ACCOUNTS - Final Accounts preparation

Registered number: 15293698

ST. OLAF GOLF HOTEL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2025

ST. OLAF GOLF HOTEL LIMITED

REGISTERED NUMBER: 15293698

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025
		£


Fixed assets		63,653
Current assets	17,723
Creditors: amounts falling due within one year	(234,333)
Net current (liabilities)/assets		(216,610)
Total assets less current liabilities		(152,957)
Provisions for liabilities
Deferred taxation	(15,913)
		(15,913)
Net (liabilities)/assets		(168,870)


Capital and reserves		(168,870)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2025.

................................................

K F Hudson

Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

1.	General information

St. Olaf Golf Hotel Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The principal place of the company's business is situated at Aulton Road, Cruden Bay, Peterhead, Aberdeenshire AB42 0NN.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.4

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	15%
Fixtures and fittings	-	15%
Computer equipment	-	20%
Other fixed assets	-	10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The average monthly number of employees, including directors, during the period was 15.

4.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Office equipment	Other fixed assets	Total
	£	£	£	£	£
Cost or valuation
Additions	46,669	13,428	3,251	9,563	72,911
At 31 March 2025	46,669	13,428	3,251	9,563	72,911
Depreciation
Charge for the period on owned assets	6,676	1,286	619	677	9,258
At 31 March 2025	6,676	1,286	619	677	9,258
Net book value
At 31 March 2025	39,993	12,142	2,632	8,886	63,653

The net book value of land and buildings may be further analysed as follows:

Page 5

ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

5.	Cash and cash equivalents
		2025
		£

	Cash at bank and in hand	2,316
		2,316

6.	Creditors: Amounts falling due within one year
		2025
		£

	Trade creditors	19,905
	Amounts owed to group undertakings	204,424
	Other taxation and social security	6,617
	Other creditors	587
	Accruals and deferred income	2,800
		234,333

7.	Deferred taxation

		2025
		£

	Charged to profit or loss	(15,913)
	At end of year	(15,913)

	The deferred taxation balance is made up as follows:
					2025
					£

	Accelerated capital allowances	(15,913)
		(15,913)

Page 6

ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,662. Contributions totalling £588 were payable to the fund at the reporting date and are included in creditors.

9.	Commitments under operating leases
	At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2025
		£

	Later than 1 year and not later than 5 years	4,935
		4,935

Page 7


		ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

10.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 20 November 2022. The impact of the transition to FRS 102 is as follows:
		As previously stated 20 November 2022	Effect of transition 20 November 2022	FRS 102 (as restated) 20 November 2022	As previously stated 19 November 2023	Effect of transition 19 November 2023
	Note	£	£	£	£	£

Net current assets	-	-	-	-	-	-
Total assets less current liabilities	-	-	-	-	-	-
Net assets	-	-	-	-	-	-

Page 8

ST. OLAF GOLF HOTEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

10.First time adoption of FRS 102 (continued)

		As previously stated 19 November 2023	Effect of transition 19 November 2023
	Note	£	£

	-	-	-
Operating profit	-	-	-
Loss on ordinary activities after taxation and for the financial period	-	-	-

Explanation of changes to previously reported profit and equity:

Page 9