Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Allan Emery Ritchie 17/01/2005 James West Ritchie 17/01/2005 10 September 2024 The principal activity of the company is the rental of golf facilities. The company also receives revenue through the generation of electricity from a wind turbine. SC278070 2024-01-31 SC278070 bus:Director1 2024-01-31 SC278070 bus:Director2 2024-01-31 SC278070 2023-01-31 SC278070 core:CurrentFinancialInstruments 2024-01-31 SC278070 core:CurrentFinancialInstruments 2023-01-31 SC278070 core:ShareCapital 2024-01-31 SC278070 core:ShareCapital 2023-01-31 SC278070 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC278070 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC278070 core:LandBuildings 2023-01-31 SC278070 core:PlantMachinery 2023-01-31 SC278070 core:OtherPropertyPlantEquipment 2023-01-31 SC278070 core:LandBuildings 2024-01-31 SC278070 core:PlantMachinery 2024-01-31 SC278070 core:OtherPropertyPlantEquipment 2024-01-31 SC278070 bus:OrdinaryShareClass1 2024-01-31 SC278070 2023-02-01 2024-01-31 SC278070 bus:FilletedAccounts 2023-02-01 2024-01-31 SC278070 bus:SmallEntities 2023-02-01 2024-01-31 SC278070 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC278070 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC278070 bus:Director1 2023-02-01 2024-01-31 SC278070 bus:Director2 2023-02-01 2024-01-31 SC278070 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 SC278070 core:PlantMachinery core:TopRangeValue 2023-02-01 2024-01-31 SC278070 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC278070 2022-02-01 2023-01-31 SC278070 core:LandBuildings 2023-02-01 2024-01-31 SC278070 core:PlantMachinery 2023-02-01 2024-01-31 SC278070 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC278070 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC278070 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC278070 (Scotland)

MYRUS GOLF COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

MYRUS GOLF COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

MYRUS GOLF COMPANY LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
MYRUS GOLF COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 224,991 241,599
224,991 241,599
Current assets
Debtors 4 14,486 3,849
Cash at bank and in hand 58,985 41,827
73,471 45,676
Creditors: amounts falling due within one year 5 ( 10,729) ( 5,837)
Net current assets 62,742 39,839
Total assets less current liabilities 287,733 281,438
Net assets 287,733 281,438
Capital and reserves
Called-up share capital 6 550,000 550,000
Profit and loss account ( 262,267 ) ( 268,562 )
Total shareholders' funds 287,733 281,438

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Myrus Golf Company Limited (registered number: SC278070) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Allan Emery Ritchie
Director
MYRUS GOLF COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
MYRUS GOLF COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Myrus Golf Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1 East Craibstone Street, Bon Accord Square, Aberdeen, AB11 6YQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Although the financial statements have net current liabilities they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery 4 years straight line
Other property, plant and equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. An impairment loss is recognised immediately in 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 February 2023 513,702 98,555 151,862 764,119
Additions 0 714 0 714
At 31 January 2024 513,702 99,269 151,862 764,833
Accumulated depreciation
At 01 February 2023 272,915 97,743 151,862 522,520
Charge for the financial year 16,361 961 0 17,322
At 31 January 2024 289,276 98,704 151,862 539,842
Net book value
At 31 January 2024 224,426 565 0 224,991
At 31 January 2023 240,787 812 0 241,599

4. Debtors

2024 2023
£ £
Trade debtors 9,825 3,471
Other debtors 4,661 378
14,486 3,849

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,460 543
Taxation and social security 2,510 633
Other creditors 2,759 4,661
10,729 5,837

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
550,000 Ordinary shares of £ 1.00 each 550,000 550,000

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to the directors from the company 259 259

The balance is interest free and has no fixed terms repayment terms.