Ingliston Country Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC344970 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

INGLISTON COUNTRY CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

8

DIRECTOR:

Mr P F Fraser

REGISTERED OFFICE:

16 Royal Terrace

Glasgow

G3 7NY

REGISTERED NUMBER:

SC344970 (Scotland)

ACCOUNTANTS:

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

BANKERS:

Handelsbanken

Suite A

3rd Floor

133 Finnieston Street

Glasgow

G3 8HB

FIXED ASSETS

Tangible assets

4

5,096,101

5,246,763

CURRENT ASSETS

Debtors

5

655,537

574,915

Cash at bank

7,274

-

662,811

574,915

CREDITORS

Amounts falling due within one year

6

2,294,584

2,180,475

NET CURRENT LIABILITIES

(1,631,773

)

(1,605,560

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,464,328

3,641,203

PROVISIONS FOR LIABILITIES

7

23,442

30,315

CAPITAL AND RESERVES

Called up share capital

8

6,948,752

6,948,752

Retained earnings

9

(3,507,866

)

(3,337,864

)

SHAREHOLDERS' FUNDS

3,440,886

3,610,888

3,464,328

3,641,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 and authorised for issue on 12 October 2020 and were signed by:

Mr P F Fraser - Director

1.	STATUTORY INFORMATION

Ingliston Country Club Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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 46 (2018 - 55 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2019

6,214,928

96,107

348,500

Additions

245

-

-

At 31 December 2019

6,215,173

96,107

348,500

DEPRECIATION

At 1 January 2019

1,074,572

84,895

306,368

Charge for year

124,303

2,803

10,534

At 31 December 2019

1,198,875

87,698

316,902

NET BOOK VALUE

At 31 December 2019

5,016,298

8,409

31,598

At 31 December 2018

5,140,356

11,212

42,132

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2019

10,448

143,591

6,813,574

Additions

-

-

245

At 31 December 2019

10,448

143,591

6,813,819

DEPRECIATION

At 1 January 2019

8,589

92,387

1,566,811

Charge for year

465

12,802

150,907

At 31 December 2019

9,054

105,189

1,717,718

NET BOOK VALUE

At 31 December 2019

1,394

38,402

5,096,101

At 31 December 2018

1,859

51,204

5,246,763

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Other debtors

-

19,239

Amounts due by associated companies

645,888

552,992

VAT

-

2,684

Prepayments and accrued income

9,649

-

655,537

574,915

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

-

54,132

Trade creditors

88,549

138,769

Social security and other taxes

18,406

17,114

VAT

404

-

Amounts due to associated companies

1,779,667

1,596,866

Directors' current accounts

396,467

346,467

Accrued expenses

11,091

27,127

2,294,584

2,180,475

7.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

23,442

30,315

Deferred

tax

£

Balance at 1 January 2019

30,315

Credit to Income Statement during year

(6,873

)

Balance at 31 December 2019

23,442

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

3,845,002

Ordinary

£1

3,845,002

3,845,002

600,000

A Ordinary

£1

600,000

600,000

3,750

B Ordinary

£1

3,750

3,750

2,500,000

C Ordinary

£1

2,500,000

2,500,000

6,948,752

6,948,752

9.

RESERVES

Retained

earnings

£

At 1 January 2019

(3,337,864

)

Deficit for the year

(170,002

)

At 31 December 2019

(3,507,866

)

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and

31 December 2018:

31.12.19

31.12.18

£

£

Mr P F Fraser

Balance outstanding at start of year

(346,467

)

(2,607,736

)

Amounts advanced

(50,000

)

2,511,269

Amounts repaid

-

(250,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(396,467

)

(346,467

)

11.	RELATED PARTY DISCLOSURES

The director's loan includes an amount due to the director and controlling shareholder, Mr P Fraser, at 31

December 2019 of £396,467 (2018: £346,467). This amount is interest free and has no fixed repayment date.

Amounts due to associated companies includes an amount of £619,034 due to Ingliston Equestrian Centre

Limited, a company under common control (31 December 2018 - due to £733,674).

Amounts due to associated companies includes an amount of £307,187 due to Ingliston Academy Limited

Limited, a company under common control (31 December 2018 - due to £267,623).

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 2018 - due to £291,687).

Amounts due to associated companies includes an amount of £561,759 due to Fraser Family Partnership, a

limited partnership which is controlled by Mr P Fraser, the director (31 December 2018 - due to £303,882).

Amounts due by associated companies includes an amount of £518,681 due by Ingliston Lodges Limited, a

company under common control (31 December 2018 - due by £428,897)

Amounts due by associated companies includes an amount of £127,207 due by Ingliston Events Limited, a

company under common control (31 December 2018 due to £124,095)).

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Fraser.

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 2019 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 loss 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.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

12 October 2020