Company registration number SC212334 (Scotland)
Kilspindie Golf Club Limited
financial statements
for the year ended 31 December 2025
Pages for filing with registrar
Kilspindie Golf Club Limited
Company information
Directors
Mr Martin Strachan
Mr Derek Whitmore
Mr David Wilson
Ms Tina Mooney
Dr Rosy Jones
Mr Ian Nimmo
(Appointed 4 October 2025)
Secretary
Mr Craig Gilholm
Company number
SC212334
Registered office
The Clubhouse
Aberlady
East Lothian
EH32 0QD
Auditor
Henderson Loggie LLP
The Stamp Office
Level 5
10 - 14 Waterloo Place
Edinburgh
EH1 3EG
Kilspindie Golf Club Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
Kilspindie Golf Club Limited
Balance sheet
as at 31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
619,319
550,207
Current assets
Stocks
35,084
35,757
Debtors
6
28,456
30,727
Cash at bank and in hand
1,073,808
1,397,881
1,137,348
1,464,365
Creditors: amounts falling due within one year
7
(252,623)
(757,602)
Net current assets
884,725
706,763
Total assets less current liabilities
1,504,044
1,256,970
Creditors: amounts falling due after more than one year
9
(2,558)
(7,674)
Provisions for liabilities
(10,358)
(12,646)
Net assets
1,491,128
1,236,650
Reserves
Income and expenditure account
1,491,128
1,236,650
Total members' funds
1,491,128
1,236,650

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 income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 July 2026 and are signed on its behalf by:
Mr Martin Strachan
Director
Company registration number SC212334 (Scotland)
Kilspindie Golf Club Limited
Notes to the financial statements
for the year ended 31 December 2025
- 2 -
1
Accounting policies
Company information

Kilspindie Golf Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is The Clubhouse, Aberlady, East Lothian, EH32 0QD.

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
Prior period error

The directors have reviewed the classification of costs within the statement of income and retained earnings. As a result, they have determined that £293,317 of staff costs and professionals’ retainer, previously included within cost of sales for the year ended 31 December 2025, are more appropriately presented within administrative expenses.

This has resulted in a reclassification within the profit and loss account; however, there is no impact on the overall profit for the year or on the balance sheet.

1.3
Going concern

The directors believe that it is appropriate to prepare the financial statements on the basis of going concern.true At the time of approving the financial statements, the directors have a reasonable expectation that the company will continue in operation al existence for at least the next 12 months. In making their assessment the directors have considered current year results, projections, membership levels and the cash available.

1.4
Income and expenditure

Monies are recognised on receipt with the exception of subscription income and visitors' deposits which are deferred on receipt and recognised in the year to which they relate.

Entry fees are fully recognised in the first year of membership.

Nomination fees are deferred until the individual joins the Club at which point these are offset against the membership subscription. These are not refundable.

All members pay a membership levy onto a prepaid card. Any monies paid onto the prepaid cards which is not utilised by 31 December are shown within creditors.

1.5
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.

Kilspindie Golf Club Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 3 -

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:

Outbuildings
7 years straight line
Clubhouse improvements
Over life of lease
Course equipment
4 years straight line
Clubhouse fixtures & fittings
15% straight line

Assets in the course of construction are not depreciated.

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 surplus or deficit.

1.6
Impairment of fixed 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

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.

Kilspindie Golf Club Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 paymen ts 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. A m ounts 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.

1.10
Taxation

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.11
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.

Kilspindie Golf Club Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
1
Accounting policies (continued)
- 5 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 s asset are consumed.

1.13

New or revised Financial Reporting Standards

Amendments to FRS 102 introduced by the Period Review 2024.

The amendments to FRS 102 are applicable for accounting periods commencing on or after 1 January 2026, with earlier adoption permitted. The directors have opted not to adopt these amendments early, as such, the amendments will be implemented for the accounting year ending 31 December 2026.

The most significant amendments are the replacement of Section 23, now renamed ‘Revenue from Contracts with Customers’, and Section 20 ‘Leases’. The other less significant changes are not currently expected to have a material impact. The new revenue and leasing requirements seek to provide greater consistency and alignment with International Financial Reporting Standards, namely IFRS 15 and IFRS 16.

The company is currently planning for the implementation of these changes.

Under the new lease accounting requirements these changes will be applied using the modified retrospective approach which avoids the restatement of comparative figures. The implementation of the changes would see leased assets recognised as Right-of-Use assets on-balance sheet, with a lease liability recognised based on the discounted value of any future commitments, plus payments related to optional extension periods if considered reasonably certain. Exemptions to this approach will be considered for certain short-term leases or low-value assets.

Under the new revenue accounting requirements, management expects these changes to be applied using the modified retrospective approach which avoids the restatement of comparative figures.

Management are reviewing the current and expected future revenue transactions to determine the necessary performance obligations, transaction prices, and overall recognition and presentation to ensure compliance with the changes.

As at the date of signing the financial statements, and given the changes relate to future periods, it has been deemed impractical to determine the amounts involved.

Kilspindie Golf Club Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

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

Useful lives of fixed assets

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

Impairment of fixed assets

Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

3
Employees

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

2025
2024
Number
Number
Total
23
23
4
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
47,043
31,148
Adjustments in respect of prior periods
(197)
-
0
Total current tax
46,846
31,148
Deferred tax
Origination and reversal of timing differences
(2,288)
12,646
Total tax charge
44,558
43,794
Kilspindie Golf Club Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
- 7 -
5
Tangible fixed assets
Outbuildings
Clubhouse improvements
Course equipment
Clubhouse fixtures & fittings
Total
£
£
£
£
£
Cost
At 1 January 2025
152,500
660,910
419,509
362,176
1,595,095
Additions
2,923
88,704
48,649
27,578
167,854
Disposals
-
0
-
0
(36,596)
-
0
(36,596)
At 31 December 2025
155,423
749,614
431,562
389,754
1,726,353
Depreciation and impairment
At 1 January 2025
142,833
196,922
373,159
331,974
1,044,888
Depreciation charged in the year
2,770
44,543
38,021
13,408
98,742
Eliminated in respect of disposals
-
0
-
0
(36,596)
-
0
(36,596)
At 31 December 2025
145,603
241,465
374,584
345,382
1,107,034
Carrying amount
At 31 December 2025
9,820
508,149
56,978
44,372
619,319
At 31 December 2024
9,667
463,988
46,350
30,202
550,207

The net carrying amount of tangible assets held under finance leases or hire purchase contracts is £nil (2024: £6,395)

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
28,456
30,727
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
8
-
0
8,333
Obligations under finance leases
5,116
5,996
Trade creditors
37,988
47,525
Corporation tax
47,027
31,148
Other taxation and social security
15,676
19,181
Deferred income
33,810
564,986
Other creditors
29,494
17,094
Accruals
83,512
63,339
252,623
757,602
Kilspindie Golf Club Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
7
Creditors: amounts falling due within one year (continued)
- 8 -

Included within creditors is £7,674 (20 24: £13,670) secured over specific fixed assets. £5,116 (20 24: £5,996) of the balance is included within creditors due within one year, and £2,558 (20 24: £7,674) is due after one year.

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

8
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
8,333
Payable within one year
-
0
8,333

The bank loan outstanding in the prior year was fully repaid during the year.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Hire purchase
2,558
7,674
10
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost and charge represents contributions payable by the company to the fund and amounted to £26,783 (2024: £24,065). At 31 December 2025 contributions amounting to £3,203 (2024: £3,133) were payable to the fund.

11
Members' liability

The company is limited by guarantee and has no share capital. The liability of each member is limited to £1 in the event of the company being wound up.

Kilspindie Golf Club Limited
Notes to the financial statements (continued)
for the year ended 31 December 2025
- 9 -
12
Operating lease commitments
As lessee

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

2025
2024
£
£
Total commitments
686,159
748,819
13
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
137,102
-
14
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities, to assist with the preparation of the financial statements and to provide payroll services.

15
Audit report information

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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its surplus for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Diana Penny
Statutory Auditor:
Henderson Loggie LLP
Date of audit report:
1 July 2026
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