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REGISTERED NUMBER: SC747986 (Scotland)












Unaudited Financial Statements

for the Period

21 October 2022 to 31 December 2023

for

Crail Golfing Society Limited

Crail Golfing Society Limited (Registered number: SC747986)






Contents of the Financial Statements
for the Period 21 October 2022 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Crail Golfing Society Limited

Company Information
for the Period 21 October 2022 to 31 December 2023







DIRECTORS: Dr E M J Green
Dr A Kyle
Mr D J Mackay
Ms Z Ridgway
Ms A Smith
Mr S McLennan
Mr J M B Stewart





SECRETARY: Mr D J Roy





REGISTERED OFFICE: Balcomie Clubhouse
Crail
Anstruther
Fife
KY10 3XN





REGISTERED NUMBER: SC747986 (Scotland)





ACCOUNTANTS: Henderson Black & Co
Chartered Accountants
28 Rodger Street
Anstruther
Fife
KY10 3DU

Crail Golfing Society Limited (Registered number: SC747986)

Balance Sheet
31 December 2023

Notes £    £   
FIXED ASSETS
Tangible assets 4 3,973,658

CURRENT ASSETS
Stocks 110,231
Debtors 5 89,612
Cash at bank and in hand 6 1,906,642
2,106,485
CREDITORS
Amounts falling due within one year 7 991,720
NET CURRENT ASSETS 1,114,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,088,423

PROVISIONS FOR LIABILITIES 55,178
NET ASSETS 5,033,245

RESERVES
Incorporation reserve 4,423,274
Retained earnings 609,971
5,033,245

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 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.

Crail Golfing Society Limited (Registered number: SC747986)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:




Mr D J Mackay - Director



Dr E M J Green - Director


Crail Golfing Society Limited (Registered number: SC747986)

Notes to the Financial Statements
for the Period 21 October 2022 to 31 December 2023

1. STATUTORY INFORMATION

Crail Golfing Society Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

All the assets of the Unincorporated Association, Crail Golfing Society, were transferred to the Company on 31 December 2022. The directors are unable to determine the fair value of all assets due to the lack of comparable market information and therefore the assets have been transferred at the carrying value at 31 December 2022 per the final accounts of the Unincorporated Association.

The financial statements have been prepared under the historical cost convention, modified where applicable to include fixed assets at fair value. The principle accounting policies are set out below.

Significant judgements and estimates
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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Crail Golfing Society Limited (Registered number: SC747986)

Notes to the Financial Statements - continued
for the Period 21 October 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued

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.
Land and buildings - 0%-2% straight line
Plant and machinery - 2.5%-25% straight line
Fixtures and fittings - 10%-25% straight line

Freehold land is not depreciated. Included within fixtures and fittings is an antique book with a carrying value of £1,500 which is not depreciated.

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 the surplus or deficit for the year.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including 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
Basic financial liabilities
Basic financial liabilities, including creditors, 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 and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities where payment is due within one year or less, recognised at transaction price.


Crail Golfing Society Limited (Registered number: SC747986)

Notes to the Financial Statements - continued
for the Period 21 October 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 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.

The charge is based on the liability to pay corporation tax on "non-member activities".

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 period 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.

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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 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 in prior years. A reversal of an impairment loss is recognised immediately in the 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.

Crail Golfing Society Limited (Registered number: SC747986)

Notes to the Financial Statements - continued
for the Period 21 October 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 43 .

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and
buildings machinery fittings Totals
£    £    £    £   
COST
Additions - 256,336 57,255 313,591
Disposals - (7,921 ) (9,695 ) (17,616 )
From Unincorporated Assoc. 2,780,268 937,650 131,733 3,849,651
At 31 December 2023 2,780,268 1,186,065 179,293 4,145,626
DEPRECIATION
Charge for period 24,653 109,108 38,207 171,968
At 31 December 2023 24,653 109,108 38,207 171,968
NET BOOK VALUE
At 31 December 2023 2,755,615 1,076,957 141,086 3,973,658

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 824
Prepayments 88,788
89,612

6. CASH AT BANK AND IN HAND
£   
RBS current account 114,120
RBS reserve account 350,388
RBS Junior fund bank accounts 16,708
Santander deposit account 1,148
RBS deposit account 150,000
RBS Resilience fund deposit 761,896
RBS Fixed term deposit 510,728
Cash in hand 1,654
1,906,642

Crail Golfing Society Limited (Registered number: SC747986)

Notes to the Financial Statements - continued
for the Period 21 October 2022 to 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 82,678
Corporation tax 95,019
Social security and other taxes 22,658
VAT 23,273
Accrued expenses 30,197
Deferred income 737,895
991,720