Company registration number SC008287 (Scotland)
MURRAYFIELD GOLF CLUB. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MURRAYFIELD GOLF CLUB. LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
MURRAYFIELD GOLF CLUB. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,015,941
993,457
Current assets
Stocks
11,328
7,872
Debtors
5
30,764
30,414
Current asset investments
6
311,640
260,000
Cash at bank and in hand
984,912
958,255
1,338,644
1,256,541
Creditors: amounts falling due within one year
8
(235,826)
(223,025)
Net current assets
1,102,818
1,033,516
Net assets
2,118,759
2,026,973
Reserves
Capital reserve
933,640
978,041
Profit and loss account
1,185,119
1,048,932
Members' funds
2,118,759
2,026,973
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
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 July 2024 and are signed on its behalf by:
R S Hills
Director
Company registration number SC008287 (Scotland)
MURRAYFIELD GOLF CLUB. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Capital reserve
Profit and loss account
Total
£
£
£
Balance at 1 January 2022
1,032,677
870,136
1,902,813
Year ended 31 December 2022:
Surplus and total comprehensive income
-
124,160
124,160
Transfer to/from profit and loss account
(54,636)
54,636
-
Balance at 31 December 2022
978,041
1,048,932
2,026,973
Year ended 31 December 2023:
Surplus and total comprehensive income
-
91,786
91,786
Transfer to/from profit and loss account
(44,401)
44,401
-
Balance at 31 December 2023
933,640
1,185,119
2,118,759
The notes on pages 3 to 8 form part of these financial statements.
MURRAYFIELD GOLF CLUB. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Murrayfield Golf Club. Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Murrayfield Golf Club House, 43 Murrayfield Road, Edinburgh, EH12 6EU.
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.
1.2
Going concern
The Directors believe that the company can continue as a going concern for the foreseeable future due to its very strong financial position. Membership levels remain high, ensuring subscription income can be maintained.true
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be reliably measured. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before income is recognised:
Sale of goods
Turnover from the sale of food and drinks is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.4
Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
MURRAYFIELD GOLF CLUB. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is calculated to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:
Course buildings (including heritable land and buildings)
2.5% straight line
Heritable property
Nil
Plant & machinery - fixures and fittings
25% straight line
Plant & machinery - course equipment
5 - 20% straight line
Clubhouse alterations
5% straight line
No depreciation is provided for on the company's heritable land and buildings. It is the Directors opinion that the residual value of these is at least equal to the book value. Having regard to this, it is considered that the depreciation of any such property as required by the Companies Act 2006 and standard accounting practice would not be material.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
1.6
Stocks
Bar stocks and green-keeping materials are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase price on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
1.7
Debtors
Short-term debtors are measured at transaction price, less any impairment.
1.8
Current asset investments
Current asset investments represent short term deposits not readily convertible to cash. Market value is equated to cost.
1.9
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.10
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
MURRAYFIELD GOLF CLUB. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
1.12
Taxation
The tax expense for the year comprises of current tax. Corporation tax is chargeable on income or surpluses derived from transactions with non-members, including interest income. The current tax charge is calculated of the rates and laws that have been enacted or substantively enacted by the reporting date.
1.13
Pensions
The company contributes to an employee group personal pension plan and the pension charge represents the amounts payable by the company to the plan in respect of the year.
2
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.
MURRAYFIELD GOLF CLUB. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
32
40
The Directors received no remuneration during the year.
4
Tangible fixed assets
Course buildings (including heritable land & build
Plant & machinery - course equipment
Clubhouse alterations
Total
£
£
£
£
Cost
At 1 January 2023
697,609
1,217,785
596,559
2,511,953
Additions
31,035
102,762
1,450
135,247
Disposals
(44,997)
(44,997)
At 31 December 2023
728,644
1,275,550
598,009
2,602,203
Depreciation and impairment
At 1 January 2023
153,740
1,006,427
358,330
1,518,497
Depreciation charged in the year
11,998
85,855
14,909
112,762
Eliminated in respect of disposals
(44,997)
(44,997)
At 31 December 2023
165,738
1,047,285
373,239
1,586,262
Carrying amount
At 31 December 2023
562,906
228,265
224,770
1,015,941
At 31 December 2022
543,869
211,359
238,229
993,457
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,594
3,120
Other debtors
4,608
9,004
Prepayments and accrued income
19,562
18,290
30,764
30,414
MURRAYFIELD GOLF CLUB. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Current asset investments
2023
2022
£
£
Cash deposits
311,640
260,000
The above represents cash on deposits which cannot be repaid within three months of the year end.
7
Cash and cash equivalents
2023
2022
£
£
Cash at bank and in hand
984,912
958,255
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
118,289
133,882
Corporation tax
12,100
10,543
Other taxation and social security
47,068
43,929
Other creditors
15,638
2,291
Accruals and deferred income
42,731
32,380
235,826
223,025
9
Pension commitments
The company contributes to an employee group personal pension plan. The assets of the plan are held separately from those of the company in independently administered funds. The pension costs charge represents contributions payable by the company to the fund and amounted to £29,353 (2022 - £27,936). Other creditors include the sum of £2,876 (2022 - £1,874) payable to the fund at the reporting date.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Sharon Collins
Statutory Auditor:
Thomson Cooper
Date of audit report:
24 July 2024
11
Capital commitments
Amounts contracted for but not provided in the financial statements amounted to £Nil (2022 - £Nil).
MURRAYFIELD GOLF CLUB. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
12
Controlling party
The members of the company have agreed to contribute £1 each to the assets of the company in the event of it being wound up. There is no ultimate controlling party.
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