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REGISTERED NUMBER: SC008664 (Scotland)















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 4 516,620 462,756
Investments 5 180,000 180,000
696,620 642,756

CURRENT ASSETS
Stocks 14,078 14,046
Debtors 6 18,452 15,328
Cash at bank and in hand 293,415 304,869
325,945 334,243
CREDITORS
Amounts falling due within one year 7 (165,181 ) (139,706 )
NET CURRENT ASSETS 160,764 194,537
TOTAL ASSETS LESS CURRENT
LIABILITIES

857,384

837,293

CREDITORS
Amounts falling due after more than one
year

8

(97,958

)

(41,980

)
NET ASSETS 759,426 795,313

RESERVES
Retained earnings 759,426 795,313
759,426 795,313

Crieff Golf Club Limited (Registered number: SC008664)

Balance Sheet - continued
31 October 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:




Mr W Lawson - Director



Mr D Lynde - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Property - 10% on cost and 2% on cost
Golf Course Improvements - 20% on cost and 5% on cost
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost and 10% on cost

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 13 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Golf Fixtures
Course Plant and and
Property Improvements machinery fittings Totals
£    £    £    £    £   
COST
At 1 November 2023 541,553 217,136 581,495 403,000 1,743,184
Additions 1,170 - 48,194 67,308 116,672
At 31 October 2024 542,723 217,136 629,689 470,308 1,859,856
DEPRECIATION
At 1 November 2023 357,220 171,179 438,774 313,255 1,280,428
Charge for year 10,939 4,680 27,739 19,450 62,808
At 31 October 2024 368,159 175,859 466,513 332,705 1,343,236
NET BOOK VALUE
At 31 October 2024 174,564 41,277 163,176 137,603 516,620
At 31 October 2023 184,333 45,957 142,721 89,745 462,756

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 42,627 44,936 87,563
Reclassification/transfer 40,844 33,564 74,408
At 31 October 2024 83,471 78,500 161,971
DEPRECIATION
Charge for year 8,347 8,200 16,547
Reclassification/transfer 4,084 7,413 11,497
At 31 October 2024 12,431 15,613 28,044
NET BOOK VALUE
At 31 October 2024 71,040 62,887 133,927

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2023
and 31 October 2024 180,000
NET BOOK VALUE
At 31 October 2024 180,000
At 31 October 2023 180,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 2,400 1,036
Other debtors 16,052 14,292
18,452 15,328

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 30,083 15,999
Trade creditors 33,657 44,475
Taxation and social security 5,147 6,420
Other creditors 86,294 62,812
165,181 139,706

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 10,000 20,000
Hire purchase contracts 87,958 21,980
97,958 41,980

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:
20242023
£   £   

48,76448,764

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.