REGISTERED NUMBER: |
Longniddry Golf Club Limited |
Financial Statements |
for the Year Ended 30 November 2024 |
REGISTERED NUMBER: |
Longniddry Golf Club Limited |
Financial Statements |
for the Year Ended 30 November 2024 |
Longniddry Golf Club Limited (Registered number: SC031269) |
Contents of the Financial Statements |
for the Year Ended 30 November 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Longniddry Golf Club Limited |
Company Information |
for the Year Ended 30 November 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
BANKERS: |
Haddington Branch |
32 Court Street |
Haddington |
EH41 3NS |
SOLICITORS: |
Caledonian Exchange |
19A Canning Street |
Edinburgh |
United Kingdom |
EH3 8HE |
Longniddry Golf Club Limited (Registered number: SC031269) |
Balance Sheet |
30 November 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Income and expenditure account |
Longniddry Golf Club Limited (Registered number: SC031269) |
Balance Sheet - continued |
30 November 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Longniddry Golf Club Limited (Registered number: SC031269) |
Notes to the Financial Statements |
for the Year Ended 30 November 2024 |
1. | STATUTORY INFORMATION |
Longniddry Golf Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the gross income of the club exclusive of value added tax. |
Subscriptions are non-refundable so therefore fully recognised when paid. |
Tangible fixed assets |
Depreciation is recongised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Clubhouse and course improvements - The shorter of the length of the lease and the asset's estimate useful life |
Irrigation system - The shorter of the length of the lease and the asset's estimated useful life |
Green, clubhouse and administrative equipment - straight line over 4-7 years |
Leasehold - over the life of the lease which expires in 2036. |
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 to surplus or deficit. |
Assets under construction - To be depreciated in accordance with the appropriate policy once ready for use. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Longniddry Golf Club Limited (Registered number: SC031269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in surplus or deficit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through surplus and deficit, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in surplus or deficit. |
If there was a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment was reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised, The impairment reversal is recognised in surplus or deficit. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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. |
Longniddry Golf Club Limited (Registered number: SC031269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as |
reported in the profit and loss account 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 profits. 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 profit 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 profits 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 profit and loss account, 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. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. |
Assets held under finance leases are recognised at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rental income from operating losses is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Longniddry Golf Club Limited (Registered number: SC031269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2023 |
Additions |
Disposals | ( |
) |
At 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2023 |
Additions |
At 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
Longniddry Golf Club Limited (Registered number: SC031269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 December 2023 |
Additions |
Disposals | ( |
) |
Share of profit/(loss) | 16,752 |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Finance leases (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
The bank overdraft is secured by a bond or floating charge over all assets of the company. |
Included within bank loans above is a loan of £10,649 which is secured by a guarantee from the UK Government under the bounce back loan scheme. |
Obligations under finance leases included above of £37,816 (2023 - £22,399) are secured against items of plant and machinery to which they relate which have a carrying value of £102,774 (2023 - £62,191). |
Longniddry Golf Club Limited (Registered number: SC031269) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Finance leases (see note 9) |
Other creditors |
Included within bank loans above is a loan of £4,787 which is secured by a guarantee from the UK Government under the bounce back loan scheme. |
Obligations under finance leases included above of £89,496 (2023 - £17,281) are secured against items of plant and machinery to which they relate which have a carrying value of £102,774 (2023 - £62,191). |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |