Company Registration No. 00449060 (England and Wales)
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
628,487
639,240
Investments
5
1
1
628,488
639,241
Current assets
Debtors
6
60,070
59,015
Cash at bank and in hand
416,153
461,077
476,223
520,092
Creditors: amounts falling due within one year
7
(404,976)
(363,238)
Net current assets
71,247
156,854
Total assets less current liabilities
699,735
796,095
Creditors: amounts falling due after more than one year
8
(153,030)
(208,843)
Net assets
546,705
587,252
Reserves
Income and expenditure account
546,705
587,252
The directors of the company have elected not to include a copy of the income and expenditure 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
2022
2021
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
Mr K Walton
Director
Company Registration No. 00449060
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Chester-le-Street Golf Club Limited(The) is a private company limited by guarantee incorporated in England and Wales. The registered office is Lumley Park, Chester Le Street, County Durham, United Kingdom, DH3 4NS.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
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:
Freehold land and buildings
2%-5% straight line
Plant and equipment
10%-33% straight line
Fixtures and fittings
6.5%-33% straight line
Course development
2% straight line
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
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).
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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
9
9
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Course development
Total
£
£
£
£
£
Cost
At 1 April 2021
645,882
277,938
73,882
327,073
1,324,775
Additions
52,406
6,831
59,237
At 31 March 2022
645,882
330,344
80,713
327,073
1,384,012
Depreciation and impairment
At 1 April 2021
306,993
178,665
62,659
137,218
685,535
Depreciation charged in the year
12,796
41,434
8,387
7,373
69,990
At 31 March 2022
319,789
220,099
71,046
144,591
755,525
Carrying amount
At 31 March 2022
326,093
110,245
9,667
182,482
628,487
At 31 March 2021
338,889
99,273
11,223
189,855
639,240
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts due from subsidiary undertakings
30,335
25,890
Other debtors
5,893
5,035
Prepayments and accrued income
23,842
28,090
60,070
59,015
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
25,240
15,240
Trade creditors
13,657
5,145
Taxation and social security
7,018
5,381
Other creditors
359,061
337,472
404,976
363,238
Bank loans and overdrafts are secured by fixed and floating charges upon the assets of the company.
Other creditors includes £22,180 (2021 - £30,457) hire purchase secured upon the assets financed.
8
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
67,426
82,726
Obligations under finance leases
53,937
76,117
Other borrowings
31,667
50,000
153,030
208,843
Bank loans and overdrafts are secured by fixed and floating charges upon the assets of the company.
Finance leases are secured upon the assets financed.
Amounts included above which fall due after five years are as follows:
Payable by instalments
12,226
21,766
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
10
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
£
£
40,000