REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
for |
Crieff Golf Club Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
for |
Crieff Golf Club Limited |
Crieff Golf Club Limited (Registered number: SC008664) |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Crieff Golf Club Limited (Registered number: SC008664) |
Balance Sheet |
31 October 2024 |
31.10.24 | 31.10.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
RESERVES |
Retained earnings |
Crieff Golf Club Limited (Registered number: SC008664) |
Balance Sheet - continued |
31 October 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Crieff Golf Club Limited (Registered number: SC008664) |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | STATUTORY INFORMATION |
Crieff Golf Club Limited is a private company, limited by guarantee, incorporated in Scotland, registration number SC008664. The registered office is Golf Club House, Perth Road, Crieff, PH7 3LR. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services in respect of golf club income, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete. |
Tangible fixed assets and depreciation |
Property | - |
Golf Course Improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition. |
The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value. |
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 represented by purchase price. |
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 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. |
Crieff Golf Club Limited (Registered number: SC008664) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Golf | Fixtures |
Course | Plant and | and |
Property | Improvements | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2023 |
Additions |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Crieff Golf Club Limited (Registered number: SC008664) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
Additions |
Reclassification/transfer |
At 31 October 2024 |
DEPRECIATION |
Charge for year |
Reclassification/transfer |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Crieff Golf Club Limited (Registered number: SC008664) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.24 | 31.10.23 |
£ | £ |
Hire purchase contracts | 118,041 | 37,979 |
Amounts due on hire purchase are secured over the individual assets concerned. |
10. | OPERATING LEASE COMMITMENTS |
Lessee |
A lease exists between the company and Crieff Hydro Limited (the landlord). This lease was registered in 1991 for a 99 year term and provided for an annual rent payment of £9,000 per annum, subject to regular rent reviews. The revised rent from 2022 to 2027 is £39,604 per annum. The remaining rent commitment relates to a second property leased by the company. |
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: |
2024 | 2023 |
£ | £ |
48,764 | 48,764 |
11. | 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. |