Company registration number SC357436 (Scotland)
MONIFIETH GOLF LINKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
MONIFIETH GOLF LINKS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MONIFIETH GOLF LINKS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
3
571,471
437,374
Current assets
Stocks
3,365
-
Debtors
4
28,038
13,989
Cash at bank and in hand
545,489
511,827
576,892
525,816
Creditors: amounts falling due within one year
Loans and overdrafts
5,210
5,210
Taxation and social security
15,101
14,858
Other creditors
5
763,124
684,516
783,435
704,584
Net current liabilities
(206,543)
(178,768)
Total assets less current liabilities
364,928
258,606
Creditors: amounts falling due after more than one year
Loans and overdrafts
20,239
25,730
(20,239)
(25,730)
Provisions for liabilities
6
(47,052)
(45,910)
Net assets
297,637
186,966
Capital and reserves
Called up share capital
-
0
-
0
Revaluation reserve
7
140,706
-
0
Other reserves
-
0
5,000
Profit and loss reserves
156,931
181,966
Total equity
297,637
186,966
MONIFIETH GOLF LINKS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
31 March 2026
- 2 -

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 19 May 2026 and are signed on its behalf by:
A MacKinnon
Director
Company registration number SC357436 (Scotland)
MONIFIETH GOLF LINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Monifieth Golf Links Limited is a private company limited by shares incorporated in Scotland. The registered office is , 6 Princes Street, Monifieth, DD5 4AW.

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 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 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
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.

1.3
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 equipment
25% on reducing balance and 10% on cost
Buildings
4% on cost
Sprinkler Sysytem
25% on reducing balance
Solar System
5% on reducing balance
Booking System
25% on cost

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.

1.4
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

MONIFIETH GOLF LINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

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

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
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.

1.7
Retirement benefits

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

1.8
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
18
18
MONIFIETH GOLF LINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
3
Tangible fixed assets
Improvements to Property
Carpark
Plant and equipment
Buildings
Fixtures & Fittings
Sprinkler Sysytem
Solar System
Booking System
Total
£
£
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2025
57,307
92,946
547,720
212,700
-
0
152,817
18,334
2,100
1,083,924
Additions
-
0
-
0
75,354
-
0
-
0
-
0
-
0
-
75,354
Disposals
-
0
(5,923)
(53,342)
-
0
-
0
-
0
-
0
(2,100)
(61,365)
Revaluation
-
0
-
0
-
0
140,706
-
0
-
0
-
0
-
140,706
Transfer to investment property
(57,307)
-
0
-
0
43,705
13,602
-
0
-
0
-
-
0
At 31 March 2026
-
0
87,023
569,732
397,111
13,602
152,817
18,334
-
1,238,619
Depreciation and impairment
At 1 April 2025
9,622
-
0
415,233
80,788
-
0
129,638
9,169
2,100
646,550
Depreciation charged in the year
-
0
-
0
48,302
5,128
1,290
5,788
916
-
61,424
Eliminated in respect of disposals
-
0
-
0
(38,726)
-
0
-
0
-
0
-
0
(2,100)
(40,826)
Transfers
(9,622)
-
0
-
0
1,195
8,427
-
0
-
0
-
-
0
At 31 March 2026
-
0
-
0
424,809
87,111
9,717
135,426
10,085
-
667,148
Carrying amount
At 31 March 2026
-
0
87,023
144,923
310,000
3,885
17,391
8,249
-
571,471
At 31 March 2025
47,685
92,946
132,487
131,912
-
0
23,179
9,165
-
437,374
MONIFIETH GOLF LINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -

Reclassification of assets
During the year, as part of the property revaluation exercise, expenditure previously included within ‘Improvements to property’ has been reclassified to ‘Buildings’. In addition, certain items previously included within ‘Buildings’ have been reclassified to ‘Fixtures and fittings’ to reflect their nature. These reclassifications represent transfers between asset classes only and had no impact on total fixed assets, net assets or profit for the year. Depreciation is now charged in accordance with the depreciation policies applicable to the revised asset categories.

Revaluation of assets

Land and buildings with a carrying amount of £310,000 were revalued at 9 October 2024 by J & E Shepherd, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 7.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Buildings
2026
2025
£
£
Cost
256,405
270,007
Accumulated depreciation
(81,983)
(90,410)
Carrying value
174,422
179,597
4
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
-
0
118
Other debtors
28,038
13,871
28,038
13,989
5
Other creditors falling due within one year
2026
2025
£
£
Trade creditors
21,859
21,016
Income in advance
735,757
660,247
Other creditors
5,508
3,253
763,124
684,516
MONIFIETH GOLF LINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
6
Provisions for liabilities
2026
2025
£
£
Deferred tax liabilities
47,052
45,910
7
Revaluation reserve
2026
2025
£
£
At the beginning of the year
-
0
-
0
Other movements
140,706
-
At the end of the year
140,706
-
8
Reclassification of paths

During the year, the directors identified that certain paths which had previously been capitalised within tangible fixed assets are not owned by the company. Accordingly, these costs have been derecognised in the current year and charged to profit and loss as an expense. This adjustment results in a reduction in tangible fixed assets with an equal increase in expenses for the year.

9
RELATED PARTY DISCLOSURES

The directors, other than those representing Angus Council and honorary members, were all members of the Monifieth Golf Links and each paid an annual subscription.

10
ULTIMATE CONTROLLING PARTY

The company is limited by guarantee and has no share capital. The company is therefore controlled by the members of the board.

11
Other Reserves

Other reserves are the funds from the Graeme Cooper Memorial Reserve. The purpose of this is to invest the interest into junior coaching. This was transferred to the juniors in the year.

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