The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

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 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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

The financial statements have been prepared on a going concern basis. The trustees of the group, St Andrews Links Trust have considered going concern at a group level including all subsidiaries of the charity. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts and have a reasonable expectation that the group has adequate resources to continue operation for the foreseeable future. true

Turnover is recognised at the fair value of consideration received for agreements for the use of trademarks provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Intangible assets are initially recognised at cost. Subsequent to initial recognition intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets relates to expenditure incurred to initially register trademarks or other intellectual properties in a variety of product classes and territories which, have a reasonable probability of generating income.  Ongoing trademark protection costs are written off in the year the expenditure is incurred. 

Intangible assets are amortised over their useful economic lives using a straight-line method as follows:

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations. The company assesses at each reporting date whether there is any indication that the intangible asset may be impaired. If any such indication exists, the company estimates the recoverable amount of the intangible asset and recognises an impairment loss for any shortfall below carrying amount.

At each reporting date tangible and intangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

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.

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, 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.

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, 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 payments 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. Amounts 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.

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.

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.

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.

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.

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

Management assess the useful lives of intangible assets at 3 years over which period the intangibles, being trademark costs, are expected to generate revenue. However, intangible assets can potentially generate revenue over a shorter period which is assessed by management by performing annual impairment reviews over the assets.

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.

St Andrews Links Limited does not have any direct employees. The expense included in the profit and loss account comprises recharges for remuneration of employees (including directors) who are employed by the parent company, St Andrews Links Trust, on business for the company.

The aggregate remuneration for the year ended 31 December 2024 was £471,968 (2023 - £359,488).

Intangible assets relates to expenditure incurred to initially register trademarks or other intellectual properties in a variety of product classes and territories which have a reasonable probability of generating income. Ongoing trademark protections costs are written off in the year the expenditure is incurred.

The amounts capitalised are amortised on a straight line basis over 3 years.

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

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

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.

Leases in the name of St Andrews Links Limited for plant and equipment which are used by St Andrews Links Trust who bore the cost of these leases are noted below.

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

On the 1st January 2025, St Andrews Links Trust and it’s subsidiary companies, including St Andrews Links Ltd underwent an internal structure change. As part of that reorganisation, trading activity and all support costs previously held in St Andrews Links Ltd, was moved to The Home of Golf Ltd. St Andrews Links ltd will continue to manage the intellectual property of the group with various service charges flowing between the subsidiary companies.

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.

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