PROSCOT GOLF TOURS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Company Registration No. SC415466 (Scotland)
PAGES FOR FILING WITH REGISTRAR
PROSCOT GOLF TOURS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PROSCOT GOLF TOURS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
47,501
73,977
Current assets
Debtors
5
1,239,644
805,500
Cash at bank and in hand
280,706
178,334
1,520,350
983,834
Creditors: amounts falling due within one year
6
(1,510,334)
(994,774)
Net current assets/(liabilities)
10,016
(10,940)
Total assets less current liabilities
57,517
63,037
Provisions for liabilities
(6,546)
(10,219)
Net assets
50,971
52,818
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
50,771
52,618
Total equity
50,971
52,818
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 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.
The financial statements were approved by the board of directors and authorised for issue on 17 January 2024 and are signed on its behalf by:
Mrs N Scott
Director
Company registration number SC415466 (Scotland)
PROSCOT GOLF TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Proscot Golf Tours Ltd is a private company limited by shares incorporated in Scotland. The registered office is 30 Miller Road, Ayr, Ayrshire, KA7 2AY.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 November 2023 are the first financial statements of Proscot Golf Tours Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2021. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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.
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
25% Straight Line
Computers
25% Straight Line
Motor vehicles
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
PROSCOT GOLF TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
PROSCOT GOLF TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
PROSCOT GOLF TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
108,446
Depreciation and impairment
At 1 December 2022
34,469
Depreciation charged in the year
26,476
At 30 November 2023
60,945
Carrying amount
At 30 November 2023
47,501
At 30 November 2022
73,977
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
581,115
371,246
Other debtors
658,529
434,254
1,239,644
805,500
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
447,628
267,777
Taxation and social security
50,306
21,389
Other creditors
1,012,400
705,608
1,510,334
994,774
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Creditors due within one year includes £9,720 (2022 - £38,681) due to the company directors. This loan bears no interest and is repayable on demand.
PROSCOT GOLF TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
8
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 December 2021
At 30 November 2022
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
12,718
-
12,718
73,977
-
73,977
Current assets
Debtors
1,068,751
-
1,068,751
805,500
-
805,500
Bank and cash
216,127
-
216,127
178,334
-
178,334
1,284,878
-
1,284,878
983,834
-
983,834
Creditors due within one year
Loans and overdrafts
-
-
-
(38,681)
-
(38,681)
Taxation
(16,959)
-
(16,959)
(21,389)
-
(21,389)
Other creditors
(1,274,953)
-
(1,274,953)
(934,704)
-
(934,704)
(1,291,912)
-
(1,291,912)
(994,774)
-
(994,774)
Net current liabilities
(7,034)
-
(7,034)
(10,940)
-
(10,940)
Total assets less current liabilities
5,684
-
5,684
63,037
-
63,037
Provisions for liabilities
Deferred tax
-
-
-
-
(10,219)
(10,219)
Net assets
5,684
-
5,684
63,037
(10,219)
52,818
Capital and reserves
Share capital
200
200
200
-
200
Profit and loss
5,484
5,484
62,837
(10,219)
52,618
Total equity
5,684
-
5,684
63,037
(10,219)
52,818
Notes to reconciliations on adoption of FRS 102
Deferred tax
On 1 December 2021 the company transitioned to FRS 102. At year ended 30 November 2022 the deferred tax balance was calculated to be £10,219 which was unrecognised under the previous accounting convention. The prior year profit and loss account and balance sheet have been restated to reflect this change in accounting treatment. There were no other accounting adjustments arising as a result of transitioning to FRS 102.