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Sittingbourne & Milton Regis
Golf Club Limited

Financial Statements for the Year Ended 30 June 2023






Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Sittingbourne & Milton Regis
Golf Club Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: R S Kalsi
A Blundy
R A White
M B Johansen
J Lovell





REGISTERED OFFICE: The Club House
Wormdale
Newington
Sittingbourne
Kent
ME9 7PX





REGISTERED NUMBER: 00240392 (England and Wales)





AUDITORS: Kreston Reeves LLP
Statutory Auditor & Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU

Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 980,664 896,777

CURRENT ASSETS
Inventories 38,352 39,878
Debtors 5 20,994 25,594
Cash at bank and in hand 968,786 916,421
1,028,132 981,893
CREDITORS
Amounts falling due within one year 6 612,552 589,810
NET CURRENT ASSETS 415,580 392,083
TOTAL ASSETS LESS CURRENT LIABILITIES 1,396,244 1,288,860

CREDITORS
Amounts falling due after more than one
year

7

36,929

55,000
NET ASSETS 1,359,315 1,233,860

RESERVES
Income and expenditure account 1,359,315 1,233,860
1,359,315 1,233,860

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2023 and were signed on its behalf by:




M B Johansen - Director



R S Kalsi - Director


Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Sittingbourne & Milton Regis Golf Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income recognition
Turnover comprises members subscriptions receivable and entrance fees received, receipts from temporary members green fees and bar sales, exclusive of Value Added Tax.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - Straight line over 50 years
Plant and machinery etc - Straight line over 5, 7, 10 and 15 years

Inventories
Inventories are measured at the lower of cost and estimated selling price.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from members. Basic financial instruments are recognised at amortised cost.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
Rentals paid under operating leases are charged to the income and expenditure account on a straight line basis over the period of the lease.

Pensions
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administrated fund. Contributions payable for the year are charged in the income and expenditure account.

Grants, donations and bonus ball income
Grants and donations earmarked for specific projects are recognised as income over the expected life of related assets. Bonus Ball income is recognised as part of the juniors' fund and is disbursed for their benefit when any junior related expenditure arises. Government grants in relation to COVID-19 are recognised on the accruals basis and treated as income and any related expenditure is charged to the Income Statement.

Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 22 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 670,853 1,445,302 2,116,155
Additions - 180,876 180,876
At 30 June 2023 670,853 1,626,178 2,297,031
DEPRECIATION
At 1 July 2022 285,826 933,552 1,219,378
Charge for year 14,726 82,263 96,989
At 30 June 2023 300,552 1,015,815 1,316,367
NET BOOK VALUE
At 30 June 2023 370,301 610,363 980,664
At 30 June 2022 385,027 511,750 896,777

Included in cost of land and buildings is freehold land of £ 28,590 (2022 - £ 28,590 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,835 6,832
Other debtors 9,159 18,762
20,994 25,594

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 5,787 -
Trade creditors 62,979 128,585
Taxation and social security 18,741 18,572
Other creditors 515,045 432,653
612,552 589,810

Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 25,000 35,000
Hire purchase contracts 1,929 -
Members bonds 10,000 20,000
36,929 55,000

Bonds of £5,000 each have been issued to members and these are repayable in equal annual instalments by 30 June 2024. Early repayment of these bonds is permitted at the discretion of the directors. During the year the amount of bonds repaid totalled £10,000. Creditors falling due within one year include bonds of £10,000 (2022: £10,000).

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 7,716 -

The hire purchase contracts are secured on the particular financed assets.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rodney Sutton BA FCA FCCA CA (SA) (Senior Statutory Auditor)
for and on behalf of Kreston Reeves LLP

10. FINANCIAL COMMITMENTS

The company had total operating lease commitments at the balance sheet date of £108,906 (2022 - £186,773).