Company Registration No. SC486471 (Scotland)
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
135,783
106,869
Current assets
Stocks
2,244
1,646
Debtors
4
808
Cash at bank and in hand
35,522
49,454
37,766
51,908
Creditors: amounts falling due within one year
5
(141,771)
(108,089)
Net current liabilities
(104,005)
(56,181)
Total assets less current liabilities
31,778
50,688
Creditors: amounts falling due after more than one year
6
(23,640)
Net assets
8,138
50,688
Reserves
Income and expenditure account
8,138
50,688
The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 November 2024
Lord Burnham
Director
Company Registration No. SC486471
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information
Moorfoot and Leithenwater Sporting Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Dalmeny Estate Office, Dalmeny House, South Queensferry, EH30 9TQ.
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
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Income represents amounts receivable for club shooting membership fees and from let shoot days.
Expenses include VAT where applicable as the company cannot reclaim it.
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Tenant's improvements
5% straight line
Motor Vehicles
25% straight line
Fixtures, fittings & equipment
25% 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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
1.6
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.8
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.
1.9
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 statement of financial position 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.
1.10
The company is limited by guarantee, which means it has no share capital. In the event of the company being wound up one subscriber has agreed to contribute £2 to the assets of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
109,855
141,777
251,632
Additions
59,266
59,266
At 31 March 2024
109,855
201,043
310,898
Depreciation and impairment
At 1 April 2023
43,643
101,120
144,763
Depreciation charged in the year
5,493
24,859
30,352
At 31 March 2024
49,136
125,979
175,115
Carrying amount
At 31 March 2024
60,719
75,064
135,783
At 31 March 2023
66,212
40,657
106,869
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
808
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,206
33,780
Other creditors
123,565
74,309
141,771
108,089
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
23,640
Moorfoot and Leithenwater Sporting Club Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
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 the member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £2.
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:
2024
2023
£
£
1,200
3,663