REGISTERED NUMBER: SC006728 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Kingsknowe Golf Club, Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G A Dobie

Ms F M Jackson-Smith

Mr M Mccann Jnr

Mr M Forsyth

Mr B Gillespie

Mr P Larter

Mr J Carse

REGISTERED OFFICE:

The Clubhouse

326 Lanark Rd

Edinburgh

EH14 2JD

REGISTERED NUMBER:

SC006728 (Scotland)

ACCOUNTANTS:

Cowan & Partners Limited

60 Constitution Street

Edinburgh

EH6 6RR

FIXED ASSETS

Tangible assets

4

908,046

829,029

Investments

5

397,539

389,323

1,305,585

1,218,352

CURRENT ASSETS

Stocks

11,513

10,875

Debtors

6

38,116

27,329

Cash at bank and in hand

271,852

360,165

321,481

398,369

CREDITORS

Amounts falling due within one year

7

196,544

218,265

NET CURRENT ASSETS

124,937

180,104

TOTAL ASSETS LESS CURRENT LIABILITIES

1,430,522

1,398,456

CREDITORS

Amounts falling due after more than one year

8

7,421

11,735

NET ASSETS

1,423,101

1,386,721

RESERVES

Retained earnings

1,423,101

1,386,721

1,423,101

1,386,721

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 13 June 2025 and were signed on its behalf by:

Mr M Mccann Jnr - Director

1.	STATUTORY INFORMATION

Kingsknowe Golf Club, Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 as modified by the revaluation of certain assets.

Turnover

Subscriptions income is recognised across the subscriptions year, with any amounts received in advance deferred until the year in which they relate.

Other income streams are recognised on receipt, net of VAT, when the club becomes entitled to the income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2.5% on reducing balance and Not provided

Plant and machinery etc

-

10% on cost and 2% on cost

The directors have reviewed historic depreciation rates and re-evaluated these in the year, with reference to the specific assets in each category. Based on their familiarity with the types of asset held, the below rates have been deemed appropriate in writing down assets to their net realisable value.

Category

Previous Rate

Current Rate

Clubhouse improvements

2% SL

Not applied & 2.5% RB

Greens equipment

15% SL

10% SL

Clubhouse equipment

5% SL

2% SL

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

The company is exempt from tax to the extent that profits relate to its mutual trading activities. Where profits exceed this activity, tax is recognised as follows.

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 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.

The assets held by the company are such that a reliable estimate of their potential sales value cannot be obtained. For this reason, no deferred tax is provided for.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

875,467

800,973

1,676,440

Additions

5,700

113,082

118,782

At 31 December 2024

881,167

914,055

1,795,222

DEPRECIATION

At 1 January 2024

261,152

586,259

847,411

Charge for year

12,369

27,396

39,765

At 31 December 2024

273,521

613,655

887,176

NET BOOK VALUE

At 31 December 2024

607,646

300,400

908,046

At 31 December 2023

614,315

214,714

829,029

No indicators of impairment were noted in the year.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2024

389,323

Additions

46,717

Disposals

(40,563

)

Revaluations

1,132

Dividends received

930

At 31 December 2024

397,539

NET BOOK VALUE

At 31 December 2024

397,539

At 31 December 2023

389,323

Cost or valuation at 31 December 2024 is represented by:

Other

investments

£

Valuation in 2023

(19,433

)

Valuation in 2024

8,216

Cost

408,756

397,539

Due to the current economic climate, the original amount invested of £400,000 has decreased in value as at 31 December 2024. As this is seen as a longer term investment, the directors are confident that this is not a permanent impairment to value and will recover over time.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

8,449

3,650

Other debtors

29,667

23,679

38,116

27,329

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

2,820

8,460

Trade creditors

7,225

24,137

Taxation and social security

5,884

4,464

Other creditors

180,615

181,204

196,544

218,265

Included in Other Creditors is £6,581 for Junior Development and £4,075 for Schools Coaching. These amounts are restricted for these purposes.

Other creditors also includes £114,555 relating to subscriptions paid in advance.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

-

2,820

Other creditors

7,421

8,915

7,421

11,735

9.	MEMBERS' LIABILITY

The company is limited by guarantee, not having a share capital, and consequently the liability of members is limited. This is 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.