The Melfort Club Limited Filleted accounts for Companies House (small and micro)

THE MELFORT CLUB LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC631196

The Melfort Club Limited

Filleted Unaudited Financial Statements

31 December 2023

The Melfort Club Limited

Statement of Financial Position

31 December 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	5,896	10,164

Current assets

Stocks		23,581	22,715
Debtors	6	51,094	62,794
Cash at bank and in hand		175,942	11,827
		---------	--------
		250,617	97,336

Creditors: amounts falling due within one year	7	232,743	88,606
		---------	--------
Net current assets		17,874	8,730
		--------	--------
Total assets less current liabilities		23,770	18,894
		--------	--------

Capital and reserves

Called up share capital	8	6	6
Profit and loss account		23,764	18,888
		--------	--------
Shareholders funds		23,770	18,894
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 May 2024 , and are signed on behalf of the board by:

David N Miller

Director

Company registration number: SC631196

The Melfort Club Limited

Notes to the Financial Statements

Year ended 31 December 2023

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Melfort Village, Kilmelford, Oban, Argyll, PA34 4XD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% straight line
Motor vehicles	-	25% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 40 (2022: 44 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2023 and 31 December 2023	3,993	10,180	5,615	19,788
	-------	--------	-------	--------
Depreciation
At 1 January 2023	1,800	4,452	3,372	9,624
Charge for the year	600	2,544	1,124	4,268
	-------	--------	-------	--------
At 31 December 2023	2,400	6,996	4,496	13,892
	-------	--------	-------	--------
Carrying amount
At 31 December 2023	1,593	3,184	1,119	5,896
	-------	--------	-------	--------
At 31 December 2022	2,193	5,728	2,243	10,164
	-------	--------	-------	--------

6. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings	–	30,585
Other debtors	51,094	32,209
	--------	--------
	51,094	62,794
	--------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	31,143	9,411
Amounts owed to connected undertakings	116,916	–
Social security and other taxes	45,307	47,269
Other creditors	39,377	31,926
	---------	--------
	232,743	88,606
	---------	--------

The Melfort Club hold a floating charge dated 13 June 2023 over the property and undertakings of the company.

8. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	6	6	6	6
	----	----	----	----

9. Related party transactions

During the year transactions were carried out with an entity that has significant control over Melfort Club Limited. These amounted to £840,000 of income received from management fees. At the year end the amount owed to this entity from Melfort Club Limited was £116,916, with £30,585 being owed to Melfort Club Limited in 2022.

10. Controlling party

The company is controlled by The Melfort Club ('TMC')as all the issued shares are held by members of the management committee of TMC on behalf of TMC.