Company registration number SC553468 (Scotland)
BUCHANAN CASTLE GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BUCHANAN CASTLE GOLF CLUB LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BUCHANAN CASTLE GOLF CLUB LIMITED
COMPANY INFORMATION
- 1 -
Directors
G Yule
Ms C Shaftoe
Mr J Shaftoe
Mr C Weir
(Appointed 14 September 2023)
Company number
SC553468
Registered office
Buchanan Castle Golf Club
Drymen
Glasgow
Scotland
G63 0HY
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
Buchannan Castle Estate
Drymen
Glasgow
Scotland
G63 0HX
BUCHANAN CASTLE GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
227,584
180,099
Current assets
Stocks
510
2,600
Debtors
4
20,003
63,758
Cash at bank and in hand
200,921
206,444
221,434
272,802
Creditors: amounts falling due within one year
5
(259,050)
(297,592)
Net current liabilities
(37,616)
(24,790)
Total assets less current liabilities
189,968
155,309
Creditors: amounts falling due after more than one year
6
(126,752)
(87,016)
Net assets
63,216
68,293
Reserves
Other reserves
4,340
1,112
Income and expenditure account
58,876
67,181
Members' funds
63,216
68,293
The notes on pages 4 to 9 form part of these financial statements.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
BUCHANAN CASTLE GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 December 2024 and are signed on its behalf by:
Mr J Shaftoe
Director
Company Registration No. SC553468
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Buchanan Castle Golf Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Buchanan Castle Golf Club, Drymen, Glasgow, Scotland, G63 0HY. The company's registration number is SC553468.
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 £.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
Subsequent to the year end the club has made further losses. In response to this the Directors have engaged a full Strategic Review of the golf course and operations. This will determine the future positioning of the club in the market, with a focus in optimising the club’s various revenue streams. The directors also reviewing the underlying cost basis to ensure that all expenditure is focused on maintaining the course and its facilities to the best possible standard. The directors regularly review cashflows to ensure that the club can continue to operate within its available finances, and continue to meet its liabilities as they fall due.
1.3
Turnover
The turnover shown in the Income Statement represents amounts relating to membership subscriptions for the period and other income generated from the clubhouse and course in the period, exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual and legal obligations to the customer. Membership subscriptions received in advance are presented as deferred income.
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. Cost represents purchase price together with any incidental costs of acquisition. Residual values and potential asset impairments are reviewed annually by the directors.
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:
Plant and equipment
14% to 50% on cost.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition.
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
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 balance sheet 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 and cash 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.
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.
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit and loss account in the period in which it arises.
1.9
Leases
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 profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
6
13
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 February 2023
265,434
Additions
120,288
Disposals
(66,467)
At 31 January 2024
319,255
Depreciation and impairment
At 1 February 2023
85,335
Depreciation charged in the year
41,716
Eliminated in respect of disposals
(35,380)
At 31 January 2024
91,671
Carrying amount
At 31 January 2024
227,584
At 31 January 2023
180,099
Hire purchase and finance lease agreements
Included within the net book value is £199,901 (2023: £140,452) relating to assets held under hire purchase and finance lease agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £27,179 (2023: £16,051).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
2,707
47,359
Other debtors
6,093
Prepayments and accrued income
11,203
16,399
20,003
63,758
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,360
5,000
Obligations under finance leases
36,452
30,978
Trade creditors
17,735
26,505
Taxation and social security
1,215
11,722
Other creditors
10,894
12,760
Accruals and deferred income
187,394
210,627
259,050
297,592
Obligations under hire purchase agreements are secured on the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,926
36,509
Obligations under finance leases
95,826
50,507
126,752
87,016
Obligations under hire purchase agreements are secured on the assets to which they relate.
The bank loan is unsecured, repayable over 10 years commencing May 2021 and interest is charged at a fixed rate of 2.5%.
Amounts included above which fall due after five years are as follows:
Payable by instalments
7,616
13,539
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 each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
BUCHANAN CASTLE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
8
Other reserves
Other reserves
Income and expenditure account
Total
£
£
£
At the end of the prior year
1,112
67,181
68,293
Surplus for the year
9,212
(14,289)
(5,077)
Transfers between reserves
(5,984)
5,984
-
At the end of the current year
4,340
58,876
63,216
Other reserves - Golf and Social Fund represents monies received by the company which the directors have set aside for the ongoing development of the course and membership.
9
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
£
£
213,221
192,074
10
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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