Ingliston Country Club Limited - Accounts to registrar (filleted) - small 18.2
Ingliston Country Club Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
FOR |
INGLISTON COUNTRY CLUB LIMITED |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 9 |
INGLISTON COUNTRY CLUB LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
16 Royal Terrace |
Glasgow |
G3 7NY |
BANKERS: |
Suite A |
3rd Floor |
133 Finnieston Street |
Glasgow |
G3 8HB |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
BALANCE SHEET |
31 December 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
PROVISIONS FOR LIABILITIES | 8 |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
3,641,203 | 4,476,403 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
BALANCE SHEET - continued |
31 December 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
1. | STATUTORY INFORMATION |
Ingliston Country Club Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Going concern |
Despite the losses made in the year the accounts have been prepared on the going concern basis. The company |
has the continued financial support of the director and sole shareholder. |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the |
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current |
market assessments of the time value of money and the risks specific to the asset for which the estimates of future |
cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash generating unit) is estimated to be less than it's carrying amount, |
the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment |
loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which |
case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to |
apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating |
unit) is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does |
not exceed the carrying amount that would have been determined had no impairment loss been recognised for the |
asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit |
or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss |
is treated as a revaluation surplus. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2018 |
Additions |
At 31 December 2018 |
DEPRECIATION |
At 1 January 2018 |
Charge for year |
At 31 December 2018 |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
Additions |
At 31 December 2018 |
DEPRECIATION |
At 1 January 2018 |
Charge for year |
At 31 December 2018 |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Other debtors |
Amounts due by associated companies | 552,992 | 115,893 |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | - | 1,644 |
Amounts due to associated companies | 1,596,866 | 914,655 |
Directors' current accounts | 346,467 | - |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Director's loan | - | 2,600,060 |
8. | PROVISIONS FOR LIABILITIES |
31.12.18 | 31.12.17 |
£ | £ |
Deferred tax | 30,315 | 1,063,781 |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2018 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2018 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
Ordinary | £1 | 3,845,002 | 3,845,002 |
A Ordinary | £1 | 600,000 | 600,000 |
B Ordinary | £1 | 3,750 | 3,750 |
C Ordinary | £1 | 2,500,000 | - |
6,948,752 | 4,448,752 |
Allotted and issued: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
C Ordinary shares | £1 | 2,500,000 | - |
The following shares were issued during the year for cash at par : |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2018 | ( |
) |
Profit for the year |
At 31 December 2018 | ( |
) |
INGLISTON COUNTRY CLUB LIMITED (REGISTERED NUMBER: SC344970) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2018 and |
31 December 2017: |
31.12.18 | 31.12.17 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
12. | RELATED PARTY DISCLOSURES |
The director's loan includes an amount due to the director and controlling shareholder, Mr P Fraser, at 31 |
December 2018 of £346,467 (2017: £2,600,060). This amount is interest free and has no fixed repayment date. |
Amounts due to associated companies includes an amount of £733,674 due to Ingliston Equestrian Centre |
Limited, a company under common control (31 December 2017 - due to £316,781). |
Amounts due to associated companies includes an amount of £267,623 due to Ingliston Academy Limited |
Limited, a company under common control (31 December 2017 - due to £182,513. |
Amounts due to associated companies includes an amount of £291,687 due to Ingliston Country Club Hotel |
Limited, a company under common control (31 December 2017 - due to £291,687). |
Amounts due to associated companies includes an amount of £303,882 due to Fraser Family Partnership, a |
limited partnership which is controlled by Mr P Fraser, the director (31 December 2017 - due to £105,135). |
Amounts due by associated companies includes an amount of £428,897 due by Ingliston Lodges Limited, a |
company under common control (31 December 2017 - due by £115,894) |
Amounts due by associated companies includes an amount of £124,095 due by Ingliston Events Limited, a |
company under common control (31 December 2017 due to £18,539). |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr P Fraser. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
INGLISTON COUNTRY CLUB LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Ingliston Country Club Limited for the year ended 31 December 2018 which comprise the |
Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes |
from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the director of Ingliston Country Club Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ingliston Country Club Limited and state those matters that we have agreed to state to the director of Ingliston Country Club Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Ingliston Country Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ingliston Country Club Limited. You consider that Ingliston Country Club Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Ingliston Country Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
16 Royal Terrace |
Glasgow |
G3 7NY |