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Registration number: SC307601

Carnoustie Golf Links Limited
Filleted Financial Statements
for the Year Ended 29 September 2025

Carnoustie Golf Links Limited

Contents

Company Information | 1
Statement of Financial Position | 2
Notes to the Financial Statements | 3 to 8

Carnoustie Golf Links Limited

Company Information

Directors | Derek Cavellini David Cheape Aidan McColgan Ralph Wardlaw

Company secretary | Thorntons Law LLP

Registered office | Whitehall House 33 Yeaman Shore DUNDEE Tayside DD1 4BJ

Auditors | Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN

Carnoustie Golf Links Limited

(Registration number: SC307601)
Statement of Financial Position as at 29 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | - | 107,634
Current assets |  |  |
Stocks | 5 | - | 471,860
Debtors | 6 | 7,920 | 268,337
Cash at bank and in hand |  | 26,807 | 2,348,087
|  | 34,727 | 3,088,284
Creditors: Amounts falling due within one year | 7 | (82,032) | (2,701,792)
Net current (liabilities)/assets |  | (47,305) | 386,492
Net (liabilities)/assets |  | (47,305) | 494,126
Capital and reserves |  |  |
Called up share capital | 8 | 1 | 1
Retained earnings |  | (47,306) | 494,125
Shareholders' (deficit)/funds |  | (47,305) | 494,126

These accounts 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2026 and signed on its behalf by:

......................................... Derek Cavellini Director

Carnoustie Golf Links Limited

Notes to the Financial Statements for the Year Ended 29 September 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Whitehall House
33 Yeaman Shore
DUNDEE
Tayside
DD1 4BJ

These financial statements were authorised for issue by the Board on 16 February 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, however it is the Directors' intention to wind up the company within twelve months of the balance sheet date.

Carnoustie Golf Links Limited

Notes to the Financial Statements for the Year Ended 29 September 2025

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 March 2026 was Alexander J Fyfe, M.A.A.T., C.A., DChA, who signed for and on behalf of Morris & Young.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Carnoustie Golf Links Limited

Notes to the Financial Statements for the Year Ended 29 September 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Carnoustie Golf Links Limited

Notes to the Financial Statements for the Year Ended 29 September 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 55).

Carnoustie Golf Links Limited

Notes to the Financial Statements for the Year Ended 29 September 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 30 September 2024 | 227,652 | 227,652
Disposals | (227,652) | (227,652)
At 29 September 2025 | - | -
Depreciation
At 30 September 2024 | 120,018 | 120,018
Charge for the year | 14,383 | 14,383
Eliminated on disposal | (134,401) | (134,401)
At 29 September 2025 | - | -
Carrying amount
At 29 September 2025 | - | -
At 29 September 2024 | 107,634 | 107,634

5 | Stocks

| 2025 £ | 2024 £
Other inventories | - | 471,860

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 2,849 | 168,959
Prepayments | 48 | 70,976
Other debtors | 5,023 | 28,402
| 7,920 | 268,337

Carnoustie Golf Links Limited

Notes to the Financial Statements for the Year Ended 29 September 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 1,672 | 202,159
Amounts owed to group undertakings | 10 | 79,556 | 1,682,044
Taxation and social security |  | - | 262,393
Accruals and deferred income |  | - | 479,277
Other creditors |  | 804 | 75,919
|  | 82,032 | 2,701,792

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1

9 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £500,000 (2024 - £Nil) per ordinary share |  | 500,000 |  | -

10 | Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 102 "Related Party Transactions" that allow it to not disclose transactions with wholly owned members within the group.