Scotland For Golf Ltd Accounts

SCOTLAND FOR GOLF LIMITED - Company Information






Scotland For Golf Ltd

	Company No. SC246486
		Information for Filing with The Registrar
		31 March 2021

at	31 March 2021
Company No.		SC246486	Notes	2021	2020
				£	£
Fixed assets
	Intangible assets		4	38,500	44,000
	Tangible assets		5	78,099	97,624


				116,599	141,624
Current assets

	Debtors		6	404,837	-

	Cash at bank and in hand			18,895	364,547
				423,732	364,547
Creditors: Amount falling due within one year			7	(514,784)	(470,640)
Net current liabilities				(91,052)	(106,093)
Total assets less current liabilities				25,547	35,531
Creditors: Amounts falling due after more than one year			8	(13,884)	(6,516)



Net assets				11,663	29,015

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		9	11,563	28,915

Total equity				11,663	29,015



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 29 December 2021
And signed on its behalf by:
S. Finlayson
Director
29 December 2021

for the year ended 31 March 2021

General information

Its registered number is: SC246486

Its registered office is:

3 Queen Street

Edinburgh

EH2 1JE

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income 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 profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	6	4

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 April 2020	55,000	55,000


		At 31 March 2021	55,000	55,000
		Amortisation and impairment
		At 1 April 2020	11,000	11,000
		Charge for the year	5,500	5,500


		At 31 March 2021	16,500	16,500
		Net book values
		At 31 March 2021	38,500	38,500
		At 31 March 2020	44,000	44,000

5	Tangible fixed assets
			Plant and machinery	Motor vehicles	Total
			£	£	£
		Cost or revaluation
		At 1 April 2020	6,754	137,580	144,334




		At 31 March 2021	6,754	137,580	144,334
		Depreciation
		At 1 April 2020	2,431	44,279	46,710
		Charge for the year	865	18,660	19,525



		At 31 March 2021	3,296	62,939	66,235
		Net book values
		At 31 March 2021	3,458	74,641	78,099
		At 31 March 2020	4,323	93,301	97,624

6	Debtors
			2021	2020
			£	£




		VAT recoverable	1,482	-


		Prepayments and accrued income	403,355	-
			404,837	-

7	Creditors:
		amounts falling due within one year
			2021	2020
			£	£



		Obligations under finance lease and hire purchase contracts	6,516	29,573
		Trade creditors	-	114,057

		Corporation tax	20,056	28,139
		Other taxes and social security	-	20,609
		Loans from directors	27,690	24,909

		Accruals and deferred income	460,522	253,353
			514,784	470,640

8	Creditors:
		amounts falling due after more than one year
			2021	2020
			£	£



		Obligations under finance lease and hire purchase contracts	13,884	6,516




			13,884	6,516

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.