Silverfin false false 28/02/2025 01/03/2024 28/02/2025 M Douglas 19/02/2003 M M Piggot 19/02/2003 G W R Vivers 19/02/2003 M M Piggot 26 September 2025 The principal activity of the company continued to be that of suppliers of golfing merchandise. SC187445 2025-02-28 SC187445 bus:Director1 2025-02-28 SC187445 bus:Director2 2025-02-28 SC187445 bus:Director3 2025-02-28 SC187445 2024-02-29 SC187445 core:CurrentFinancialInstruments 2025-02-28 SC187445 core:CurrentFinancialInstruments 2024-02-29 SC187445 core:ShareCapital 2025-02-28 SC187445 core:ShareCapital 2024-02-29 SC187445 core:CapitalRedemptionReserve 2025-02-28 SC187445 core:CapitalRedemptionReserve 2024-02-29 SC187445 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC187445 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC187445 core:LeaseholdImprovements 2024-02-29 SC187445 core:Vehicles 2024-02-29 SC187445 core:FurnitureFittings 2024-02-29 SC187445 core:LeaseholdImprovements 2025-02-28 SC187445 core:Vehicles 2025-02-28 SC187445 core:FurnitureFittings 2025-02-28 SC187445 bus:OrdinaryShareClass1 2025-02-28 SC187445 2024-03-01 2025-02-28 SC187445 bus:FilletedAccounts 2024-03-01 2025-02-28 SC187445 bus:SmallEntities 2024-03-01 2025-02-28 SC187445 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 SC187445 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC187445 bus:Director1 2024-03-01 2025-02-28 SC187445 bus:Director2 2024-03-01 2025-02-28 SC187445 bus:Director3 2024-03-01 2025-02-28 SC187445 bus:CompanySecretary1 2024-03-01 2025-02-28 SC187445 core:LeaseholdImprovements core:TopRangeValue 2024-03-01 2025-02-28 SC187445 core:Vehicles 2024-03-01 2025-02-28 SC187445 core:FurnitureFittings 2024-03-01 2025-02-28 SC187445 2023-03-01 2024-02-29 SC187445 core:LeaseholdImprovements 2024-03-01 2025-02-28 SC187445 bus:OrdinaryShareClass1 2024-03-01 2025-02-28 SC187445 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC187445 (Scotland)

# INVERNESS GOLF CENTRE LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH THE REGISTRAR

INVERNESS GOLF CENTRE LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025

Contents

INVERNESS GOLF CENTRE LIMITED

## BALANCE SHEET

AS AT 28 FEBRUARY 2025
INVERNESS GOLF CENTRE LIMITED

## BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 32,287 |  | 43,046
|  | 32,287 |  | 43,046
Current assets |  |  |  |
Stocks |  | 484,335 |  | 499,117
Debtors | 4 | 36,681 |  | 22,739
Cash at bank and in hand |  | 182,615 |  | 166,648
|  | 703,631 |  | 688,504
Creditors: amounts falling due within one year | 5 | ( 440,996) |  | ( 400,563)
Net current assets |  | 262,635 |  | 287,941
Total assets less current liabilities |  | 294,922 |  | 330,987
Provision for liabilities |  | ( 1,167) |  | ( 3,434)
Net assets |  | 293,755 |  | 327,553
Capital and reserves |  |  |  |
Called-up share capital | 6 | 12,375 |  | 12,375
Capital redemption reserve |  | 37,625 |  | 37,625
Profit and loss account |  | 243,755 |  | 277,553
Total shareholders' funds |  | 293,755 |  | 327,553

For the financial year ending 28 February 2025 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 financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Inverness Golf Centre Limited (registered number: SC187445) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

M Douglas Director |

INVERNESS GOLF CENTRE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025
INVERNESS GOLF CENTRE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Inverness Golf Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 5 Longman Road, Inverness, IV1 1RY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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. Where second hand goods are traded in, the sale net of trade in value is recorded in turnover.

##### Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | 6.67 years straight line
Vehicles | 25 % reducing balance
Fixtures and fittings | 25 % reducing balance

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.

##### Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to expenditure 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 asset are consumed.

##### Impairment of 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).

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.
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.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 18 |  | 19

#### 3. Tangible assets

| Leasehold improve- ments |  | Vehicles |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 March 2024 | 15,278 |  | 37,590 |  | 79,015 |  | 131,883
At 28 February 2025 | 15,278 |  | 37,590 |  | 79,015 |  | 131,883
Accumulated depreciation |  |  |  |  |  |  |
At 01 March 2024 | 15,278 |  | 8,628 |  | 64,931 |  | 88,837
Charge for the financial year | 0 |  | 7,241 |  | 3,518 |  | 10,759
At 28 February 2025 | 15,278 |  | 15,869 |  | 68,449 |  | 99,596
Net book value |  |  |  |  |  |  |
At 28 February 2025 | 0 |  | 21,721 |  | 10,566 |  | 32,287
At 29 February 2024 | 0 |  | 28,962 |  | 14,084 |  | 43,046

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 9,183 |  | 8,572
Other debtors | 27,498 |  | 14,167
| 36,681 |  | 22,739

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 417,181 |  | 355,940
Taxation and social security | 12,701 |  | 36,602
Other creditors | 11,114 |  | 8,021
| 440,996 |  | 400,563

#### 6. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
12,375 Ordinary shares of £ 1.00 each | 12,375 |  | 12,375

#### 7. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating lease | 119,819 |  | 20,307

#### 8. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Amounts owed by key management personnel | 2,400 |  | 1,200

During the year amounts of £61,200 were advanced, and amounts of £60,000 were repaid to certain key management personnel resulting in a closing debtor balance of £2,400. This balance is interest free, unsecured, and has no fixed terms of repayment.