Ingliston Country Club Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC344970 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

INGLISTON COUNTRY CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

5,376,908

5,540,761

CURRENT ASSETS

Debtors

5

116,756

594,869

Cash at bank

11,737

14,307

128,493

609,176

CREDITORS

Amounts falling due within one year

6

1,028,998

724,936

NET CURRENT LIABILITIES

(900,505

)

(115,760

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,476,403

5,425,001

CREDITORS

Amounts falling due after more than one year

7

2,600,060

2,607,736

PROVISIONS FOR LIABILITIES

8

1,063,781

1,094,006

CAPITAL AND RESERVES

Called up share capital

4,448,752

4,448,752

Retained earnings

9

(3,636,190

)

(2,725,493

)

SHAREHOLDERS' FUNDS

812,562

1,723,259

4,476,403

5,425,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 28 September 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2016 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2017

and 31 December 2017

6,208,119

88,266

348,500

DEPRECIATION

At 1 January 2017

826,112

78,789

273,594

Charge for year

124,162

2,369

18,728

At 31 December 2017

950,274

81,158

292,322

NET BOOK VALUE

At 31 December 2017

5,257,845

7,108

56,178

At 31 December 2016

5,382,007

9,477

74,906

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

10,448

128,616

6,783,949

DEPRECIATION

At 1 January 2017

7,142

57,551

1,243,188

Charge for year

827

17,767

163,853

At 31 December 2017

7,969

75,318

1,407,041

NET BOOK VALUE

At 31 December 2017

2,479

53,298

5,376,908

At 31 December 2016

3,306

71,065

5,540,761

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

-

222

Other debtors

863

106,120

Amounts due by associated companies

115,893

470,528

VAT

-

17,999

116,756

594,869

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

93,152

142,428

Social security and other taxes

16,752

15,821

VAT

1,644

-

Amounts due to associated companies

914,655

565,582

Accrued expenses

2,795

1,105

1,028,998

724,936

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Director's loan

2,600,060

2,607,736

8.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

1,063,781

1,094,006

Deferred

tax

£

Balance at 1 January 2017

1,094,006

Credit to Income Statement during year

(30,225

)

Balance at 31 December 2017

1,063,781

9.

RESERVES

Retained

earnings

£

At 1 January 2017

(2,725,493

)

Deficit for the year

(910,697

)

At 31 December 2017

(3,636,190

)

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017 and

31 December 2016:

31.12.17

31.12.16

£

£

Mr P F Fraser

Balance outstanding at start of year

(2,607,736

)

(2,604,304

)

Amounts advanced

-

(3,432

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,607,736

)

(2,607,736

)

The director's loan account is a long term liability and is considered in effect loan capital which is not due and

repayable in the foreseeable future.

The company has adopted the amendment issued in May 2017 by the FRC - Amendment to FRS 102: Directors'

loans - optional relief for small entities. The amendment was effective immediately with retrospective application

available.

11.	RELATED PARTY DISCLOSURES

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

December 2016 of £2,607,736 (2015: £2,604,304). This amount is interest free and has no fixed repayment date.

Amounts due by associated companies includes an amount of £470,528 due by Ingliston Equestrian Centre

Limited, a company under common control (31 December 2015 - £1,031,603).

Amounts due to associated companies includes an amount of £20,168 due to Ingliston Tenerife Limited Limited,

a company under common control (31 December 2015 - £20,168].

Amounts due to associated companies includes an amount of £288,687 due to Ingliston Country Club Hotel

Limited, a company under common control (31 December 2015 - £288.687).

Other debtors includes an amount of £90,271 due from Fraser Family Partnership, a limited partnership which is

controlled by Mr P Fraser, the director (31 December 2015 - £148,704).

Amounts due to associated companies includes an amount of £84,392 due to Ingliston Lodges Limited, a

company under common control (31 December 2015 - £152,913)

Amounts due to associated companies includes an amount of £169,335 due to Ingliston Academy Limited, a

company under common control (31 December 2015 - £222,837).

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Fraser.