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Registration number: 00141834

Whalley Golf Club Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Whalley Golf Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Whalley Golf Club Limited

Company Information

Directors

M T Seery

PR Chalker

B Rees

M Calvert

A Ripley

S R Green

M A Hobkirk

Registered office

Whalley Golf Club
Clerk Hill Road
Whalley
Clitheroe
Lancashire
BB7 9DR

Accountants

MacMahon Leggate
Chartered Accountants
1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ

 

Whalley Golf Club Limited

(Registration number: 00141834)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

937,455

974,960

Current assets

 

Stocks

5

1,477

3,522

Debtors

6

11,007

14,283

Cash at bank and in hand

 

14,213

1,500

 

26,697

19,305

Creditors: Amounts falling due within one year

7

(239,723)

(197,877)

Net current liabilities

 

(213,026)

(178,572)

Total assets less current liabilities

 

724,429

796,388

Creditors: Amounts falling due after more than one year

7

(57,745)

(64,743)

Provisions for liabilities

(82,516)

(82,516)

Net assets

 

584,168

649,129

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

486,799

487,529

Retained earnings

96,369

160,600

Shareholders' funds

 

584,168

649,129

 

Whalley Golf Club Limited

(Registration number: 00141834)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
PR Chalker
Director

 

Whalley Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Whalley Golf Club
Clerk Hill Road
Whalley
Clitheroe
Lancashire
BB7 9DR

These financial statements were authorised for issue by the Board on 26 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Whalley Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land, buildings and course

2% - 20% on a straight line basis

Course equipment

10% - 20% on a straight line basis

Clubhouse furniture and equipment

10% - 25% on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Whalley Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 17).

 

Whalley Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

798,792

442,177

1,240,969

Additions

4,407

4,621

9,028

At 31 March 2023

803,199

446,798

1,249,997

Depreciation

At 1 April 2022

49,190

216,819

266,009

Charge for the year

8,709

37,824

46,533

At 31 March 2023

57,899

254,643

312,542

Carrying amount

At 31 March 2023

745,300

192,155

937,455

At 31 March 2022

749,602

225,358

974,960

5

Stocks

2023
£

2022
£

Other inventories

1,477

3,522

6

Debtors

2023
£

2022
£

Prepayments

11,007

9,987

Other debtors

-

4,296

11,007

14,283

 

Whalley Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

8

19,083

39,173

Trade creditors

 

14,040

28,054

Taxation and social security

 

32,121

2,254

Accruals and deferred income

 

127,312

73,871

Other creditors

 

47,167

54,525

 

239,723

197,877


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,435 (2022 - £39,061).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

57,745

64,743

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £22,015 (2022 - £31,450).

 

Whalley Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,510

33,293

Hire purchase contracts

22,015

31,450

Other borrowings

12,220

-

57,745

64,743

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,648

9,547

Bank overdrafts

-

20,191

Hire purchase contracts

9,435

9,435

19,083

39,173

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

12,636

12,636

Later than one year and not later than five years

22,666

31,184

Later than five years

-

4,118

35,302

47,938

The amount of non-cancellable operating lease payments recognised as an expense during the year was £12,636 (2022 - £8,859).