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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC147936
2023-01-01
2023-12-31
SC147936
2023-12-31
SC147936
2022-12-31
SC147936
2022-01-01
2022-12-31
SC147936
2022-12-31
SC147936
2021-12-31
SC147936
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
SC147936
core:PlantMachinery
2023-01-01
2023-12-31
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core:FurnitureFittings
2023-01-01
2023-12-31
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core:MotorVehicles
2023-01-01
2023-12-31
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2023-01-01
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2023-01-01
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2023-12-31
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2022-12-31
SC147936
core:ShareCapital
2023-12-31
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core:ShareCapital
2022-12-31
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core:RetainedEarningsAccumulatedLosses
2023-12-31
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core:RetainedEarningsAccumulatedLosses
2022-12-31
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core:BetweenOneFiveYears
2023-12-31
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core:BetweenOneFiveYears
2022-12-31
SC147936
core:MoreThanFiveYears
2023-12-31
SC147936
core:MoreThanFiveYears
2022-12-31
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core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
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core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-12-31
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core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2023-12-31
SC147936
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
SC147936
core:Non-currentFinancialInstruments
2023-12-31
SC147936
core:Non-currentFinancialInstruments
2022-12-31
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2023-01-01
2023-12-31
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2023-12-31
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2023-12-31
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bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
SC147936
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2023-01-01
2023-12-31
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core:EntitiesControlledByKeyManagementPersonnel
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
SC147936
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 December 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
253,136 |
258,373 |
Investments |
6 |
9,214 |
3,662 |
|
--------- |
--------- |
|
262,350 |
262,035 |
|
|
|
|
Current assets
Stocks |
211,965 |
252,877 |
Debtors |
811,127 |
693,098 |
Cash at bank and in hand |
81,829 |
67,517 |
|
------------ |
------------ |
|
1,104,921 |
1,013,492 |
|
|
|
Creditors: amounts falling due within one year |
239,473 |
95,978 |
|
------------ |
------------ |
Net current assets |
865,448 |
917,514 |
|
------------ |
------------ |
Total assets less current liabilities |
1,127,798 |
1,179,549 |
|
|
|
Provisions |
2,689 |
3,163 |
|
------------ |
------------ |
Net assets |
1,125,109 |
1,176,386 |
|
------------ |
------------ |
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 December 2023
Capital and reserves
Called up share capital |
130,000 |
130,000 |
Profit and loss account |
995,109 |
1,046,386 |
|
------------ |
------------ |
Shareholders funds |
1,125,109 |
1,176,386 |
|
------------ |
------------ |
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
31 July 2024
, and are signed on behalf of the board by:
Mr S Y Bayley |
Mr W A Walker |
Director |
Director |
|
|
Company registration number:
SC147936
Notes to the Abridged Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 62A Buchanan Gardens, St Andrews, Fife, KY16 9LX.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold Property |
- |
1% straight line |
|
Plant and Machinery |
- |
15% reducing balance |
|
Fixtures and Fittings |
- |
15% reducing balance |
|
Motor Vehicles |
- |
15% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Investments are measured at fair value, where valuations are readily available. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4.
Staff
The average number of persons employed by the company during the year amounted to
16
(2022:
19
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
418,587 |
|
--------- |
Depreciation |
|
At 1 January 2023 |
160,214 |
Charge for the year |
5,237 |
|
--------- |
At 31 December 2023 |
165,451 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
253,136 |
|
--------- |
At 31 December 2022 |
258,373 |
|
--------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1 January 2023 |
3,662 |
Additions |
5,377 |
Revaluations |
175 |
|
------- |
At 31 December 2023 |
9,214 |
|
------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------- |
Carrying amount |
|
At 31 December 2023 |
9,214 |
|
------- |
At 31 December 2022 |
3,662 |
|
------- |
|
|
7.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Later than 1 year and not later than 5 years |
1,790 |
494 |
Later than 5 years |
4,939,503 |
2,890,090 |
|
------------ |
------------ |
|
4,941,293 |
2,890,584 |
|
------------ |
------------ |
|
|
|
8.
Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Unpaid contributions at the balance sheet date amounted to £633 (2022 - £554).
9.
Related party transactions
The company rented property from a director, Mr S Y Bayley, at a cost of £20,004 in the year (2022 - £20,004). This was paid in full during the year. Playfair Golf Limited transferred £140,000 (2022 - £60,360) to Playfair Golf Holdings Limited and paid expenses on its behalf during the year. A balance of £803,099 (2022- £661,849) was due to Playfair Golf Limited at the year end and is shown in debtors. The company was under the control of Playfair Golf Holdings Limited, who is the majority shareholder.