Company registration number SC307601 (Scotland)
Carnoustie Golf Links Limited
financial statements
for the year ended 29 September 2024
Pages for filing with registrar
Carnoustie Golf Links Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Carnoustie Golf Links Limited
Balance sheet
as at 29 September 2024
29 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
107,634
88,041
Current assets
Stocks
471,860
424,112
Debtors
5
268,337
29,553
Cash at bank and in hand
2,348,087
2,980,153
3,088,284
3,433,818
Creditors: amounts falling due within one year
6
(2,701,792)
(3,427,509)
Net current assets
386,492
6,309
Net assets
494,126
94,350
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
494,125
94,349
Total equity
494,126
94,350
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
Colin Yule
Director
Company registration number SC307601 (Scotland)
Carnoustie Golf Links Limited
Notes to the financial statements
for the year ended 29 September 2024
- 2 -
1
Accounting policies
Company information
Carnoustie Golf Links Limited is a private company limited by shares incorporated in Scotland. The registered office is Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.
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
Atruet the time of approving the financial statements, the directors have taken into consideration the current levels of trading from all income streams and have prepared forecasts for 12 months from date of approval of the financial statements. On this basis 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
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 machinery
20% 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 profit or loss.
Carnoustie Golf Links Limited
Notes to the financial statements (continued)
for the year ended 29 September 2024
1
Accounting policies (continued)
- 3 -
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.8
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.
Carnoustie Golf Links Limited
Notes to the financial statements (continued)
for the year ended 29 September 2024
1
Accounting policies (continued)
- 4 -
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Carnoustie Golf Links Limited
Notes to the financial statements (continued)
for the year ended 29 September 2024
- 5 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful life of fixed assets
Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.
Impairment of fixed assets
Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.
Stock provision
Stocks are reviewed periodically to identify any slow moving or obsolete stock items. Those stock items identified are reduced in value under management judgement and estimate.
Accruals
As part of the month and year end process, management are required to estimate requirements for accruals. These estimates are arrived at based on their knowledge of the business coupled with post year end information identifying expenses incurred relating to the previous financial period.
3
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
55
49
Carnoustie Golf Links Limited
Notes to the financial statements (continued)
for the year ended 29 September 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 September 2023
169,562
Additions
58,090
At 29 September 2024
227,652
Depreciation and impairment
At 30 September 2023
81,521
Depreciation charged in the year
38,497
At 29 September 2024
120,018
Carrying amount
At 29 September 2024
107,634
At 29 September 2023
88,041
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
168,959
7,223
Other debtors
99,378
22,330
268,337
29,553
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
202,159
201,642
Amounts owed to group undertakings
1,682,044
2,460,608
Taxation and social security
262,393
225,422
Other creditors
555,196
539,837
2,701,792
3,427,509
Carnoustie Golf Links Limited
Notes to the financial statements (continued)
for the year ended 29 September 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
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:
Diana Penny
Statutory Auditor:
Henderson Loggie
Date of audit report:
22 January 2025
9
Financial commitments, guarantees and contingent liabilities
The company granted its bankers a guarantee in respect of the bank balance of CGLMC Limited, parent entity of Carnoustie Golf Links Limited, totalling £1.2m.
A floating charge secured over all the assets of the company also exists in favour of the company's bankers.
10
Related party transactions
The company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 'Related Party Disclosures' not to disclose transactions entered into between two or more wholly owned members of the same group.
11
Parent company
The company is wholly owned by CGLMC Limited, a charity registered in Scotland. A copy of the CGLMC Limited group financial statements are available from Companies House.