Company registration number SC198094 (Scotland)
The Home of Golf Limited
(formerly known as St Andrews Links Golf Shops Limited)
Annual report and financial statements
for the year ended 31 December 2024
The Home of Golf Limited
Company information
Directors
N Coulson
H Spence
(Appointed 6 May 2025)
A Woodhull
(Appointed 6 May 2025)
S Semple
(Appointed 6 May 2025)
Company number
SC198094
Registered office
Pilmour House
St Andrews
KY16 9SF
Auditor
Henderson Loggie LLP
The Stamp Office
Level 5
10 - 14 Waterloo Place
Edinburgh
EH1 3EG
Bankers
Royal Bank of Scotland plc
113-115 South Street
St Andrews
Fife
KY16 9QB
Barclays Bank plc
1-4 Clyde Place Lane
Glasgow
G5 8DP
Solicitors
Thorntons Law LLP
Kinburn Castle
St Andrews
Fife
KY16 9DR
Shepherd and Wedderburn
9 Haymarket Square
Edinburgh
EH3 8FY
The Home of Golf Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
The Home of Golf Limited
Strategic report
for the year ended 31 December 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

During the year revenue and earnings increased from prior year levels, which was driven by an increase in visitor footfall to Trust facilities. Additionally, the Trust’s third party photography service was moved into the Home of Golf Ltd from 2024 having previously been recognised within St Andrews Links Trust. Whilst the gross margins from retail increased to 58% in the year (2023- 57%), overall margin reduced slightly to 57% (2023 – 59%) for two reasons; firstly, photography gross margin is slightly lower than the retail margin, and secondly, the 2023 comparative included additional revenue generated from merchandise services to third parties that were terminated at the end of 2023. Overall profits were up year on year, increasing the surplus on the balance sheet. This surplus has been earmarked for future capital investment to ensure the facilities remain best in class as outlined in future developments below.

| 2024 | 2023 | 2022
Turnover | 13,871,522 | 12,372,537 | 9,534,969
Cost of Sales | (5,943,070) | (5,130,263) | (3,950,062)
Gross Profit | 7,928,452 | 7,242,274 | 5,584,907
GP% | 57% | 59% | 59%
Administrative Expenses | (3,188,071) | (3,012,085) | (2,458,664)
Operating Profit | 4,740,381 | 4,230,189 | 3,126,243

Principal risks and uncertainties

The following represent the risks the board of Trustees believe to be the most important risks that may impact the Trust’s ability to deliver its strategy effectively:

Identified Risk | Mitigation
Pandemic, War, Terrorism or Change in Global Politics Impact on Trust finances due to travel restrictions, fear or reduction in US travel specifically. | Limit Trust exposure by developing plans and outcomes to ameliorate the risk.
Cyber Security Risk Impact on Trust finance and reputation if the Trust was impacted by a Cyber Security breach. | Two-factor authentication has now been implemented throughout the Trust; cyber risk simulations are carried out and cyber risk training rolled out to staff.

Key performance indicators

The Directors consider the following to be the Key Performance Indicators for the business:

- Revenue: increased by £1.5m year on year, driven by footfall below

- Gross Margin: up in value but down 2% points year on year due to the direct costs incurred from the photography service.

- Profit: reflects the increased revenue as noted above

- Customer Numbers: increased from 138,881 in 2023 to 149,203 in 2024, which was partly assisted by the opening of a new Eden Clubhouse Shop in August 2024.

- Average Transaction Value: increased in line with inflation by 3.4%

The Home of Golf Limited
Strategic report (continued)
for the year ended 31 December 2024
- 2 -
Future Developments

With all profits made within the Home of Golf Ltd gifted up to St Andrews Links Trust, future plans on investment remain critical to not only the customer experience but the growth of the various business segments. In line with our vision to invest our surplus into infrastructure, and recognising the size of some of the infrastructure challenges and opportunities that face us we have built up a surplus, some of which is earmarked to be invested in refurbishing the Links Clubhouse.

Full planning permission for the planned expansion and refurbishment of the Links Clubhouse was submitted in October 2024 and subsequently approved. The approval provides the Trust with a three-year timeline in which to commence the works. The project will boost customer experience, improve staff welfare facilities and enhance the energy efficiency of the building.

Whilst this expansion will increase the retail offering in the facility it will also look to expand the food and beverage service which will be recognised in the Home of Golf Ltd from 2025. From the 1 st January, as part of a group internal structure change, food and beverage, as well as commercial revenue will be recognised within the Home of Golf Ltd along with group wide central service costs, and golf support costs.

On behalf of the board

N Coulson
Director
28 May 2025
The Home of Golf Limited
Directors' report
for the year ended 31 December 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The company’s principal activity during the year was the retailing of golf related products of St Andrews Links Trust.

Results and gift aid payments

The results for the year are set out on page 8.

Profits generated by the company are gift aided up to the charity parent, St Andrews Links Trust.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

N Coulson
A Denton
(Resigned 1 January 2025)
S Tuddenham
(Resigned 1 January 2025)
L Dochard
(Resigned 4 March 2025)
S Duffy
(Appointed 8 January 2024 and resigned 1 January 2025)
H Spence
(Appointed 6 May 2025)
A Woodhull
(Appointed 6 May 2025)
S Semple
(Appointed 6 May 2025)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
N Coulson
Director
28 May 2025
The Home of Golf Limited
Directors' responsibilities statement
for the year ended 31 December 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Home of Golf Limited
Independent auditor's report
to the members of The Home of Golf Limited
- 5 -
Opinion

We have audited the financial statements of The Home of Golf Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

The Home of Golf Limited
Independent auditor's report
to the members of The Home of Golf Limited (continued)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.

The Home of Golf Limited
Independent auditor's report
to the members of The Home of Golf Limited (continued)
- 7 -

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed us that there were no instances of known, suspected or alleged fraud;

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: employment law (including the Working Time Directive); anti-bribery and corruption; GDPR and compliance with the UK Companies Act.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly; and

- Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Reviewing board minutes;

- Testing key revenue lines, in particular cut-off, for evidence of management bias;

- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to valuation of stock, prepayments and accruals; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Diana Penny
Senior Statutory Auditor
For and on behalf of Henderson Loggie LLP
28 May 2025
Chartered Accountants
Statutory Auditor
The Stamp Office
Level 5
10 - 14 Waterloo Place
Edinburgh
EH1 3EG
The Home of Golf Limited
Profit and loss account
for the year ended 31 December 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,871,522
12,372,537
Cost of sales
(5,943,070)
(5,130,263)
Gross profit
7,928,452
7,242,274
Administrative expenses
(3,188,071)
(3,012,085)
Profit before taxation
4,740,381
4,230,189
Tax on profit
7
-
0
-
0
Profit for the financial year
4,740,381
4,230,189

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The Home of Golf Limited
Statement of comprehensive income
for the year ended 31 December 2024
- 9 -
2024
2023
£
£
Profit for the year
4,740,381
4,230,189
Other comprehensive income
-
-
Total comprehensive income for the year
4,740,381
4,230,189
The Home of Golf Limited
Balance sheet
as at 31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
89,697
21,640
Current assets
Stocks
10
1,134,893
1,412,989
Debtors
11
6,307,604
5,314,833
Cash at bank and in hand
24,875
266,680
7,467,372
6,994,502
Creditors: amounts falling due within one year
12
(1,311,133)
(1,260,546)
Net current assets
6,156,239
5,733,956
Net assets
6,245,936
5,755,596
Capital and reserves
Called up share capital
16
500,000
500,000
Profit and loss reserves
17
5,745,936
5,255,596
Total equity
6,245,936
5,755,596

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
N Coulson
Director
Company registration number SC198094 (Scotland)
The Home of Golf Limited
Statement of changes in equity
for the year ended 31 December 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
500,000
3,938,148
4,438,148
Year ended 31 December 2023:
Profit and total comprehensive income
-
4,230,189
4,230,189
Distributions to parent charity under gift aid
8
-
(2,912,741)
(2,912,741)
Balance at 31 December 2023
500,000
5,255,596
5,755,596
Year ended 31 December 2024:
Profit and total comprehensive income
-
4,740,381
4,740,381
Distributions to parent charity under gift aid
8
-
(4,250,041)
(4,250,041)
Balance at 31 December 2024
500,000
5,745,936
6,245,936
The Home of Golf Limited
Statement of cash flows
for the year ended 31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
4,054,210
3,042,581
Investing activities
Purchase of tangible fixed assets
(83,970)
(3,680)
Net cash used in investing activities
(83,970)
(3,680)
Financing activities
Dividends and distributions paid
(4,250,041)
(2,912,741)
Net cash used in financing activities
(4,250,041)
(2,912,741)
Net (decrease)/increase in cash and cash equivalents
(279,801)
126,160
Cash and cash equivalents at beginning of year
266,680
140,520
Cash and cash equivalents at end of year
(13,121)
266,680
Relating to:
Cash at bank and in hand
24,875
266,680
Bank overdrafts included in creditors payable within one year
(37,996)
-
0
The Home of Golf Limited
Notes to the financial statements
for the year ended 31 December 2024
- 13 -
1
Accounting policies
Company information

The Home of Golf Limited is a private company limited by shares incorporated in Scotland. The registered office is Pilmour House, St Andrews, KY16 9SF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a basis other than going concern. true

From 4 November 2019, the employees and assets of the company were hived into the the company’s parent charity, St Andrews Links Trust resulting in a significant reduction in activity that year. During preceding years, including the current financial year, the company has therefore not actively traded, incurring minor expenses as the business meets its administrative requirements.

As such, the directors do not consider it appropriate to adopt the going concern basis in preparing the financial statements.

In coming to this position, appropriate considerations have been made where necessary as to the carrying value of the company’s assets to ensure that there has been no change to the carrying amount as disclosed in these financial statements as a result of this assessment. Given the cash at bank and in hand balance as at 31 December 2024, the directors believe the balance sheet to remain accurate and are confident liabilities can be met as they fall due.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for go lf merchandise and accessories provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% per annum on a straight line basis
Fixtures, fittings & equipment
20% per annum on a straight line basis
Motor vehicles
20% per annum on a straight line basis
The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 14 -

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 or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

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

1.8
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 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.

The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 15 -
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 profit or loss, 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 profit and loss, 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is 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 profit or loss.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The company mitigates any tax payable by gift aiding its net distributable taxable profits to the St Andrews Links Trust within 9 months of the year end. These represent qualifying donations and no current tax is payable in 2024.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The company operates a defined contribution scheme for its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
- 17 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision

In arriving at the valuation of stock it may be necessary for management to make an assessment over the carrying value of stock items and, where applicable, apply a provision to amend this carrying value to a more accurate level. These provisions are arrived at using management's knowledge and understanding of the business and the industry in which it operates and focuses on potentially obsolete or old items for which the full value may no longer be recoverable.

Accruals

Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred or received for goods/services provided by and to other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 18 -
3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Retail sales
13,376,761
12,372,537
Photography income
494,761
-
13,871,522
12,372,537
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,871,522
12,372,537
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
54
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
9,500
8,348
Depreciation of owned tangible fixed assets
15,913
18,143
Operating lease charges
272,856
231,822
5
Employees
2024
2023
Number
Number
Retail staff
55
55
2024
2023
£
£
Wages and salaries
1,449,430
1,509,544
Social security costs
217,835
173,313
Pension costs
255,445
143,459
1,922,710
1,826,316
The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 19 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
44,449
7
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,740,381
4,230,189
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 24%)
1,185,095
994,940
Tax effect of expenses that are not deductible in determining taxable profit
1,254
4,668
Permanent capital allowances in excess of depreciation
(16,933)
(346)
Tax relief in respect of gift aid
(1,169,416)
(999,262)
Taxation charge for the year
-
-
8
Dividends and distributions
2024
2023
£
£
Distributions to parent charity under gift aid
Amounts paid
4,250,041
2,912,741
The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 20 -
9
Tangible fixed assets
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
-
0
155,041
1,618,516
14,949
1,788,506
Additions
21,824
8,600
22,241
31,305
83,970
At 31 December 2024
21,824
163,641
1,640,757
46,254
1,872,476
Depreciation and impairment
At 1 January 2024
-
0
140,635
1,611,282
14,949
1,766,866
Depreciation charged in the year
-
0
4,980
6,759
4,174
15,913
At 31 December 2024
-
0
145,615
1,618,041
19,123
1,782,779
Carrying amount
At 31 December 2024
21,824
18,026
22,716
27,131
89,697
At 31 December 2023
-
0
14,406
7,234
-
0
21,640
10
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,134,893
1,412,989
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,883
44,587
Amounts owed by group undertakings
5,767,376
5,183,539
Prepayments and accrued income
524,345
86,707
6,307,604
5,314,833
The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 21 -
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
37,996
-
0
Trade creditors
160,708
149,691
Amounts owed to group undertakings
15,329
476,977
Taxation and social security
99,432
76,069
Deferred income
14
488,461
457,622
Accruals and deferred income
509,207
100,187
1,311,133
1,260,546
13
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
37,996
-
0
Payable within one year
37,996
-
0
14
Deferred income
2024
2023
£
£
Other deferred income
488,461
457,622
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
255,445
143,459

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 22 -
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000

The ordinary shares are held by the directors in trust for St Andrews Links Trust.

17
Profit and loss reserves

Profit and loss reserves include all the current and prior period retained distributable profit and losses.

18
Financial commitments, guarantees and contingent liabilities

The company granted its bankers a cross guarantee in respect of the bank balance of St Andrews Links Trust.

A floating charge secured over all the assets of the company also exists in favour of the company's bankers.

19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
286,713
241,700
Between two and five years
1,226,952
1,023,301
In over five years
659,861
833,945
2,173,526
2,098,946
20
Events after the reporting date

On the 1 st January 2025, St Andrews Links Trust and it’s subsidiary companies, including The Home of Golf Ltd underwent an internal structure change. As part of that reorganisation, various trading activities previously held within other areas of the group were moved to The Home of Golf Ltd. Additionally, the Home of Golf ltd will incur the group wide central service and golf support costs, charging a management fee to the other entities for this service.

The Home of Golf Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 23 -
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
30,771
55,950
Transactions with related parties

The company has taken advantage of the exemption under FRS 102 paragraph 33.1A from disclosing transactions with any wholly owned undertaking of the St Andrews Links Trust group.

22
Ultimate controlling party

The company regards itself as wholly owned by St Andrews Links Trust, a charitable trust registered in Scotland, Charity No SC006161.

23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
4,740,381
4,230,189
Adjustments for:
Depreciation and impairment of tangible fixed assets
15,913
18,143
Movements in working capital:
Decrease/(increase) in stocks
278,096
(90,255)
Increase in debtors
(992,771)
(1,324,349)
(Decrease)/increase in creditors
(18,248)
124,441
Increase in deferred income
30,839
84,412
Cash generated from operations
4,054,210
3,042,581
24
Analysis of changes in net funds/(debt)
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
266,680
(241,805)
24,875
Bank overdrafts
-
0
(37,996)
(37,996)
266,680
(279,801)
(13,121)
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