Limited Liability Partnership registration number SO300590 (Scotland)
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
CONTENTS
Page
LLP information
1
Members' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 19
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Invest Archerfield LLP - Gerald S Sarvadi General Partner
Limited liability partnership number
SO300590
Registered office
Cowden Hill Drive
Dirleton
East Lothian
Scotland
EH39 5HS
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
Solicitors
Morton Fraser MacRoberts LLP
Level 5
9 Haymarket Square
Edinburgh
Scotland
EH3 8RY
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -

The members present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the LLP in the period under review was that of golf course operations.

Results for the year and allocation to members

The loss for the period before members' remuneration and profit shares was £1,760,342 (2023: £4,550,153).

 

Members' drawings, contributions and repayments

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

 

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

Designated members

The designated members who held office during the period and up to the date of signature of the financial statements were as follows:

Invest Archerfield LLP - Gerald S Sarvadi General Partner
Auditor

The auditor, Consilium Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Statement of disclosure to auditor

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

Approved by the members on 19 November 2024 and signed on behalf by:
19 November 2024
Invest Archerfield LLP - Gerald S Sarvadi General Partner
Designated Member
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
- 4 -
Opinion

We have audited the financial statements of The Renaissance Club At Archerfield, LLP (the 'limited liability partnership') for the period ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

In forming our opinion, which is not qualified, we have considered the adequacy of the disclosures made in note 1.2 to the financial statements concerning the LLP's ability to continue as a going concern. The LLP incurred a net loss of £1,760,342 during the period ended 31 March 2024 (2023: £4,550,153). The LLP meets its day to day working capital requirements through support from its Members. These conditions, along with the other matters explained in note 1.2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the LLP's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the LLP was unable to continue as a going concern.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
- 6 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Brian Thomson BA(Hons) CA (Senior Statutory Auditor)
for and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
Date
19 November 2024
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
Period
Year
ended
ended
31 March
31 October
2024
2023
Notes
£
£
Turnover
975,702
4,015,255
Cost of sales
(185,336)
(1,103,998)
Gross profit
790,366
2,911,257
Depreciation
(328,997)
(811,864)
Administrative expenses, excluding depreciation
(2,149,477)
(6,442,897)
Other operating income
20,315
7,059
Operating loss
3
(1,667,793)
(4,336,445)
Interest payable and similar expenses
5
(92,549)
(213,708)
Loss for the financial period before members' remuneration and profit shares available for discretionary division among members
(1,760,342)
(4,550,153)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 19 form part of these financial statements.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
31 March 2024
31 October 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
20,578,450
17,396,272
Current assets
Stocks
7
204,130
184,622
Debtors
8
665,658
429,464
Cash at bank and in hand
2,422,875
1,064,752
3,292,663
1,678,838
Creditors: amounts falling due within one year
9
(3,043,321)
(1,806,249)
Net current assets/(liabilities)
249,342
(127,411)
Total assets less current liabilities
20,827,792
17,268,861
Creditors: amounts falling due after more than one year
10
(4,863,937)
(5,036,364)
Net assets attributable to members
15,963,855
12,232,497
Represented by:
Total members' interests
Members' other interests
15,963,855
12,232,497

The notes on pages 12 to 19 form part of these financial statements.

The financial statements were approved by the members and authorised for issue on 19 November 2024 and are signed on their behalf by:
19 November 2024
Invest Archerfield LLP - Gerald S Sarvadi General Partner
Designated member
Limited Liability Partnership Registration No. SO300590
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
Members' capital (classified as equity)
Reserves
Total
Loans and other debts due to Members
Total Members' Interests
£
£
£
£
£
Members' interests at 1 November 2023
39,275,000
(54,879,938)
(15,604,938)
27,837,435
12,232,497
Loss for the period available for discretionary division among members
-
(1,760,342)
(1,760,342)
-
(1,760,342)
Members' interests after loss for the period
39,275,000
(56,640,280)
(17,365,280)
27,837,435
10,472,155
Introduced by members
380,000
-
380,000
5,616,082
5,996,082
Redemption/repayment
(15,000)
-
(15,000)
(489,382)
(504,382)
Members' interests at 31 March 2024
39,640,000
(56,640,280)
(17,000,280)
32,964,135
15,963,855

The notes on pages 12 to 19 form part of these financial statements.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 10 -
Prior financial year
Members' capital (classified as equity)
Reserves
Total
Loans and other debts due to Members
Total Members' Interests
£
£
£
£
£
Members' interests at 1 November 2022
33,860,000
(50,329,785)
(16,469,785)
21,951,629
5,481,844
Loss for the period available for discretionary division among members
-
(4,550,153)
(4,550,153)
-
(4,550,153)
Members' interests after loss for the year
33,860,000
(54,879,938)
(21,019,938)
21,951,629
931,691
Introduced by members
5,590,000
-
5,590,000
7,067,015
12,657,015
Redemption/repayment
(175,000)
-
(175,000)
(1,181,209)
(1,356,209)
Members' interest at 31 October 2023
39,275,000
(54,879,938)
(15,604,938)
27,837,435
12,232,497

The notes on pages 12 to 19 form part of these financial statements.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
16
(227,023)
(4,363,380)
Interest paid
(183,341)
(206,307)
Interest element of hire purchase payments paid
(21,171)
(31,958)
Net cash outflow from operating activities
(431,535)
(4,601,645)
Investing activities
Purchase of tangible fixed assets
(3,516,368)
(4,853,121)
Proceeds from disposal of tangible fixed assets
5,195
-
Net cash used in investing activities
(3,511,173)
(4,853,121)
Financing activities
Payment to members
(642,354)
(2,013,784)
Contributions by members
5,996,082
12,657,015
Payment of hire purchase obligations
(52,897)
(191,192)
Net cash generated from financing activities
5,300,831
10,452,039
Net increase in cash and cash equivalents
1,358,123
997,273
Cash and cash equivalents at beginning of period
1,064,752
67,479
Cash and cash equivalents at end of period
2,422,875
1,064,752

The notes on pages 12 to 19 form part of these financial statements.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Statutory information

The Renaissance Club At Archerfield, LLP is a limited liability partnership incorporated in Scotland. The registered office is Cowden Hill Drive, Dirleton, East Lothian, Scotland, EH39 5HS.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. 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

During the period as the LLP continued the operation of the golf course and related facilities, the LLP incurred a loss of £1,760,342 (2023: £4,550,153). The LLP meets its day to day working capital requirements through support of its Members.

 

Invest Archerfield LLP (IALLP) is the majority partner of The Renaissance Club at Archerfield LLP (TRC) and IALLP has provided substantial financial support to TRC since it's inception in 2006. IALLP will continue financially supporting TRC enabling it to meet its financial obligations as they become due for at least another 12 months from the date of the signing of the financial statements. The Members therefore believe it appropriate that the financial statements should be prepared on a going concern basis.

 

If the LLP were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to amend the balance sheet value of assets and their recoverable amounts and to provide for further liabilities which might arise. The financial statements do not include the adjustments that would result if the LLP was unable to continue as a going concern.

1.3
Reporting period

The current period figures cover the 5 month period to 31 March 2024. The comparative figures cover the 12 month period to 31 October 2023.

1.4
Turnover

The turnover shown in the Statement of Comprehensive Income represents amounts relating to membership subscriptions for the year and other income generated from the clubhouse and course in the year, exclusive of Value Added Tax. Sales are recognised at the point at which the LLP has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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:

Freehold land and buildings
5% reducing balance
Plant and equipment
15 - 33% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs represents the purchase price of goods.

1.7
Financial instruments

The LLP has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

 

Financial instruments are classified and accounted for as financial assets, financial liabilities or as part of Members' Interests according to the substance of the contractual arrangement.

 

Financial instruments which are assets or reported as part of Members' Interests are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

 

1.8
Hire purchase and leasing commitments

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against profits on a straight line basis over the period of the lease.

 

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the Statement of Comprehensive Income on a straight line basis.

1.9
Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.10

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

 

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

 

Where profits or losses are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income Statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

 

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Income Statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

1.11

Pension costs

The LLP operates a defined contribution pension scheme and the pension charge represents the amounts payable by the LLP to the fund in respect of the year. The assets of the schemes are held separately from those of the LLP in an independently administered fund.

2
Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. In preparing the financial statements the directors have made the following judgements:

 

3
Operating loss
2024
2023
Operating loss for the period is stated after charging:
£
£
Exchange losses
22,191
54,527
Depreciation of owned tangible fixed assets
297,273
698,754
Depreciation of tangible fixed assets held under finance leases
31,723
113,110
Auditors remuneration
18,000
10,700
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 15 -
4
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Administration and sales
97
104

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
963,435
2,869,735
Social security costs
108,153
233,660
1,071,588
3,103,395
5
Interest payable and similar expenses
2024
2023
£
£
Interest on convertible loan notes
71,378
181,750
Other finance costs:
Interest on finance leases and hire purchase contracts
21,171
31,958
Total finance costs
92,549
213,708
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 16 -
6
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 November 2023
26,373,883
3,539,281
29,913,164
Additions
3,353,059
163,309
3,516,368
Disposals
(4,744)
(450)
(5,194)
At 31 March 2024
29,722,198
3,702,140
33,424,338
Depreciation and impairment
At 1 November 2023
10,342,927
2,173,965
12,516,892
Depreciation charged in the period
240,345
88,651
328,996
At 31 March 2024
10,583,272
2,262,616
12,845,888
Carrying amount
At 31 March 2024
19,138,926
1,439,524
20,578,450
At 31 October 2023
16,030,956
1,365,316
17,396,272

Included within the net book value of £20,578,450 is £461,245 (2023: £492,968) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the period in respect of such assets amounted to £31,723 (2023: £113,110).

7
Stocks
2024
2023
£
£
Stocks
204,130
184,622
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
265,258
335,934
Other debtors
93,126
28,616
Prepayments and accrued income
307,274
64,914
665,658
429,464
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 17 -
9
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Debenture loans
604,672
619,672
Obligations under finance lease
11
131,079
134,519
Trade creditors
881,605
168,620
Other taxation and social security
55,456
71,976
Other creditors
221,334
201,971
Accruals and deferred income
1,149,175
609,491
3,043,321
1,806,249

Loans and other debts due to members attract interest at 0.75% and 1.5% per annum and are repayable at various dates the latest of which is in 2025.

10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Membership bonds
4,759,991
4,882,961
Obligations under finance lease
11
103,946
153,403
4,863,937
5,036,364
11
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
131,079
134,519
Within two and five years
103,946
153,403
235,025
287,922
12
Secured debts

Hire purchase agreements are secured over the assets to which they relate.

 

Included within loans and other debts due to members of £32,964,135 (2023: £27,837,435), are amounts of £32,284,329 (2023: £27,009,102) which are secured over the other assets of the LLP.

13
Operating lease commitments
Lessee

The entity has an operating lease for the land at Archerfield estate which expires in 91 years. The current annual commitment in relation to this lease is £171,588 (2023: £163,936).

THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 18 -
14
Related party transactions
Transactions with related parties

During the period the limited liability partnership entered into the following transactions with related parties:

2024
2023
£
£
Management charge to entities under common control
20,000
147,232
Interest paid to entities under common control
9,051
29,051
Operating lease charge to entities under common control.
163,936
163,936
Value of bonds redeemed by related undertaking
153,236
818,945
Amounts owed from related parties
12,734
7,025
Amount owed to ultimate controlling party
100,422
150,422
MEUs at year-end
20,455,000
20,305,000
Loans and other debts due to members at year-end
15,028,219
15,028,219

Other information

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

15
Ultimate controlling party

The ultimate controlling party throughout the current and prior year was Invest Archerfield LLP, an entity registered in the USA.

16
Cash absorbed by operations
2024
2023
£
£
Loss for the period
(1,760,342)
(4,550,153)
Adjustments for:
Finance costs recognised in profit or loss
92,549
213,708
Depreciation and impairment of tangible fixed assets
328,997
811,864
Foreign exchange gains on cash equivalents
22,191
54,527
Movements in working capital:
Increase in stocks
(19,508)
(9,107)
(Increase)/decrease in debtors
(236,194)
44,715
Increase/(decrease) in creditors
1,345,284
(928,934)
Cash absorbed by operations
(227,023)
(4,363,380)
THE RENAISSANCE CLUB AT ARCHERFIELD, LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 19 -
17
Analysis of changes in net debt
1 November 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,064,752
1,358,123
2,422,875
Borrowings excluding overdrafts
(5,502,633)
137,970
(5,364,663)
Obligations under finance leases
(287,922)
52,897
(235,025)
(4,725,803)
1,548,990
(3,176,813)
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