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Registration number: 02440138

The Bingley St. Ives Golf Club Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

The Bingley St. Ives Golf Club Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Bingley St. Ives Golf Club Limited

(Registration number: 02440138)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

1,080,517

 

1,086,714

Investments

6

 

100

 

100

   

1,080,617

 

1,086,814

Current assets

   

 

Stocks

20,294

 

16,582

 

Debtors

7

53,315

 

27,664

 

Cash at bank and in hand

 

118,630

 

286,212

 

 

192,239

 

330,458

 

Creditors: Amounts falling due within one year

8

(410,597)

 

(397,539)

 

Net current liabilities

   

(218,358)

 

(67,081)

Total assets less current liabilities

   

862,259

 

1,019,733

Creditors: Amounts falling due after more than one year

8

 

(223,530)

 

(315,285)

Net assets

   

638,729

 

704,448

Capital and reserves

   

 

Other reserves

265,000

 

265,000

 

Profit and loss account

373,729

 

439,448

 

Total equity

   

638,729

 

704,448

 

The Bingley St. Ives Golf Club Limited

(Registration number: 02440138)
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2023 and signed on its behalf by:
 

.........................................

R H Thompson

Director

.........................................

C E Barrott

Director

 

The Bingley St. Ives Golf Club Limited

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

1

General information

The company incorporated as a Company Limited by Guarantee in England & Wales.

The address of its registered office is:
The Golf Clubhouse
St Ives Estate
Harden
Bingley
BD16 1AT

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

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

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

The Bingley St. Ives Golf Club Limited is exempt from preparing group financial statements as the group is small.

Revenue recognition

Sales of goods and provision of services
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 value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

 

The Bingley St. Ives Golf Club Limited

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

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.

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

Leasehold property

2% straight line basis

Clubhouse and other buildings

2% straight line basis

Improvements to property

10% straight line & 25% reducing balance

Plant and machinery

25% - 33% reducing balance

Fixtures and fittings

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 Bingley St. Ives 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.

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.

 

The Bingley St. Ives Golf Club Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed during the year (including directors) was 22 (2022 - 18).

4

Government grants

During the year the company has received grant income of £nil (2022 £1,194) in respect of the Coronavirus Job Retention Scheme and £nil (2022 £15,102) in respect of Covid grants from Bradford Council.

 

The Bingley St. Ives Golf Club Limited

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

5

Tangible assets

Leasehold property
£

Clubhouse and other buildings
 £

Improvements to property
 £

Plant and machinery
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 April 2022

940,557

590,362

152,501

615,377

119,084

2,417,881

Additions

-

-

61,969

6,998

6,166

75,133

At 31 March 2023

940,557

590,362

214,470

622,375

125,250

2,493,014

Depreciation

At 1 April 2022

343,304

330,418

37,438

505,629

114,378

1,331,167

Charge for the year

18,811

11,807

18,808

29,191

2,713

81,330

At 31 March 2023

362,115

342,225

56,246

534,820

117,091

1,412,497

Carrying amount

At 31 March 2023

578,442

248,137

158,224

87,555

8,159

1,080,517

At 31 March 2022

597,253

259,944

115,063

109,748

4,706

1,086,714

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2022

100

Carrying amount

At 31 March 2023

100

At 31 March 2022

100

7

Debtors

Current

2023
£

2022
£

Prepayments

2,491

17,154

Other debtors

50,824

10,510

 

53,315

27,664

 

The Bingley St. Ives Golf Club Limited

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

8

Creditors

2023
 £

2022
 £

Due within one year

Loans and borrowings

91,653

88,782

Trade creditors

38,315

28,309

Other current financial liabilities

32,331

37,457

Social security and other taxes

12,180

13,608

Accruals and deferred income

236,118

229,383

410,597

397,539

Due after one year

Loans and borrowings

223,530

315,285

2023
£

2022
£

Current loans and borrowings

Bank borrowings

76,809

75,178

HP and finance lease liabilities

14,844

13,604

91,653

88,782

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

50,864

127,333

HP and finance lease liabilities

50,118

65,404

Other borrowings

122,548

122,548

223,530

315,285

The bank loans are secured by a First Legal Mortgage dated 17 September 2003 over the clubhouse and course and a debenture incorporating a fixed and floating charge over all current and future assets of the company.

The hire purchase loans are secured against the assets to which they relate.

9

Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

10

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £31,680 (2022 - £73,782).