabilities |
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 4 | 3 |
Staff | 62 | 62 |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Other non- audit services |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loan interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | PRIOR YEAR ADJUSTMENT |
The 2022 comparatives in this year's financial statements differ from those expressed in the prior year's financial statements due to the re-allocation of costs within the profit & loss account, and also in the classification of liabilities in terms of when they are likely to fall due. |
These revisions have been made in order to make the 2022 figures more comparable with the presentation in the current year (and going forward) but they do not revise the overall profit for the last financial year, nor the shareholders' funds brought forward at 1 April 2022. |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals |
Impairments | (15,000 | ) | (860,195 | ) | (761,335 | ) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal |
Impairments | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Impairments | - | (641,411 | ) | (2,277,941 | ) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Impairments | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT |
Other creditors |
Directors' current accounts |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,252,334 | 1,606,094 |
Mortgage is repayable by monthly instalments of capital and interest. Interest is charged at base rate less a discount of 1.94%. Term is 15 years with repayment in March 2037. |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Standard Security has been granted in favour of Cumberland Building Society, granted 30 March 2022, over all property and subjects known as and forming Parklands Hotel & Country Club, 196 Ayr Road, Newton Mearns, Glasgow, G77 6DT. Contains a negative pledge. |
Floating Charge has been granted in favour of Cumberland Building Society, granted 24 March 2023. Contains a floating charge which covers all the property or undertaking of the company. Contains a negative pledge. |
Personal guarantee granted by M Modlin & Mrs J Modlin in favour of Cumberland Building Society up to a limit of £100,000. Granted in 2022. |
17. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 547,493 | 479,207 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Charge to Profit and Loss Account during year |
Balance at 31 March 2023 |
Parklands Country Club Limited (Registered number: SC086959) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 647,000 | 647,000 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
20. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,606 (2022 £15,165). As at 31 March 2023 there were outstanding pension contributions amounting to£1,976(2022 £1,245) included in accrued charges. |
21. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £70,000 (2022 - £60,000) were paid to the directors . |
Personal guarantees provided by the directors of the company are disclosed elsewhere within the financial statements. |
Similarly, monies owed by the company to its directors are also shown separately - these loans are interest free and repayable on demand. Movements in the year in relation to these loans relate to the repayment of monies previously advanced, along with the settlement of personal liabilities by the company on behalf of individual directors. The latter includes sales made by the company to one of its directors (see below). |
Related party sales made by the company to its directors totalled £5,022 in the year (2022 - Nil). |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Mrs J Modlin and J Modlin by virtue of their shareholding. |