. 0MPANIES HOUSE 28 SEP 2013 FRONT DESK II ?ll 57F FZQ 05* 28/09/2018 #152 COMPANIES HOUSE FRIDAY Jrrectors report ahd fln?ancial statements fer the year ended :31 December ZQ17 TRUMP CGMBAEYJNEDRMAF OE: EALANCESHEET ENT FINANCIAL 93446? H) 2122-; 4.13." mum cum fliF??MATibN Jf-Trurn'fp [r?s'ign?eali?lia'nuary26117) ME Q?T?lm 23.7237! WE Trump megls??l??fg" MEG Sorial ?h??i?iwo soucnoas . ems CameronMcKehinLa. LLB ersl?liiE?J'Coy'frsti 25R we 9391th A810 1- . TRUMP inrtemn'riomm'eotr. ewe SCOTLAND STRATEGIC REPORT for the year ended 31 December 2017 The directOrs present their'Stra?te?glc report for the? company for the year ended 31 December 2017.. ACTIVITIES MODEL The company?s principal activity during the yearWas-theOpe?ratiOn .of.a pay per links golf course, gol?ng memberships. b'0utique bar and restaurant. Given incie?m?nit nature elf-the winery W?amer in' the Operati?n the. golf course-"is- seasonal, opening in March and closing ,at. the end] of Octoben Subject to the? weather, red'uced operating hours apply-in the. winter monthsarid, Mad-eod HOUSE-83 hedge. cp?efate?s?o?an exclusive use basis? REVIEW OE THE BUSINESS In? addition to golf offering,_ Individual, corporate and international me_inberShip"is now- airailablej and MaCLe'o'd HouSef?Fn, Lodge provides exclusive use packagesas well 'as traditional bed&; Trump lnternational?is reputation and statuswith tour operators; and agents a??oss intone. Jnir?eri?c?a continues-to expand, as its services Loroking'forward162018, this trend will continue ahdfu'?ther? capital investments are planned. RESULTS "The pro?t-and loss account page 107. Theoperating lo?ssbefor'e depfeejatioh fortheyear end?d 31 ?1,054,935 (?2016: ?1,170,213). KEY PERFORMA Our main financial Key Performance Indicator at of the development is operating pro?t befOre de'piecla?thn ahd?the c?o?rn?p'a?ny remains focused on non-financlai Key. Performance indicators which drive the bu?sin'es's fohN?ard, Trump international Continues'?t'o soar in the werld golf rankings; and piay?s an important part in the global T?ruihpr-pOrtfoiio. ?For?th?e fifth consecutive year the course has been awarded {Best Modern Course of Great Britain 8 ireiand by Golf Week-and also was rated ?as one of the top 50 best Courses lrii the warid by Golf Magazine. The crash in oil price and economic downturn experi?nCed in the North East of Scotland has, however, resulted in a drop to local'spending and cons'equently'fevenUes- have decreased by However- "by establishing c_o$t controls-and containment, the property was able to reduce its loss by 10.6%. The company has received further loans and net liabilities have risenzby 13%. TRUMP REPORT ?f6r the year ended 31 December 2017 (continued) WCERINNTES "The directors have undertaken The industry is both.- competitive and challenging, factors that are heightened Lb'y the ongomg clip In the local economy, and adverse weather? condltions The directors have detailed knowledge and experience of the sector, and have established business fpolicles and an organisation structure to limit theSe risks, which. are regularly revieWed and reassessed 't6 proactively limit thelrimp?act. Directon Mr'errump' . 26 gePTmEeia Same. TRUMP INTERNATIONAL GOLF LIMITED olaecr?ohs" REPORT 'for the yearended '31 December 2017 The directors present their report and the audited financial statements of the company for the year ?ended 31 December 201-7. AND FUTURE DEVELOPMENTS .7 The principal and objectives of-?the company are included in the Strategic Report-on pages 2-3. 7 RES ULTS AND DIVIDENDS The results for the year are shown on page 101The companydid not detiare or payany dividends during the years ended 31_December2017 oral December2016. DIRECTORS AND me Thedirectors and secretary varezlist?ed on page i and, unless othenrvise stated, hat/e served throughput the year ended 31 December2017-.. STA RESPONSIBILITIES The directors are resp?onsiblef'or preparing the Strategic Report, Directors' Report and the financial Statements in accordance with applicable 'law and regulations. Company law requires the directors to 'pr'ep'a 're financial state merits-for! each financial yea r. Under that law the directors have elected to prepare the??ha'ntiial statements in accordance with United Kingdom Generally Accepted Accounting? P?ra?tice (United Kingdom Accounting -Standards and applicable Iawl; Under?company law; the directors must not approve the financial?ater'n?nts Unless they are SatISHed that they give a true and fair View of the state of'affairs of the company and pro?t or of the company far that period. in.-preparing these financial statements, the directors are required to: select suitable accounting p?dlicies and thenapply themconsistently; m?akejudge?ments and actounting eSti'r'nates that are reaSonabie ahdprudent; state whether applicable UK Ac_counting.5tandards have been followed, subject to any material departures disclosed and ekplaine?d iri'the financial statements; and prepare the'fjnancial statements on the going Concern basjs unless it is to presume that the company will continue in business. The direCtors are?respo'hsible fOr keeping adequate accounting records that are suf?cient to show and explain the. companfs transactions: and disclose With reasonable accuracy at any time the financial position of the company and enable the'm? to ensure that the ?nancial statements comply With the Companies Act 2006.~ They are also reSp?onsible?rfor safeguarding the assets of the company and hence for taking reasonable steps for'the prevention and?detectlon of ?fraud and other irregularitiias. AUDITOR The. auditor, Johnston Carmichael LLP, ?is deemed to be reappointed under section 487(2) of the Companies Act 2006. mu MP. don-1 tLUisJS?dfrm?ND-Lllihifeo DIRECT REPORT for- the year".- ended 31 December 2011 (continued) STATEMENT OF DISCLOSURE T0 AUDITOR far as the directors are aware,- ther?re is no 'releVant audit information of which the company' s_ auditor i5 unaware, ahd 'lrectors have taken all the necessary steps that- they :ought to_ have taken as dIrectors in order?lto m? themselves aware of all rel'eVant audit: information and to. establish that the .cgmpanv iaawarglefzthatlnfetmatign. E50h behalfg?oftthegdiredons: "birertoiz -I- . Mr Trumva" ?16 908' TRUMP INTERNATIONAL GOLF CLUB SCOTLAND LIMITED. INDEPENDENT Auoiron's Repeat to THE MEMBERS INTERNATIONAL CLUB SCOTLAND LIMITED OPINION We have audited the financial statements of Trump International Golf Club Scotland Limited (the "c'ompany) for the year ended 31 December 2017 which comprise the Prof" and Loss Account, the Balance Sheet, Statement of Changes in Equity, Cashfiow Statement and notes to the ?nancial statements including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic oflreland (United Kingdom Generally ACCepted Accounting Practice). In our opinion the financial statements: 70? give a' true and falu?r'vlew ?of the state of the company's affairs as .at 31 December- 2017 and of its- loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and A 0 have been prepared in acCordance with the reduirementSof the companies Act 2006. BASIS FOR OPINION We conducted o_u.r.audit in accordance With International Standards on Auditing (UK) and applicable law. Our responsibilities under those standards are further described in" the Auditor's responsibilities for the audit of the financial statements section of oiir report. We are'lndepe?ndent 'of the?compa'ny in accordance with the ethical req'uire?r?nentsf that are relevant to Our audit ?of the?flnancia?l statements in the UK, including: the FRC's Ethical Standard, and We haye frilfilled Our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained ls-sufficient and appropriate to provide a basis far our opinion. CONCLUSIONS RELATING TO GOING CONCERN we have nothing to repbrt In respect of the following'rnatters in relation to Which the lSAs (UK) require us to report to you Where: 0 the directors'. use ?of the going concern basis .of actdunting in the preparation of the ?nancial statements is notappropriate; or that may cast significant doubt about the company? ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for Issue. OTHER The "direCtors- are responsible for the other lnfOrmation. The other information comprises the infonnatlon included in the annual report, other than the financial statements and our auditor?s report thereon-Our opinionon? the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion therebn. . In connection with our audit of the finandial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to befm'aterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements. or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nOthing to report in this regard. mow CLUB-SCOTLAND liiviirs'o. INDEPENDENT THE TRUMP INTERNATIONAL cLua SCOTLAND LIMITEI5 (Comimueo) ommoNS?onI OTHER MAITERS BY THE Iniour opinion, based onthewprkonder?takdn in the course of the audit: 0 the information given In the Strategic Report and the Direc'tors' Reportfor the financial year foI which the ?nancial statements are prepared Is consistent with the fine n_c_ial statements; and 9? the Strategic Report and the Directors' Report have been prepared In accordance With applicable Ie?gal requirements. WHICH WE ARE REQUIRED a EXCEPTION In the a?nd understa'ndinglofthe company and-Itsenvironrnen't obtained In the; of?t'h'e :auditywe have 'not identified In the Strategic Report Land the- oIr??c'tors' Report. We haire nothing tolreport in'resp'ect?of .the'follbwing matters where the Companies Act 2005 requires us?to; _r?epor?tto you if,-in ouI?opinIon?: i . _adeduate atpountiIIg records have not been kept,?or returns a'deduat'e far our audithave not been Ieceived from 'bra?n?ches net visitedbyos; or 9 the financial statem?ems are hot in agreement with the accounting records and returns; or I swam disclosures of director? reI??unEir??tidn.speCl?e?.bv lair-?fe netmadsrot 9. we have not received all?the Information and explanations we require fo'I-ouraIJdi'tI RESPONSIBILITIES DIRECTORS .As explained InoIe fuilv?. In the Statement Of Directors' Responsibilities ?set out On page 4, the directors are responsible for the prepaIation of the ?na'nclaI statements and for being satisfied that they give a true and fair view, and for Such internai contIoI as the directors determine Is necessary to enable the preparation pf financial statements that are free fro?In material misstatement, whether due to fraud or e'rr'or_ to Continue as a_ going concern, .diSCIosiI?Ig, as applicable, matters related to going concern and using the going basis of accounting Unless the directors either intend to lieuidate the company or to tease operations, or have no realistic alternative but to do so. INTERNATIONAL GOLF CLUB scoTLANo INDEPENDENT REPORT To THE MEMBERS or TRUMP INTERNATIONAL GOLF CLUB SCOTLANDLIMITED (CONTINUED) Auoiroa's? nEs'PowsIeILIrI?Iss FOR OF THE FINANCIAL STATEMENTS objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, :and to issue an audItOI?s report that includes our opinion. Reasonable assurance Is' a high level of assurance, .'but' Is not a guarantee that an audit Conducted in accordance with ISAs (Uit) w_iII aIwa'ys detect a material misstatement When It 'exiSts. Misstatements can arise from fraud or error and are considered material If, Individually or in the aggregate, they could reasonably be expected to influence the economic detlsions? of users taken on the basis of these ?nancial statements. As part of an audit in actordance With lSAs (UK), we. exereise professionaljudgr'nent and'malntain professional scepticism throughout the audit. we also: 0 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error; design and perform? audit procedures reSponsIve to those risks, and obtain audit evidence that Is sufficient and appropriate to piOvide a basis for per opinion. The risk of not detecting a. material misstatement resulting from fraud is higher than for one resulting from err5i?, _a_s fraud may infolv? collUsion, forgery, intentional Omissions, mierpresentatipns, or the . override of internal 3 Obtain an of internal control relayant- to the audit In order to design audit. procedures that are appropriate in the circumstanpes, but _not fer the purpose of expressing an opinion on the effectiveness of the company?s _internai control. 0 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related diSclos?ures made by the directors 0 Conclude on theappropriateness of thedirectors? use of the going ?concefn basis of accounting andjbased onthe audit evidence obtained, whether?a exists related to events or conditions that may cast significant doubt on the company?s ability to continue as a gaing concern. If we conclude that a material uncertainty exists, we are required to draw attention In our auditor?s report to the' related diSclosures in the financlai statements or, if such disclosures are inadequate, to modify our opinion. Our concluSiOns are based on the audit evidence obtained upto the date of bura'udltor?s' report. HoweVer, future events or conditions may cause the company to cease to commute as a going concern. 0 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the ?nancial statements represent the underlyingtransaetions and events in a manner that achleves fair presentation. We ?o?mmun?icate With those charged with governance regarding, emong other matters, the planned scope_and timing of the audit and significant-audit findings, Including any signi?cant deficiencies in Internal control that we iden?tify'durln?gzour audit. "anyone 'otheii than 'report 9r for the opinions we'have formed cameramanQumran USE bun: R'E?o'nr' This report is made solely to. the company's members, as a body; in accordance: with Chapter 3 of' Part. of the Companies Att 2006: Our. audit. Work has been undertaken 50 that- we mlEht state to the icompany m?em'b'eI's those matters we a're requIred to state to them in an auditor?s report and for- no "fpurpose To the fullest extent permitted by law; do "r'I'ot- aCcept a'Ssu'me responsibility to company?s members 235 a; body, for our audit work; for? this Gem ka ,?fionafkenn?e'th 1?1 QQVQ for. and LLP straits-apart; iStVantbt?ty'HULdif?t- rearrange TRUMP INTERNATIQNFL GQLF ?er she V'ga?? epggq 31- D?g?mb?f?zb?? 32.01;? 520.16- Thrn?ove?r' o'fisales 21,549,836- (231663-543): _7 %6?8?38i 7 JO?t??e?r? incomf?- 83.294 (?15?13852291' 1650911 E055 BEFORE 1.1239933); 1233.395) E555 Interest gh'?fg?e?j: 11553 GM. Ta?x o'h (13,254,323); (95.3) {1255.836} :gi?Aba-m?fz, [05.5 FOB. (113255.836! ?oth?e'r? thanJasfl'ncjin?ed in f?ezpror?tan? iossaccounf er th? lit?'ri?d?iaeA?fc'bfdiiJ?gW; h? . a p?r?se'nteqi. Tli??ii?'c'cmpa?ylhg rio?te's gto the'?na?hdia?l?Sta'te'merfts? on pages 1410' '26 are anin?c?egra?l pamofithe. -io, mum mmammomgem? Clup-scortemp wasp :at 31 D?etembienzb? ware. . 201.7 2916? NEED-ASSETS 1.5112 13.153333? 31,427,755. renew-mars steaks"? wingers; r?ca's? a'fb??k?ajr'id i'n? hand. :10 i=1 3.1.{533350 2199.339 81,1124 113136.88; 136,686 :?93330 1503.44 . 'one.year .NEIICURRENI E5 Tom ack?hlbeS :Huea?ermore than?on'eyear- 1:22 1.32 403.148 (-70.1323) (298,075) 31.236975 3.3.6.319 7 .?(ssmasr {305.6291 130518.841)" (163001492) (924196.915! CAPITAL A139 called U'Q?rsh?r? ?t?e'rf?serv??s? Pro?t and. oss reserves. i6" 185 18?. who ?1,576,912 (123781404) 15.24.6531 1115122568) (10,760,492) 11496315.): to the flnah?ti?l?stateme'nfs fon?pages {1410 26 are ?an integral part of the ?h'a'ncii?l'sitate'men?? The. financial :?t'ate?ment?s? 'on pages .110 to 2?6 Were approved by [the board of Direcjt?pf I NIFE Trump Company??elsf?fgd Whiter 5.5291199 on?lbs?i?krlgand We'rei's'igh?e? "on ?it's?ib'Eha'lf' by: :11 - rat the Tvie'?'ri ghd?it?i. 31; mantra-7291.? Balance-at i?enio?d endea has and tofal?crziui?lr'eh'? b?ivi?t??ttp?? dlture 19.? 1.5.9? quu'lty; component: 7 "I?ah 7 Pitt-?it! 3.1 L653 {tantra-year? Share: tcapit'ajlj. 13000.; bt?he?r resent?s: "e ?624,653. . 752,359 mama his, fsis?e'fvtt? 1921172260); traitorratzai?; 11.3255285361 1131.3! :2 (8.3141298)? '7 52.5259; Idan. . '1369' 71551629512 (12.33834041 1191209492! The accompanying rates: :to. ifhi?? Staf?fft?firit'? on. rages? 1411026 bite} at tnr?grg'ai?l part of? trig tiara?!" astatementsr. . 15m CASH: 5th,! the =ygar Landed-31. ?D?embgrild? 1.1011 ?0.16. . 1N ot? inbp?i?ilb?n? 21 (1.939398) $139256)?: l?f?f?lfit'b'?id; . . . 1953?)? 41-3-1401 11594959597 In wasting a?'?vitles. 11169974), disposal'foiXed?SSetS 13,953: 48349" (299552) ?122.102 5). Finan?nvg? activities?i Lpanxiadvancgs tgcg?lv?d 1594.92?- . . . 1.4636?) . (4131336). c?a?sweqdiudlents 1.19956) 19,720", {Cfash ?and?caShequly?letiftfs 1.1.5.0344 115115924? 431.688 Reiat'ingg'to: Qafsh-ish?h?ki?hfd lfi-h?h? {113158.35 150344 ?gt?g 19' ?ni??ial?ist?te'meh? ori :pages 1.4 to. 26 are I'ari iniegral ipari: of"fhe; -13- TRUMP INTERNATIONAL GOLF CLUB SCOTLAND LIMITED NOTES TO Tue FINANCIAL swimsuits 31 December'zou .1. Accountii?ve POLICIES .COMPANYINFORMATION 7 Trump International 'Golf Club Scotland Limited is a limited ?company domiciled and incorporated in Scotland. The registered of?ce is Castle Terrace, Edinburgh EH1 ZEN. CONVENTION These financial Statements have been prepared in accordance with FRS '102- ?Whe financial Reporting Standard applicable ?in the UK and Republic of Ireland" 102") and the requ'irernents of the Compa nies Act? 2006. The financial statements are -'prepa?red' in pounds sterling, which is thefu'nctional currency of the company. ?Mone?tafy-arnohnts in these financial statements a'rerqunded to'the nearest pound sterling, The financial statements have been prepared (on the hiStOrical cost c?Onve?ntion. The principal accounting policies adopted are set outwbelow. GOING CONCERN ?These ?nancialistatements-are prepared on a going Concern basiis. The company had net curr?nt liabilities 'at 31 December .2047 of ?298,075 (2916: ?305,629) and. is dependent on continuing finance being made available to enable it to continue operating and to meet its liabilities as they fall due. DJT Holdings LLC-has cc?mfirrned that it will enSure all necessary ?nancial support is provided to the, for theifores'eeable 'futtjre toen'able?itjto meet its financial obligations as they fall due forat l'eastia?perlod of 12 months {ram-{he date of Signing't'he'flnancial statements. REVENUE Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal courseofbusiness, net and VAT. Founder 'members' "fees are. recognised in the. period they :are received while annual subscriptions, individual 'g?ar'ries and retail purCh'ases are ?r?ecogni'se?d in the pel?ibd to Whith they relate. Revenue from the provisionfof servic?es is recognised at the point the Service is previded. FOREIGN CURRENCIES Transactions during the year denominated in foreign currencies have been translated at the rate of exchange ruling-at the date Monetary assets and liabilities denominated in foreign currencies are translated to pound sterling at the rates of?exchange ruling at;the balance sheet date, The pro?ts or losses are dealt With in' the' ?profit and loss atcount. .14- TRUMP INTERNATIONAL GOLF CLUB SCOTLAND LIMITED NOTES TO THE FINANCIAL STATEMENTS 31 December 2017 1, ACCOUNTING POLICIES (continued) FIXED ASSETS . 7 Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at coSt less accumulated-amortlsation and accumulated impairment losses. gArnortisation is charged on a straight line basis over the expected useful litres, as follows; Intellectual property rights 25%; FIXED ASS EFS Tangible fixed assets are initially measured at cost and subsequently measured ?at cost, net of depreciation and any impairment losses, Depreciation is recognised so 'as to write offthe cost of assets lesstheir residual values over their useful lives on the'followi?ng reducing balance bases_:. Plante'nd'machinery @596 - Fixtures, ?ttings and equipment . {15% Motoryehicles 15% Thegain or loss arising'on the disposal of .an?asset ls determined 'as the difference between the-sale proceeds and the carrying value of the-asset, and is recognised in the profit and lossaccount, All costs directly associated with the?deveioprnent of the golf resort have been capitalised under land and buildings, The gOlf resort! which currently Comprises the golf course, certain buildings and associated land, ls nOt?dep'reclated as it Is being dev?lop'ed and maintained to a high standard. Ongoing maintenance costs are charged to the profit and loss account when Incurred. IMPAIRMENT 0F ASSET 5 At each reporting and date, the company reviews the carrying amounts of its tangible assets to determine whether there is anyindication that these assets have suffered an impairment less. Ifany such indication 'e'xls'ts, the recoverable amount of the asset is estimated in Order to determine the- exte'nt 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. FINANCE LEASES Leases are classified as financeleases whenever the terms ofthe lease transfer substantially all the risks and rewards of ownership to the lessees-All other leases are classified as operating leases. Assets held under finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The Interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments treated as a liability. STOCKS . . Stocks are valued on a first in, first out basis at the lower of cost and net realisable value after making due allowance for any obsolete or slow moving Items. Cost comprises the?invoice purchase price 'net of trade rebates and trade dlscoUnts, together with of freight and duty and an appropriat??allocation of overheard expenses included under normal proddction. Net realisable?Value comprises the actual or estimated selling 'price, net of-tr?ade rebates and trade discounts, le?ss all further costs to be incurred in marketing, selling and distribution. -15- TRUMP INTERNATIONAL apt; NOTES To THE FINANCIAL STATEMENTS 731 Decemberf'ZOI'l 1. ACCOUNTING (continued) AND CASH EQUIVALENTS investments with originai maturities 9f three months Or less, and bank? overd rafts INSTRUMENTS 7 The company has elected to apply the provisions .ofSection ?1-1 ?Baslc, Financial Instruments? and Section .12 'OtherrF-inancialinstruments lssueSf?of to all Of its financial inStfunientS, Financial Instruments are _recogniseci' In the c'ornpariy'. 5 balance sheet when the Company becomes party to the contra'Ctuai previ?ons of the instrument. Financial assets :and liabilities are offset, with the netamounts presented in.t_he financial statements, when there is a legally enforceable right to set off the recognised amounts andthere is an iritentijo'nto settle on a net basis or to reaIISe the asset andsettle the liability?simult?aneously. FINANCIAL ASSETS Basic financial -,assets which include trade and other receivables and cash and bank balances, are initially measured .at transaction price including transaction costs and are subsequently carried at' amortised. cost using the effectiveiinterest method. unless the arrangement constitutes a. finanCing transaction, where the?transaction is 'mea?SurECl at the present Value of the future receipts distodnted .at _a market rate Interest. IMPAIRMENT OF FINANCIAL ASSETS Financial assets are assessed for Indicators of Impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a br more events- that occurred after the initial 'r?cqgni'tion of the financial asset, the estimated future cash flows have been affected. if an asset is irripairedrthe-Impairment Ibssis the difference between the carryingramount and the present ,value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit andloss: If there Is a decrease in the Impairment loss arising from an event Occurring after the impairment was recognised,- the impairment" is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would haVe been, had the impairment not previously been recognised. The impairment reversal Is recognised in prof and loss. OF FINANCIAL ASSET 5 Financial ?assets are dere'cbghISed only. when the contractual rights to the cash ?ows from the asset eitp_ire,_or When It transfers the" financial asset and substantially all the risks and rewards of oWn?ership toangther entity or. if'scIme significant risks and reWards of ownership are r'?taine'd but control of the asset has been transferred to anOther?party that is able to sell the asset In its entirety to an unrelated third party. -15- TRUMP INTERNATIONAL GOLF uMireo NOTES TO THE FINANCIAL STATEMENTS 31 December 2017 1, ACCOUNTING eoucuas (continued) CLASSIFICATION or FINANCIAL uneiuriss Financial llabllitl es and equity instruments are classified accoir'ding?to the su?bs?taln?ce of the contractUal arrangements" ??hterled into. Ari ?q'bity instrumeht is'arfy contractth'at evidences" a r?eSidigai interest in the assets .of the?__company after graduating all of its liabilities". Basic financial liabilities,- Including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a ?nancing: transaction, where, the: debt instrument is- measured at the present. value of the future payments?discodnted at ar'narket rate of "interest. subsequently carried at amorti'sed co?fst, using the effettiv?e interest rate method. Trade payabl?es are obligations to pay? for goods. or services that have ?beeniacqulred in the ordinary ?co?ur?Se of business from suppliers. Accounts payable are classified as current liabilities if'paymenjt is due within ?one .year or less. if not} they are presented as non?current liabilities.) .Tracle payables' are; recognised Initially at. and, subsequently m?'aS'ured at ?m?rtised using the etf?'Ctlir? interest method. - DER OF FINANCIAL .Fina?ncial liabilities are d'e?r?e?cbgnised When, and only company?s obligations are discharged, .cahcelled, or they expire. EMPLOYEE Smears. The costs ofshort-tei?m employee as liability arid an expense, unless thbSe costs are required to be recognisedra's part of the Cost oftst?ock or ?xed a?SSets. The cost of any unused holiday entitlement is recognised in the period in whiCh the employee?s services are received. Terminationb?ne?ts are recognised'immediat?ely as an expense When the company is demonstrably. committed to terminate the employment of an employee or to prayide termination benefits: BENEFITS PaymentS'to de?ned contribution retirement bene?t schemes are charged to the profit and loss account i?n?the? year theyare payable. DEFERRED TAXATION Deferred taxis provided in full on .timing differences which?result in an obligation at the balancesheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they based on current tax rates and law. Timing differences arise from inclusion-of items of income and expenditure in taxation computations in periods different from those in which they are included in'the financial statements. Deferred tax assets are recognised?t?o the extent that it is regarded as more likely than not they will be recovered. Deferred tax-assets and liabilities are -17- TRUMP. INTERNATIONAL GOLF CLUB SCOTLAND LIMITED NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING JUDGEMENTSAND KEYSOURCES OF ESTIMATION In the application of the company?s accounting policies, thedjregtors ?l?e kejudgeme'nts, estimates and assumptions about the tan-tying Tammint of assetsand liabilities that areno't readily aan'jrent from other .sdur?ce's: The ?eStim?ates? and associated assumptions are. based on historical and other factors that are conSideted to be relevant, Actgal results may differ from these estimates. The estimatesand underlying assumptions are reviewed on an ongoing basis. .;es'timates are recognised in the period in which theesti'mate ls revi?sedgwhere ?the?reyiSIo?n (affects-only. that?per?iodr'or in the perbd'of'the revision and future periodswhere the ?eVisioh affects bOth current and futureberibdse The fellowing are considered to be ei?ther?ju?dgements that haVe had the most Significant e?ettpd .arhqurits- recqsniseriin :me ?nan?clai Stat'e?me?ta 6r- estimates that are dependent 9hra$iumbtidn$ Which ?c'o?uld engage the hem financial year and have a material effect on the carrying amounts of assets and liabilities'recognisedSat-the balance sheet date. TION ASSETS ?The directors must consider-the recoverablevalue of ?xed'assets to assess whether there has been any impairment. in doing so, they have taken intoaccoun?t current market conditions and the company?s future plans. The fdirectOrs consider no impairment of fixed assets'is required. or LOANS Loans adgiance'd from related parties are financing transactigns .attrattin?g'no interest and are repay?a'ble o'neVVear'and one day after theend of the financial period. such; the directors are required to assess a market rate of interest for similar -borrOwlhg that-may be available from lenders at arm's length, in order to quantify thecarrying amount upon 'initial recognition at fair value, and the corresponding eqdity component. Market rates of interest 'areestirna'te?d by the directors by interest rates offered comparable riskprofile. - 1'3- TRUMP INTERNAHONAL 601.]? (51119 NOTES TO THE FWLANCW- 31. Dagmher 72017143939119?) 2. 'Aufincp?me iss?en?r'a'te'd?in thetumte? 9613416,.- A'rj an'a'lysi's 6f t'urn?over Is 'a?sfollOws: 2017 QQJQ =15 Pdeis?loh ofeSErvic?s :?Sa?le. of Goods 3 OPERAIING 10.5.5 ppeyati?g'p?ojss charging:- 1,574,696 39.75.2140 2,9423% .2912? if 1,526,749 71.101383 124.628.7138 29.16 .15 A?dlto?s?fe?mQin?r?ib? {?655 on djf?pgs?al :of?fix?gd'aigs?ts L655. Gin fgrsaish ??t?ange o'f {angible ?xed. aSi??ts: Owned assets. L??i?d-?sis?t? cost a'ris expense EMPLOYEES-AND BEMUNEBAIION 1157.009 7,249 27,386. 1.3711703. 128,230 1101,27 7' 14,090 11302 ?13,824 2023006 aim-.889- 406,640 Theaveragg number pfpensons, comp?ny (ihqmdihgidjre?tfors?) dufih?g ?t?he?f??riod Was as activity -- Gdlf?opgrations] Fond, have'rag?e acipm'm'gdatidn GrofUnds, landscaping fnalnte?ahce- Adminis?tiajtion fin?p'loyee's costs? wag?s a?d sallainlei?si' 5.91213! welfai'e @053 I P??gn?idi?i (5653; 2017 Na: ,11 44 '17 12 84, 201? 1' 1,706,624 "192,859 11,715 1,851,198 12016 No. ~12 47? '13, .16 . .93" 17016 5 1,83 1,795 149,915 1,991,710 I Therewas np directo'rsf EQmQhefa'tion P-al'd 'dd?fifi'g the ?Vearh?d??d 31 D'ec?fnber 201712016: ?Eriil). .139?- . . .. . TRUMP LIMITED moresnro THE 31 December 2017 (edtit'lnued) 75., PAYABLE AND mh?ees? 2017 2010 I Interest payable on ?nance leases 953 121-40 .963 1214.0 TAX ON. PROFITON ORDINARY ACTIVITIES (0) Analysis of charge In period: 2017 2015' ,5 ?1 Corporation tax-3119,2596 (2016: 20%) pro?t. .on ordinary activities - Ib) Factors 0ffeeting tax chargefor period: ?The?htax' asseesed for the yearils dlff?r-ent from that?computed gsing thestandard fate 0f dorpQrathh tax-In the'Unlted Kingdom. The dlffer?ncgs are, exhl?i?e'y?elhw: 2012 2016 I 1055 Ian (13551336). Pro?t oh'oidl?arv' activiti?smultl?lied 192-596(2916200) (241,758) (381.062) Effe?tts? Off Expenses? 'fdr tax purposes . 3,413 13,255 - 2600? Ambu?t; to, Other reserves; 38,420 392510 Other 'pe'rr?a?n?e?nt di?efe?nces 1,608 3,013 Timing differences nqt?reCOghlze'd (28,362) change in deferred me: 26,452 113,787 D'efe?rreri tax not. recognized I 200,159 1402369 fax-shame {or the year - - Cirrumstances qffec?ting future tax charges:- Ih? c'grpo'rjathn tax rate in the United kingdom r'ed'uc'ed?to ?er 2017 and further? reductions haVe been a'nng'u?ced to feduce to 17%from 1 April-2020. Deferred?tax: A patentlal deferred t'ax (2016: 1217502391) has notheen recognised. :20; TRUMP INTERNATIONALIGDLF CLUB SCOTLAND LIMITED mom To' THE meclAi 31 December 2?01? (contlhued) FDSED 45.5575 Tnt?llectuql 'Prd?p?rti? r6 (Cost:- ,At'331 December 2016 - Additions 1,512 Disposals 1,512 rAi?br?tfs?gtIo'?and {Mpqir'mnti 201,6 - Charge fix the year= - Disposals A1531 D?t??b?rQOl-I Ne?t'book val-ties; .AtBl?Decembetz'Oi'I: 1,512 A?t'31 Be?qembg?r 2916- I 8. ASSETS Plantand Fix;uie5?ahd? Mo'tdr mizch'fh'e?? ?ttin?s ?v?hic'les .1: . .35 Chain- 7 I 30,480,190 1,451,125 1,033,180 30,190 Additions 1.181321 73.378 321229 - 326.923 DiS'po?sais 153861) 114,009) 2 ,(69;870) At 31' Det?r'rih'er12017 30,661,511 1,468,682 1,091,365 530,190 33,251,698 Depatiq?b?: A?t'3?1 December-2016? - 997,239 555,986 13,865 charge to? the wear 113177 78312 2,449 199,938 Disposals - {40506) (8,162) 148,668) At. 31. December 2017. 626,136 16,314, 1.7181360 Net ?bgdk' values; - At 31 Decemb'enou 30,661,511 392,132 465,219" 13,876 31,533,338 30,486,190 453,886 16,325 31,422,555 At 31 Decemher'zm? .21- .. TRUMP INTE RNATIQNAL NOTES Tom: STATEMENTS 31?De?c?ember jA?3f?t$h?ld and mat?lh'e'ry aAgsregateadepreciatibn. 3i '?eifei?li??r 3. 261i if; 4435.10 30.1713": 2917' 201.: (209}46?2?1 mass. 29.1.? {if} liabilities:- M?a.sureq?at amer?tl??esicoii .G?o?o?ds foi?r?$ai? At 31 D?c??m?'er 1?1. wifhl?n one year Trade i?bf?ors .f??llqwagroup undieritals?lrjg's; ?r??pay?r?n?ht?s; ?At 371?; Dec?mb?f? .322: 20.1.? 196,336 196,336?: 20:17? 121125 66,500 {$124 1599;5735 2.0.1.6: is 136,685. 12.0162 . 16.196" 32:93.4. 985880 TRUMP INTERNATIONAL 16m; Cluegscomun LLMIIED NOTES. 10? THE 31 December 2017 (coritlnued) CREDITQRS id?? Withlfi ?ne-Nat 3201.7 2016 ti =5 201,107 3213:1341". ?namiegleageg 7,675 411,973 'Va?lfuef'a?ded tax 37,711 36,699 Other taxes-and so??iai ?security' 247,473. 43-397 Othe'rcre?dltors and accruals- 4077251- 356,636 5131 D'g'g?m?ei'r? 701,223 691.5339 13'. -?_due after-one.year~ 2017 .2016 5.6 "Finance-leases ~14,476 2,520" {gather l'oa'ns: 41,922,791 $531 December ?1,937,267.- 49,613,831 220.17 2.016, ?nance-leases 22,1-si 44.4.93 Other loans 41322391 405616.321 ,Az':31 ?DLeggmber 41,944,942 46,666,314 Reb?Vm?nt details-farms: other IQ'ai'h's ?ar?e det?ii?a th'e?ZOa? [cake Future {ninlmu'm le?se?payir?eunt? due ?nance IeaSes; Within gene year 1,575 4;,973 In two to?ve years 14,476. 2,520 2.2.15.1? 44.2193 Net?obli?giations under financeleases are securedby ?xed tharges'cin?therass?ets c?ncerned; Finance, lease- payments reprIe'sehit; re?talg payable by the gompapy. for" certain?item's bfplaht and maghiner?y, LeaiSeS ln'cludej p'ur'CHase' g?ptiqns at the '.end of the lease ?p?eritad, and no restrictionsare placed the assets. eas"es"a?re on a ?xed repayment ,bas'ls'and no arrangements have been entere? lhto for Contingent rental-payments, 23 - TRUMP INTERNATIONAL GOLF CLUB scorLAI'Iio NOTES TO THE FINANCIAL STATEMENTS ?31 became} AND OTHER (continued) teach: and ather? Mammy: 2011i: 2916, Payablewithih one. year - - .Payahleaf-ter one year 414922191 40,616321 41.922391 40.616321 :15. RETIREMENT BENEFIT SCHEMES Defihed?contribu?tion schemes 2011 20161 Chateau: pro?t priess. i?n reSpectfo'f- d?fihe?d $131315 r- The' company operates a defined contrIbutIon pension scheme fo'Ir all 'q'ualifyi'ng employees. The assets of the Scheme are held separately from those of the company in an independently administered fund. 201.7 20116. Authorised, allotted, called up and fully pajd: 1 000 ordinary shares of ?1 each 1,000 1300.0. The company was controlled by Mr? Trump until his resignation on _19 January 2017 .On this date, ?Mr Trump' 5' shares were transferred to DJT Holdings LLC, a company registered in the United States of' AmerICa; The Ultimate parent gn?cle'rtaklng is The Donald Trqr'np Revocable _Trijstha New York State ?gi'a?tor trust registered in NeWIYork, usA. The ultimate partiesarTe-The Tras'tee's of the Donald J. Trump Reiocable Trust, There are _no group accounts prepared Which include this company: - 24;- TRUMP. INTERNATIONAL GOLF CLUB LIMITED mores to THE FINANCIAL 31 December? 2017 IcontInuedI 18;. RESERVES The profit and [055 r?e_se_rIre repreSents cumulative realisable lasses Other reserves represent the equity component of ?nancing Idans. 19?. OPERATING LEASE COMMITMENTS At'thje ?rieport'i?rig ?end date the company. had. outstanding commitments for- f'uture minimum I'ease- payments undernon-cancellable operating leases, which f?all'due as follows; 2017- 2016' 'Withiri one year 19,467 93,808 two and five years 7 25,234 15,073? 44.701. 2.4.51.1. PARTIES Np?key management personnel; including-"directors, are remunerated through the Company. Transactions with. Rotated PartIes one year Is a loan :of ?40, 6,16 321I2016: ?40, 616 from Mr Trump This loan is Interest free and has been discounted at a market rate of interest with the equity component transferred to other 'r'e'serves. The loan has a rolling repayment term and requires the lender to provide 12? months written notice of any request for full or partial repayment. Also inCIuded within creditors due afte'r? mere than one year Is a loan of 306, 470 (2016?: Enil) Irom? DIT HoIdIngs LLC, the parent company. The loan has a rolling repayment term and requires the lender to provide 12 months written notice of any request for Iull or pa rtialrep?ayment. During the year, purchases ?18,739) were made from companies cont?roIIed by the directors. At the year end, ?17,921 (2016: ?9,003) wasdue to these companies. During the year'sales of ?296 were made to companies centroll'edzby' the directors. At the yearend, ?1,548 (2016: ?23,872) was due from these companies. The company has taken advantage oI ?the?exemptlon within 102 Section 33 paragraph 33.1A from the requirement-to disclose transactions with wholly owned co?mpa'ni?s'in the samegroup?. IBUMP Q- 9911; 3:1. IUfli'liSE??ii? stash gra?b'ns; Lbss'ior the Adjustments far; Fmance C?sts' DepreCIatlon co?st's on' saleo'f, Mayement In working cqpital} (IncreaseIIdecre if} stocks .. ,cre_a59)_ In debtors Increase/(d In 'creditbrs I, . in operatibns :1?26 :3 .2017 11.7551839 '9?63 199 9'39 7 249 130474685) (53 e99). 127,- 5'6: 43,582 . 5-2016 if 1"'14'0? '233' 895 1'4, 502-- 42, 9211 I11 4911' 5151? 7(1; 139 ,756):