Company registration number SC479079 (Scotland)
THE MUSSELBURGH GOLF CLUB LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE MUSSELBURGH GOLF CLUB LIMITED
COMPANY INFORMATION
Directors
M Yule
R Brown
C Burgess
H Marshall
A Duffy
K Mckenzie
L Ferguson
G Brown
(Appointed 20 April 2023)
P Anderson
(Appointed 20 April 2023)
E Mcmillan Stoddart
(Appointed 20 April 2023)
Company number
SC479079
Registered office
Musselburgh Golf Club
Monktonhall
Musselburgh
East Lothian
United Kingdom
EH21 6SA
Accountants
Azets
Exchange Place 3
Semple Street
Edinburgh
United Kingdom
EH3 8BL
Bankers
Royal Bank of Scotland
12 Bridge Street
Musselburgh
Midlothian
United Kingdom
EH21 6AH
THE MUSSELBURGH GOLF CLUB LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 9
THE MUSSELBURGH GOLF CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their report and financial statements for year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of a golf club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Cameron
(Resigned 20 April 2023)
S Wright
(Resigned 20 April 2023)
M Yule
R Brown
C Burgess
H Marshall
A Duffy
K Mckenzie
L Ferguson
G Brown
(Appointed 20 April 2023)
P Anderson
(Appointed 20 April 2023)
E Mcmillan Stoddart
(Appointed 20 April 2023)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
K Mckenzie
Director
3 April 2024
THE MUSSELBURGH GOLF CLUB LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE MUSSELBURGH GOLF CLUB LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Musselburgh Golf Club Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of The Musselburgh 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 The Musselburgh Golf Club Limited and state those matters that we have agreed to state to the Board of Directors of The Musselburgh Golf Club Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Musselburgh 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 The Musselburgh 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 The Musselburgh Golf Club Limited. You consider that The Musselburgh 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 The Musselburgh 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.
Azets
15 April 2024
Accountants
Exchange Place 3
Semple Street
Edinburgh
United Kingdom
EH3 8BL
THE MUSSELBURGH GOLF CLUB LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Income
869,717
847,304
Administrative expenses
(933,779)
(869,652)
Operating deficit
(64,062)
(22,348)
Interest receivable and similar income
659
101
Interest payable and similar expenses
(789)
(477)
Deficit before taxation
(64,192)
(22,724)
Taxation
Deficit for the financial year
(64,192)
(22,724)
Revenue reserve at 1 January 2023
192,183
214,907
Revenue reserve at 31 December 2023
127,991
192,183
THE MUSSELBURGH GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
140,277
122,214
Current assets
Stocks
7,243
3,415
Debtors
4
65,525
70,985
Cash at bank and in hand
43,349
124,898
116,117
199,298
Creditors: amounts falling due within one year
5
(112,637)
(129,329)
Net current assets
3,480
69,969
Total assets less current liabilities
143,757
192,183
Creditors: amounts falling due after more than one year
6
(15,766)
Net assets
127,991
192,183
Reserves
Revenue reserve
127,991
192,183
For the financial year ended 31 December 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 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 3 April 2024 and are signed on its behalf by:
K Mckenzie
Director
Company Registration No. SC479079
THE MUSSELBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
The Musselburgh Golf Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Musselburgh Golf Club, Monktonhall, Musselburgh, East Lothian, United Kingdom, EH21 6SA.
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
Going concern
The company has reported a loss in the current year but continues to have a positive cash position and net current assets at the year end. The directors have forecast the expected cash position and trading results for the 12 months following the approval of these financilal statements and are confident that the during this period, the company will continue to have sufficient resoucres available to continue to operate. true
As part of the above, the directors have considered ongoing inflationary pressures facing the company and are confident that the company has sufficient resources to continue to meet the resultant cost increase.
The directors are therefore of the opinion that the company will continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Subscription income, less amounts paid in advance, is recognised in full in the financial year. The subscription year runs from January to December.
Entrance fees, less payments in advance, are recognised as they are receivable. Bar/catering income is recognised on a cash basis.
1.4
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:
Land and buildings
3% straight line
Plant and machinery
20-25% reducing balance
Computer equipment
33% 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.
THE MUSSELBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.5
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).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.7
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.
1.8
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.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE MUSSELBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
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 held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
THE MUSSELBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
19
22
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
95,619
143,278
238,897
Additions
32,700
32,700
At 31 December 2023
95,619
175,978
271,597
Depreciation and impairment
At 1 January 2023
8,664
108,019
116,683
Depreciation charged in the year
2,898
11,739
14,637
At 31 December 2023
11,562
119,758
131,320
Carrying amount
At 31 December 2023
84,057
56,220
140,277
At 31 December 2022
86,955
35,259
122,214
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,836
200
Other debtors
44,606
49,527
50,442
49,727
Amounts falling due after more than one year:
Other debtors
15,083
21,258
Total debtors
65,525
70,985
THE MUSSELBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
4,851
1,408
Trade creditors
2,293
13,666
Taxation and social security
15,570
21,652
Deferred income
74,469
76,003
Other creditors
7,102
10,331
Accruals
8,352
6,269
112,637
129,329
Finance leases are secured over assets with a net book value of £20,213 (2022 - £7,770).
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
15,766
Finance leases in the are secured over assets with a net book value of £20,213.
7
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.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
59,352
Whilst there were no amounts committed for operating leases at the year end, the company was in the process of renewing the leases on both the course and the clubhouse at the year end.
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