Company Registration No. SC141590 (Scotland)
St Andrews Links Limited
financial statements
for the year ended 31 December 2018
Pages for filing with Registrar
St Andrews Links Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
St Andrews Links Limited
Balance sheet
as at 31 December 2018
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
2,165,701
2,123,708
Current assets
Debtors
6
247,713
103,613
Cash at bank and in hand
112,303
8,163
360,016
111,776
Creditors: amounts falling due within one year
7
(1,836,892)
(1,897,840)
Net current liabilities
(1,476,876)
(1,786,064)
Total assets less current liabilities
688,825
337,644
Capital and reserves
Called up share capital
8
150,000
150,000
Profit and loss reserves
9
538,825
187,644
Total equity
688,825
337,644
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
D J Campbell
W E B Loudon
Director
Director
Company Registration No. SC141590
St Andrews Links Limited
Statement of changes in equity
for the year ended 31 December 2018
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2017:
Balance at 1 January 2017
150,000
16,792
166,792
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
170,852
170,852
Balance at 31 December 2017
150,000
187,644
337,644
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
381,317
381,317
Distributions to parent charity under gift aid
-
(30,136)
(30,136)
Balance at 31 December 2018
150,000
538,825
688,825
St Andrews Links Limited
Notes to the financial statements
for the year ended 31 December 2018
- 3 -
1
Accounting policies
Company information
St Andrews Links Limited is a private company limited by shares incorporated in Scotland. The registered office is Pilmour House, St Andrews, Fife, KY16 9SF.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.
Amortisation 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:
Trademarks and other intellectual properties
10 years straight line
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
St Andrews Links Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
1
Accounting policies (continued)
- 4 -
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 its 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.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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. Amounts 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.
St Andrews Links Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
1
Accounting policies (continued)
- 5 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Change in accounting policy
In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:
Following the issue of Update Bulletin 2 in October 2018 amending the Charities SORP (FRS102), the treatment of gift aid to the parent company has been amended to reflect that the gift aid payment is only recognised when paid and no longer accrued as payable to the parent charity.
The impact of this change is that 31 December 2017 retained profits have been increased to £187,644 reflecting the reversal of the previous 2017 provision for gift aid of £30,136.
3
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.
St Andrews Links Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
- 6 -
4
Employees
St Andrews Links Limited does not have any direct employees. The expense included in the profit and loss account comprises recharges for remuneration of employees (including directors) who are employed by the parent company, St Andrews Links Trust, on business for the company.
Their aggregate remuneration comprised £164,717 (2017 - £127,063).
5
Intangible fixed assets
Other
£
Cost
At 1 January 2018
3,514,544
Additions - separately acquired
410,809
Impairment
(11,968)
At 31 December 2018
3,913,385
Amortisation and impairment
At 1 January 2018
1,390,836
Amortisation charged for the year
359,577
Impairment
(2,729)
At 31 December 2018
1,747,684
Carrying amount
At 31 December 2018
2,165,701
At 31 December 2017
2,123,708
During 2018 the company registered, applied for or approved the applications for various registered marks in a variety of product classes and territories. Where, in the opinion of the directors, expenditure of this nature is likely to result in the successful registration of a mark with revenue earning potential, that expenditure will be capitalised and amortised on a straight line basis over 120 months.
As at 31 December 2018 an impairment review was carried out, in accordance with accounting standards. Following that review, intangible assets with a residual value of £9,239 were written off (2017 - £12,003).
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
2,812
Amounts due from group undertakings
125,733
-
Other debtors
121,980
100,801
247,713
103,613
St Andrews Links Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
- 7 -
7
Creditors: amounts falling due within one year
As restated
2018
2017
£
£
Bank loans and overdrafts
225,965
-
Trade creditors
18,017
20,974
Amounts due to group undertakings
1,347,908
1,783,745
Other creditors
245,002
93,121
1,836,892
1,897,840
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
150,000 Ordinary shares of £1 each
150,000
150,000
The ordinary shares are held by the directors in trust for St Andrews Links Trust.
9
Profit and loss reserves
£220,405 of the profit & loss reserve balance will be paid over to St Andrews Links Trust under gift aid by 30 September 2019.
10
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 was unqualified.
The senior statutory auditor was Ian J Cameron.
The auditor was MHA Henderson Loggie, a trading name of Henderson Loggie LLP.
11
Operating lease commitments
Leases in the name of St Andrews Links Limited for plant and equipment which are used by St Andrews Links Trust and The Castle Course St Andrews Limited and who bore the cost of these leases are noted below.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
950,548
599,819
St Andrews Links Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
- 8 -
12
Capital commitments
No expenditure was contractually committed but not provided at the year end (2017 - £nil).
A floating charge secured over all the assets of the company exists in favour of the company's bankers.
13
Events after the reporting date
On 13 August 2019, the Company issued 2,000,000 new Ordinary £1 shares to it's parent, St Andrews Links Trust. The shares were paid through a mixture of £1m new capital and the capitalisation of £1m intra group debt.
14
Related party transactions
Remuneration of key management personnel
2018
2017
£
£
Aggregate compensation
71,957
71,228
Transactions with related parties
The company has taken advantage of the exemption under FRS 102 paragraph 33.1A from disclosing transactions with any wholly owned undertaking of the St Andrews Links Trust group.
15
Parent company
The company regards itself as wholly owned by St Andrews Links Trust, a charitable trust registered in Scotland, Charity No SC006161.
The parent company has always indicated that it would support the company financially but on 26 September 2019 this was committed to writing and a formal letter of support was put in place.
16
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2017
2017
Notes
£
£
Equity as previously reported
166,792
307,508
Adjustments to prior year
Gift aid provision reversed
1
-
30,136
Equity as adjusted
166,792
337,644
St Andrews Links Limited
Notes to the financial statements (continued)
for the year ended 31 December 2018
16
Prior period adjustment (continued)
- 9 -
Reconciliation of changes in profit for the previous financial period
2017
Notes
£
Profit as previously reported
140,716
Adjustments to prior year
Gift aid provision reversed
1
30,136
Profit as adjusted
170,852
Notes to reconciliation
Gift aid provisions
Under changes to FRS102 SORP the treatment of gift aid to the parent company, St Andrews Links Trust, has been changed from provision for the amount payable in each year to recognising the gift aid when paid.
2018-12-312018-01-01falseCCH SoftwareCCH Accounts Production 2019.200No description of principal activity30 September 2019This audit opinion is unqualifiedD J CampbellW E B LoudonG D MackenzieI D Carnegie-BrownA W FrizzellL J DochardSC1415902018-01-012018-12-31SC1415902018-12-31SC1415902017-12-31SC141590core:IntangibleAssetsOtherThanGoodwill2018-12-31SC141590core:IntangibleAssetsOtherThanGoodwill2017-12-31SC141590core:CurrentFinancialInstruments2018-12-31SC141590core:CurrentFinancialInstruments2017-12-31SC141590core:ShareCapital2018-12-31SC141590core:ShareCapital2017-12-31SC141590core:RetainedEarningsAccumulatedLosses2018-12-31SC141590core:RetainedEarningsAccumulatedLosses2017-12-31SC141590bus:Director12018-01-012018-12-31SC141590bus:Director32018-01-012018-12-31SC1415902017-01-012017-12-31SC141590core:RetainedEarningsAccumulatedLosses2018-01-012018-12-31SC141590core:IntangibleAssetsOtherThanGoodwill2018-01-012018-12-31SC141590core:IntangibleAssetsOtherThanGoodwill2017-12-31SC141590core:IntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2018-01-012018-12-31SC141590bus:PrivateLimitedCompanyLtd2018-01-012018-12-31SC141590bus:FRS1022018-01-012018-12-31SC141590bus:Audited2018-01-012018-12-31SC141590bus:SmallCompaniesRegimeForAccounts2018-01-012018-12-31SC141590bus:Director22018-01-012018-12-31SC141590bus:Director42018-01-012018-12-31SC141590bus:Director52018-01-012018-12-31SC141590bus:CompanySecretary12018-01-012018-12-31SC141590bus:FullAccounts2018-01-012018-12-31xbrli:purexbrli:sharesiso4217:GBP