Company registration number SC008664 (Scotland)
CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CRIEFF GOLF CLUB LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crieff Golf Club Limited for the year ended 31 October 2023 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Crieff Golf Club Limited, 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 Crieff Golf Club Limited and state those matters that we have agreed to state to the board of directors of Crieff Golf Club Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crieff Golf Club Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Crieff Golf Club Limited 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 deficit of Crieff Golf Club Limited. You consider that Crieff Golf Club Limited 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 Crieff Golf Club Limited. 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.

MMG Chartered Accountants
24 January 2024
15 High Street
CRIEFF
PH7 3HU
CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
462,756
423,596
Investments
5
180,000
180,000
642,756
603,596
Current assets
Stocks
14,046
13,261
Debtors
6
15,328
18,556
Cash at bank and in hand
304,869
324,361
334,243
356,178
Creditors: amounts falling due within one year
7
(139,706)
(116,287)
Net current assets
194,537
239,891
Total assets less current liabilities
837,293
843,487
Creditors: amounts falling due after more than one year
8
(41,980)
(40,220)
Net assets
795,313
803,267
Reserves
Income and expenditure account
795,313
803,267

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 October 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 24 January 2024 and are signed on its behalf by:
W Lawson
D Lynde
Director
Director
Company Registration No. SC008664
CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Crieff Golf Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Golf Club House, Perth Road, CRIEFF, PH7 3LR.

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.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

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:

Buildings and improvements
2% and 10% per annum straight line
Golf course
Over a period of 60 years since 1979 for golf course extension and other items 5 to 20 years
Plant and machinery
10% to 20% per annum straight line
Fixtures, fittings & equipment
5% to 20% per annum 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 surplus or deficit.

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.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
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.

1.8
Taxation

The tax currently payable is based on taxable loss/profit for the year. Taxable loss/profit differs from net loss/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.

CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets obtained under finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.11
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
Employees

The average monthly number of persons employed by the company during the year was 14 (2022 - 11).

2023
2022
Number
Number
Total
14
11
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
751,178
912,111
1,663,289
Additions
7,511
90,206
97,717
Disposals
-
0
(17,822)
(17,822)
At 31 October 2023
758,689
984,495
1,743,184
Depreciation and impairment
At 1 November 2022
512,085
727,608
1,239,693
Depreciation charged in the year
16,314
38,678
54,992
Eliminated in respect of disposals
-
0
(14,257)
(14,257)
At 31 October 2023
528,399
752,029
1,280,428
Carrying amount
At 31 October 2023
230,290
232,466
462,756
At 31 October 2022
239,093
184,503
423,596
5
Fixed asset investments
2023
2022
£
£
Investments
180,000
180,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,036
5,167
Prepayments
14,292
13,389
15,328
18,556
CRIEFF GOLF CLUB LIMITED
( A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
46,300
21,161
Taxation and social security
6,420
6,351
Other creditors
76,986
78,775
139,706
116,287
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,000
30,000
Other creditors
21,980
10,220
41,980
40,220
9
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.

10
Operating lease commitments
Lessee

A lease exists between the company and Crieff Hydro Limited (the landlord). This lease was registered in 1991 for a 99 year term and provided for an annual rent payment of £9,000 per annum, subject to regular rent reviews. The revised rent from 2022 to 2027 is £39,604 per annum. The remaining rent commitment relates to a second property leased by the company.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
48,764
46,244
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