Company registration number SC015064 (Scotland)
RATHO PARK GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
RATHO PARK GOLF CLUB LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
RATHO PARK GOLF CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
917,944
809,809
Current assets
Stocks
5,786
5,425
Debtors
5
5,566
10,877
Cash at bank and in hand
449,506
595,207
460,858
611,509
Creditors: amounts falling due within one year
6
(383,454)
(391,358)
Net current assets
77,404
220,151
Total assets less current liabilities
995,348
1,029,960
Creditors: amounts falling due after more than one year
7
(31,837)
(44,268)
Net assets
963,511
985,692
Reserves
Other reserves
100,000
100,000
Income and expenditure account
863,511
885,692
Members' funds
963,511
985,692

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 November 2024 and are signed on its behalf by:
Mrs I O'Neill
Director
Company registration number SC015064 (Scotland)
RATHO PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Ratho Park Golf Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Ratho Park Golf Club Limited, Ratho, Edinburgh, EH28 8NX.

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
Turnover

Turnover represents net income received from subscriptions, visitor tickets, entry fees, bar sales, food sales and other income. These are stated net of value added tax.

1.3
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.

 

Expenditures on capital assets individually in excess of £250 are capitalised as part of tangible fixed assets. Any VAT which is irrecoverable on the purchase of a tangible fixed asset is included in the cost of the asset.

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:

Property improvements
2-2.5% straight line
Heritable property
2% straight line
Plant and equipment
2% & 20% straight line
Fixtures and fittings
20% straight line
Leasehold plant and equipment
20% straight line

Freehold land and buildings where the expected realisable value is considered to be greater than cost are not depreciated.

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

RATHO PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct costs that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from net surplus as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 surplus. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax surplus nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

RATHO PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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 at the lower of the asset's 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 the income statement 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 the income statement 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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
15
RATHO PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Tangible fixed assets
Property improvements
Heritable property
Plant and equipment
Fixtures and fittings
Leasehold plant and equipment
Total
£
£
£
£
£
£
Cost
At 1 August 2023
1,455,904
107,244
534,454
1,266
270,988
2,369,856
Additions
150,871
-
0
16,332
-
0
43,097
210,300
Disposals
(4,359)
-
0
(56,381)
-
0
-
0
(60,740)
Transfers
-
0
-
0
170,166
-
0
(170,166)
-
0
At 31 July 2024
1,602,416
107,244
664,571
1,266
143,919
2,519,416
Depreciation and impairment
At 1 August 2023
870,246
44,739
441,696
1,266
202,100
1,560,047
Depreciation charged in the year
34,576
-
0
29,529
-
0
38,060
102,165
Eliminated in respect of disposals
(4,359)
-
0
(56,381)
-
0
-
0
(60,740)
Transfers
-
0
-
0
169,003
-
0
(169,003)
-
0
At 31 July 2024
900,463
44,739
583,847
1,266
71,157
1,601,472
Carrying amount
At 31 July 2024
701,953
62,505
80,724
-
0
72,762
917,944
At 31 July 2023
585,658
62,505
92,758
-
0
68,888
809,809
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,566
10,877
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,160
5,108
Trade creditors
30,270
17,877
Corporation tax
3,279
2,853
Other taxation and social security
7,237
5,453
Other creditors
336,508
360,067
383,454
391,358
RATHO PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
15,000
Other creditors
31,837
29,268
31,837
44,268

A standard security has been granted over the company's land and buildings in favour of Lloyds Banking Group.

 

A bond and floating charge has also been granted over the whole assets of the company.

8
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:
Paul Marshall
Statutory Auditor:
MHA
Date of audit report:
17 November 2024
9
Related party transactions

The Directors are of the opinion that there are no related party transactions in the current or prior year.

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