Company Registration No. 09386432 (England and Wales)
NENE GOLF LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
NENE GOLF LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NENE GOLF LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
338,347
356,476
Current assets
Stocks
2,000
1,785
Debtors
5
23,774
39,243
Cash at bank and in hand
260,691
173,238
286,465
214,266
Creditors: amounts falling due within one year
6
(300,629)
(228,881)
Net current liabilities
(14,164)
(14,615)
Total assets less current liabilities
324,183
341,861
Creditors: amounts falling due after more than one year
7
(78,554)
(110,501)
Provisions for liabilities
(49,276)
(51,687)
Net assets
196,353
179,673
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
196,352
179,672
Total equity
196,353
179,673
NENE GOLF LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 12 August 2022
S Fitton
Director
Company Registration No. 09386432
NENE GOLF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

Nene Golf Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 36 Tyndall Court, Commerce Road, Lynch Wood, Peterborough, PE2 6LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for green fees and other golfing services net of VAT. Revenue is recognised over the period for which the service is provided, and revenue not yet recognised at the year end is attributed to a deferred income account.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over the 20 year life of the lease
Plant and machinery
25% per annum of written down value
Fixtures, fittings & equipment
25% per annum of written down value
Computer equipment
25% per annum of written down value
Motor vehicles
25% per annum of written down value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

NENE GOLF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.4
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).

1.5
Stocks

Stock is valued at lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets and liabilities

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

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

1.8
Equity instruments

Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

NENE GOLF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the 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 recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Grants received in respect of capital additions are released to the profit & loss over the useful economic life of the asset to which the grant received relates to.

 

NENE GOLF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
23
22
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
100,572
589,870
690,443
Additions
-
0
116,246
116,246
Disposals
-
0
(60,400)
(60,400)
At 31 March 2022
100,572
645,717
746,289
Depreciation and impairment
At 1 April 2021
9,303
324,664
333,967
Depreciation charged in the year
5,029
84,046
89,075
Eliminated in respect of disposals
-
0
(15,100)
(15,100)
At 31 March 2022
14,332
393,610
407,942
Carrying amount
At 31 March 2022
86,240
252,107
338,347
At 31 March 2021
91,269
265,207
356,476
NENE GOLF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
20,543
19,260
Other debtors
-
0
11,270
Prepayments and accrued income
3,231
8,713
23,774
39,243
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
42,080
50,000
Obligations under finance leases
35,821
46,045
Trade creditors
55,581
67,393
Corporation tax
18,555
31,116
Other taxation and social security
42,080
18,359
Deferred income
6,120
8,160
Other creditors
4,305
3,748
Accruals and deferred income
96,087
4,060
300,629
228,881
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Obligations under finance leases
60,194
86,021
Other creditors
18,360
24,480
78,554
110,501

The finance leases are secured by the assets. The aggregate value of secured liabilities amounted to £96,015 (2021 : £132,066).

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
1,030,033
1,115,874
2022-03-312021-04-01false12 August 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityS Fitton093864322021-04-012022-03-31093864322022-03-31093864322021-03-3109386432core:LandBuildings2022-03-3109386432core:OtherPropertyPlantEquipment2022-03-3109386432core:LandBuildings2021-03-3109386432core:OtherPropertyPlantEquipment2021-03-3109386432core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3109386432core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-3109386432core:CurrentFinancialInstruments2022-03-3109386432core:CurrentFinancialInstruments2021-03-3109386432core:Non-currentFinancialInstruments2022-03-3109386432core:Non-currentFinancialInstruments2021-03-3109386432core:ShareCapital2022-03-3109386432core:ShareCapital2021-03-3109386432core:RetainedEarningsAccumulatedLosses2022-03-3109386432core:RetainedEarningsAccumulatedLosses2021-03-3109386432bus:Director12021-04-012022-03-3109386432core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-04-012022-03-3109386432core:PlantMachinery2021-04-012022-03-3109386432core:FurnitureFittings2021-04-012022-03-3109386432core:ComputerEquipment2021-04-012022-03-3109386432core:MotorVehicles2021-04-012022-03-31093864322020-04-012021-03-3109386432core:LandBuildings2021-03-31093864322021-03-3109386432core:LandBuildings2021-04-012022-03-3109386432core:OtherPropertyPlantEquipment2021-04-012022-03-3109386432core:OtherPropertyPlantEquipment2021-03-3109386432core:Non-currentFinancialInstruments12022-03-3109386432core:Non-currentFinancialInstruments12021-03-3109386432bus:PrivateLimitedCompanyLtd2021-04-012022-03-3109386432bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-3109386432bus:FRS1022021-04-012022-03-3109386432bus:AuditExemptWithAccountantsReport2021-04-012022-03-3109386432bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP