Company Registration No. 00107035 (England and Wales)
THE GRIM'S DYKE GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
THE GRIM'S DYKE GOLF CLUB LIMITED
COMPANY INFORMATION
President
D Wood
Vice Presidents
A Hymns
J Marr
Directors
A Frigot
S McNeill
S McSweeny
R Steel
(Appointed 27 May 2022)
I Park
(Appointed 27 May 2022)
G Manning
(Appointed 27 May 2022)
Captains
K Tye
Captain
M Pinner
Lady Captain
General committee of the Golf Club
L Ercoli
J McCormack
A Fipkin
K Loddy
G Smith
R Ball
Company number
00107035
Registered office
Oxhey Lane
Hatch End
Pinner
Middlesex
HA5 4AL
Auditor
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
Bankers
Barclays Bank Plc
P.O Box 323
Barclays House
13 St John's Road
Harrow
HA1 2BA
THE GRIM'S DYKE GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE GRIM'S DYKE GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
829,921
825,087
Current assets
Stocks
8,708
9,385
Debtors
4
40,072
54,842
Cash at bank and in hand
147,096
54,816
195,876
119,043
Creditors: amounts falling due within one year
5
(211,059)
(163,738)
Net current liabilities
(15,183)
(44,695)
Total assets less current liabilities
814,738
780,392
Creditors: amounts falling due after more than one year
6
(69,002)
(10,244)
Net assets
745,736
770,148
Capital and reserves
Called up share capital
7
367
367
Other reserves
1,630
1,630
Profit and loss reserves
743,739
768,151
Total equity
745,736
770,148
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 11 July 2022 and are signed on its behalf by:
S McNeill
Director
Company Registration No. 00107035
THE GRIM'S DYKE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
1
Accounting policies
Company information
The Grim's Dyke Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oxhey Lane, Hatch End, Pinner, Middlesex, HA5 4AL.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Subscriptions and locker rentals received in advance are deferred and released to the profit and loss account in the period to which they relate.
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 Freehold
Locker Room improvements and shed - over 10 years, Bar improvements - over 5 years
Fixtures, fittings & equipment
Over 5 years
Freehold buildings are maintained as a matter of policy by a programme of repair and refurbishment such that residual values of the buildings taken as a whole are at least equivalent to their net book value. Having regard to this, it is the opinion of the directors that the depreciation of freehold buildings (other than that of the new roof on the greenkeeper's shed and bar improvements) required by the Companies Act 2006 would be immaterial.
Impairment reviews of freehold land and buildings are carried out by the Directors on an annual basis.
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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
Stocks are stated at the lower of cost and net realisable value.
THE GRIM'S DYKE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash at bank and in hand 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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Basic financial liabilities
Basic financial liabilities including government assistance loans 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
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.
1.12
Government grants
Government grants are recognised at the fair value received.
2
Employees
2022
2021
Number
Number
Total
16
17
THE GRIM'S DYKE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
2
Employees
(Continued)
- 4 -
The directors do not receive any remuneration.
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2021
906,540
525,457
1,431,997
Additions
36,507
36,507
At 31 January 2022
906,540
561,964
1,468,504
Depreciation and impairment
At 1 February 2021
134,361
472,549
606,910
Depreciation charged in the year
1,872
29,801
31,673
At 31 January 2022
136,233
502,350
638,583
Carrying amount
At 31 January 2022
770,307
59,614
829,921
At 31 January 2021
772,179
52,908
825,087
The cost of freehold land and buildings comprise the valuation on 8 June 1949, deemed as an approximate cost, plus subsequent additions at cost.
Impairment review - Freehold land and buildings
During the year the Directors performed an impairment review and in their opinion the market value of the land and buildings is in excess of the carrying value in the financial statements.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
7,607
15,656
Other debtors
32,465
39,186
40,072
54,842
THE GRIM'S DYKE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
8,333
Corporation tax
1,669
Other taxation and social security
7,040
6,429
Subscriptions received in advance
91,143
85,862
Other creditors
102,873
71,447
211,058
163,738
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
41,667
Other creditors
27,335
10,244
69,002
10,244
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
367
367
367
367
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Ian Meaburn and the auditor was Myers Clark.
9
Financial commitments, guarantees and contingent liabilities
A claim has been made against the Club in respect of nuisance and damages caused by golf balls. The consequence of this case is such that it could lead to reconstruction of certain parts of the golf course to prevent any further damage being caused.
Should the case against the club be successful, then it is estimated that the club will have an economic transfer of benefit of £170,000 in respect of legal fees and reconstruction costs to the course. This is totally dependent on the outcome of the case and the level of remedial work required to the course.
The club’s insurance policy will partially cover some of these costs.