Company registration number 00100265 (England and Wales)
THE STOCKPORT GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
THE STOCKPORT GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE STOCKPORT GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
492,251
499,371
Current assets
Stocks
24,201
25,284
Debtors
6
46,927
123,072
Cash at bank and in hand
116,151
88,474
187,279
236,830
Creditors: amounts falling due within one year
7
(276,965)
(331,001)
Net current liabilities
(89,686)
(94,171)
Total assets less current liabilities
402,565
405,200
Creditors: amounts falling due after more than one year
8
(83,666)
(81,725)
Net assets
318,899
323,475
Capital and reserves
Capital - Limited by Guarantee
-
0
-
0
Profit and loss reserves
318,899
323,475
318,899
323,475

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 29 September 2023 and are signed on its behalf by:
Mr A W Hewett
Director
Company Registration No. 00100265
THE STOCKPORT GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

The Stockport Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Offerton Road, Offerton, Stockport, Cheshire, United Kingdom, SK2 5HL.

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
Going concern

Atruet the time of approving the financial statements, the directors have have an expectation that the company has adequate resources to continue for the foreseeable future. However, the whole world continues to experience extremely high levels of inflation, the war in the Ukraine continues however there are signs that energy costs are stabilising.

 

The directors have met regularly over the year and have taken all actions necessary to protect the business. Member renewals continue to perform well with every expectation of continuing for the near future. The attrition rate remains at the normal level. Visitor income remains sluggish but extremely good Open and Corporate Income has more than made up for it.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the income for the year excluding value added tax. Income for the year is made up of subscriptions, entrance fees receivable, green fees, bar sales, catering income and other miscellaneous receipts.

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.

1.4
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.

Fixed assets are stated at cost less aggregate depreciation and all repairs and renewals are written off as incurred. Irrecoverable VAT is included in the cost of assets where appropriate.

 

Depreciation is provided at the following annual rates on cost:

Freehold Land and buildings
Buildings 3% straight line, Land nil
Machinery, Furniture and Equipment
10 to 20% straight line
Fixtures and fittings
5 to 33 1/3% Straight line
THE STOCKPORT GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit or loss account when there is objective evidence that the asset is impaired.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

1.8
Taxation

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

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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.

THE STOCKPORT GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
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.

The directors do not consider there to be any key sources of estimation uncertainty within the financial statements.

3
Employees

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

2023
2022
Number
Number
Total
30
33
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,740
1,986
THE STOCKPORT GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
5
Tangible fixed assets
Freehold Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
340,819
959,865
1,300,684
Additions
-
0
94,314
94,314
Disposals
-
0
(24,531)
(24,531)
At 31 May 2023
340,819
1,029,648
1,370,467
Depreciation and impairment
At 1 June 2022
142,861
658,452
801,313
Depreciation charged in the year
5,769
95,665
101,434
Eliminated in respect of disposals
-
0
(24,531)
(24,531)
At 31 May 2023
148,630
729,586
878,216
Carrying amount
At 31 May 2023
192,189
300,062
492,251
At 31 May 2022
197,958
301,413
499,371

The net book value of buildings included in the total for freehold land and buildings was £43,674 (2022 - £49,444). The net book value of tangible assets includes £126,420 (2022 - £146,005) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £56,981 (2022 - £61,143) for the year.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,860
13,629
Other debtors
37,067
109,443
46,927
123,072
THE STOCKPORT GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
9
39,425
35,322
Trade creditors
61,231
79,490
Corporation tax
662
(92)
Other taxation and social security
6,820
9,052
Deferred income
4,570
-
0
Other creditors
60,512
103,180
Accruals and deferred income
103,745
104,049
276,965
331,001
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
9
68,669
81,725
Deferred income
14,997
-
0
83,666
81,725
9
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
39,425
35,322
In two to five years
68,669
81,725
108,094
117,047

The net obligations under finance lease contracts are secured by fixed charges on the assets concerned.

10
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 Jonathan Ward.
The auditor was Azets Audit Services.
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