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REGISTERED NUMBER: SC314941 (Scotland)















FAIRWAYS SPORTSGROUNDS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


FAIRWAYS SPORTSGROUNDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: D A Rae
D T Gibson



SECRETARY: K C Hodge



REGISTERED OFFICE: West Yonderton
Walkinshaw Road
Inchinnan
PA4 9LP



REGISTERED NUMBER: SC314941 (Scotland)



AUDITORS: Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF



BANKERS: Royal Bank of Scotland plc
Paisley Chief Office
1 Moncrieff Street
Paisley
PA3 2AW



SOLICITORS: Blackadders
53 Bothwell Street
Glasgow
G2 6TS

FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)

BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 116,120 166,050

CURRENT ASSETS
Stocks 5 38,564 78,308
Debtors 6 206,345 6,277
Cash at bank 222,867 615,520
467,776 700,105
CREDITORS
Amounts falling due within one year 7 115,857 382,169
NET CURRENT ASSETS 351,919 317,936
TOTAL ASSETS LESS CURRENT
LIABILITIES

468,039

483,986

CREDITORS
Amounts falling due after more than one
year

8

-

(17,647

)

PROVISIONS FOR LIABILITIES 10 (8,687 ) (11,644 )
NET ASSETS 459,352 454,695

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 459,350 454,693
SHAREHOLDERS' FUNDS 459,352 454,695

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:





D A Rae - Director


FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Fairways Sportsgrounds Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC314941 and registered office address is West Yonderton, Walkinshaw Road, Inchinnan, PA4 9LP.

The nature of the Company's operations and its principal activities was that of construction of outdoor recreational activities.

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.

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 £.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
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.
Plant and machinery - 33% on cost and 15% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 25% on cost

FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

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 transactions 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.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.


FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 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.

Long term contracts
Long term contract work in progress is shown at net cost after deducting foreseeable losses and payments on account.

Turnover on long term contracts is determined on the basis of external valuation certificates. Operating profit includes attributable profit on long term contracts completed and amounts recoverable on contracts uncompleted, the latter also being included under debtors due within one year.

FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.
An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 284,018 5,782 163,401 453,201
Disposals (19,091 ) (5,782 ) - (24,873 )
At 31 December 2024 264,927 - 163,401 428,328
DEPRECIATION
At 1 January 2024 227,014 5,782 54,355 287,151
Charge for year 14,676 - 35,254 49,930
Eliminated on disposal (19,091 ) (5,782 ) - (24,873 )
At 31 December 2024 222,599 - 89,609 312,208
NET BOOK VALUE
At 31 December 2024 42,328 - 73,792 116,120
At 31 December 2023 57,004 - 109,046 166,050

The net book value of tangible fixed assets includes £ 32,431 (2023 - £ 50,121 ) in respect of assets held under hire purchase contracts.

5. STOCKS
31/12/24 31/12/23
£    £   
Work-in-progress on long
term contracts 38,564 78,308

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Amounts recoverable on
long term contracts 82,744 3,690
Amounts owed by group undertakings 121,200 -
Prepayments and accrued income 2,401 2,587
206,345 6,277

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts 17,647 17,647
Trade creditors 53,104 128,611
Amounts owed to group undertakings 3,050 115,903
Corporation tax 3,602 71,630
Social security and other taxes 38,454 (5,573 )
Accrued expenses - 53,951
115,857 382,169

FAIRWAYS SPORTSGROUNDS LIMITED (REGISTERED NUMBER: SC314941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts - 17,647

9. SECURED DEBTS

The following secured debts are included within creditors:

31/12/24 31/12/23
£    £   
Hire purchase contracts 17,647 35,294

Hire purchase creditors are secured over the assets to which they relate.

The Royal Bank of Scotland plc holds a bond and floating charge over the assets of the company as security for the group's borrowings.

10. PROVISIONS FOR LIABILITIES
31/12/24 31/12/23
£    £   
Deferred tax 8,687 11,644

Deferred
tax
£   
Balance at 1 January 2024 11,644
Originating and reversal of (2,957 )
timing differences
Balance at 31 December 2024 8,687

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alex Webb - BAcc FCCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the director D Rae, by virtue of his interest in the holding company, Fairways Group Limited.