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COMPANY REGISTRATION NUMBER: SC284488
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2024
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
11
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Directors' Report
Year ended 31 December 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mrs A. J. Williamson
Mr S. McNab
Mr C. Baxter
Ms F. Hay
Ms C. Blake
Mr W. Lambie
Mr A. Murphy
Mr P. Manley
Mr G Davie
(Appointed 4 April 2024)
Mr B. Duguid
(Appointed 4 April 2024)
Mr K. Reilly
(Appointed 4 April 2024)
Mr E. Findlay
(Appointed 4 April 2024)
Mr L. A. Hutton
(Resigned 4 April 2024)
Mr A. Thomson
(Resigned 22 February 2024)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 March 2025 and signed on behalf of the board by:
Mr C. Baxter
Director
Registered office:
4 Princes Street
Monifieth
Dundee
DD5 4AW
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
557,826
475,711
Cost of sales
440,910
339,951
---------
---------
Gross profit
116,916
135,760
Administrative expenses
186,397
150,629
Other operating income
1,817
1,450
---------
---------
Operating loss
( 67,664)
( 13,419)
Other interest receivable and similar income
1,258
1,506
Interest payable and similar expenses
1,094
3,744
---------
---------
Loss before taxation
6
( 67,500)
( 15,657)
Tax on loss
--------
--------
Loss for the financial year and total comprehensive income
( 67,500)
( 15,657)
--------
--------
Retained earnings at the start of the year
472,084
487,741
---------
---------
Retained earnings at the end of the year
404,584
472,084
---------
---------
All the activities of the company are from continuing operations.
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
664,496
676,401
Current assets
Stocks
5,791
5,810
Debtors
8
16,584
28,542
Cash at bank and in hand
75,607
130,370
--------
---------
97,982
164,722
Creditors: amounts falling due within one year
9
95,998
92,303
--------
---------
Net current assets
1,984
72,419
---------
---------
Total assets less current liabilities
666,480
748,820
Creditors: amounts falling due after more than one year
10
25,463
40,303
---------
---------
Net assets
641,017
708,517
---------
---------
Capital and reserves
Members' reserves
11
236,433
236,433
Profit and loss account
11
404,584
472,084
---------
---------
Members funds
641,017
708,517
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Mr C. Baxter
Director
Company registration number: SC284488
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 4 Princes Street, Monifieth, Dundee, DD5 4AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed that the Club has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
8 - 15% reducing balance and straight line
Fixtures and fittings
-
10 - 15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The liability of the members is limited. Every member of the Club undertakes to contribute such amount as may be required (not exceeding £1) to the Club's assets if it should be wound up while they are a member.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 13 ).
6. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
21,932
21,761
--------
--------
7. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
803,255
26,133
34,294
5,973
869,655
Additions
4,217
3,150
657
2,003
10,027
---------
--------
--------
-------
---------
At 31 December 2024
807,472
29,283
34,951
7,976
879,682
---------
--------
--------
-------
---------
Depreciation
At 1 January 2024
164,549
11,292
15,646
1,767
193,254
Charge for the year
16,150
2,244
2,607
931
21,932
---------
--------
--------
-------
---------
At 31 December 2024
180,699
13,536
18,253
2,698
215,186
---------
--------
--------
-------
---------
Carrying amount
At 31 December 2024
626,773
15,747
16,698
5,278
664,496
---------
--------
--------
-------
---------
At 31 December 2023
638,706
14,841
18,648
4,206
676,401
---------
--------
--------
-------
---------
8. Debtors
2024
2023
£
£
Trade debtors
1,796
1,702
Other debtors
14,788
26,840
--------
--------
16,584
28,542
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,556
10,395
Trade creditors
25,787
29,977
Social security and other taxes
14,967
8,029
Advance Subscriptions
16,168
12,880
Swipe Card
16,829
16,493
Other creditors
16,691
14,529
--------
--------
95,998
92,303
--------
--------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,463
40,303
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £3,241 (2023: £8,797) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Reserves
Profit and Loss reserves include the brought forward reserves and the movement in the profit/loss in the year. The Members' reserves figure is unchanged in the year.
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Management Information
Year ended 31 December 2024
The following pages do not form part of the financial statements.
Grange and Broughty Golf Company Ltd
Company Limited by Guarantee
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grange and Broughty Golf Company Ltd
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grange and Broughty Golf Company Ltd for the year ended 31 December 2024, which comprise the statement of income and retained earnings, statement of financial position 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. This report is made solely to the Board of Directors of Grange and Broughty Golf Company Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Grange and Broughty Golf Company Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grange and Broughty Golf Company Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Grange and Broughty Golf Company Ltd 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 Grange and Broughty Golf Company Ltd. You consider that Grange and Broughty Golf Company Ltd 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 Grange and Broughty Golf Company Ltd. 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.
BK PLUS LIMITED Chartered Certified Accountants
Stannergate House 41 Dundee Road West Broughty Ferry Dundee DD5 1NB
13 March 2025