| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Old Course Ranfurly Golf Club Ltd (The) |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Old Course Ranfurly Golf Club Ltd (The) |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 12 |
| Old Course Ranfurly Golf Club Ltd (The) |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Pavilion 3, Suite 2 |
| St James Business Park |
| Paisley |
| Renfrewshire |
| PA3 3BB |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| RESERVES |
| Other reserves |
| Retained earnings |
| 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. |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Balance Sheet - continued |
| 31 October 2024 |
| 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 |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Old Course Ranfurly Golf Club Ltd (The) is a |
| 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 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 directors have a reasonable exception that the Company has adequate resources to continue in operational existence for the foreseeable future and they continue to monitor the coronavirus pandemic situation and will take the necessary steps to ensure the impact is minimised. As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Significant judgements and estimates |
| In preparing these financial statements, the directors have made the following judgements: |
| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
| Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
| Bad debts are provided for where objective evidence of the need for a provision exists. |
| Irrecoverable VAT on standard overhead costs is separately identified within the profit & loss account with any irrecoverable VAT on larger capital items taken to the balance sheet. |
| Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold or where stock is sold post year end at a loss. |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Clubhouse and course | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 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 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 amount 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. |
| 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 by 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 prices 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. |
| 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. |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 lease contracts are depreciated over their useful estimated lives or the lease term, whichever is the shorter unless this treatment distorts the commercial reality influencing the true and fair representation of the transaction. The capital elements of future lease obligations are recorded as liabilities, whilst the interest element is charged to the profit and loss account over the relevant period. |
| 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. |
| 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. |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 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 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 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Clubhouse | Fixtures |
| and | Plant and | and |
| course | 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 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 November 2023 |
| Transfer to ownership | (148,983 | ) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Transfer to ownership | (58,505 | ) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 7) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows:- |
| Finance lease contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable:- |
| Within one year | - | 9,036 |
| Between one and five years | - | Nil |
| - | 9,036 |
| Non-cancellable operating | leases |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| Old Course Ranfurly Golf Club Ltd (The) (Registered number: SC009532) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 8. | SECURED DEBTS |
| The following secured debts are included within Creditors:- |
| 2024 | 2023 |
| £ | £ |
| Hire purchase / Finance lease contracts | - | 9,036 |
| Hire purchase or Finance lease contracts are secured over the assets to which they relate. |
| 9. | CAPITAL COMMITMENTS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 10. | RELATED PARTY DISCLOSURES |
| No Director received any remuneration from the Company [2023 - £nil]. |
| 11. | ULTIMATE CONTROLLING PARTY |
| No one person in isolation has control over the company. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Old Course Ranfurly Golf Club Ltd (The) |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Old Course Ranfurly Golf Club Ltd (The) for the year ended 31 October 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
| This report is made solely to the Board of Directors of Old Course Ranfurly Golf Club Ltd (The), as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Old Course Ranfurly Golf Club Ltd (The) and state those matters that we have agreed to state to the Board of Directors of Old Course Ranfurly Golf Club Ltd (The), as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Old Course Ranfurly Golf Club Ltd (The) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Old Course Ranfurly Golf Club Ltd (The). You consider that Old Course Ranfurly Golf Club Ltd (The) is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Old Course Ranfurly Golf Club Ltd (The). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Pavilion 3, Suite 2 |
| St James Business Park |
| Paisley |
| Renfrewshire |
| PA3 3BB |