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COMPANY REGISTRATION NUMBER: 04688060
Waterbridge Golf Course Limited
Filleted Unaudited Financial Statements
31 March 2023
Waterbridge Golf Course Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
10,186
11,994
Current assets
Stocks
500
500
Debtors
7
40,983
67,534
Cash at bank and in hand
100
100
--------
--------
41,583
68,134
Creditors: amounts falling due within one year
8
22,027
24,697
--------
--------
Net current assets
19,556
43,437
--------
--------
Total assets less current liabilities
29,742
55,431
Creditors: amounts falling due after more than one year
9
8,007
15,095
--------
--------
Net assets
21,735
40,336
--------
--------
Waterbridge Golf Course Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
21,733
40,334
--------
--------
Shareholders funds
21,735
40,336
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 June 2023 , and are signed on behalf of the board by:
Mr G W Wren
Mrs A R Wren
Director
Director
Company registration number: 04688060
Waterbridge Golf Course Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chartfield House, Castle Street, Taunton, Somerset, TA1 4AS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Office equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
60,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
60,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
60,446
7,010
467
67,923
--------
-------
----
--------
Depreciation
At 1 April 2022
48,548
6,916
465
55,929
Charge for the year
1,784
23
1
1,808
--------
-------
----
--------
At 31 March 2023
50,332
6,939
466
57,737
--------
-------
----
--------
Carrying amount
At 31 March 2023
10,114
71
1
10,186
--------
-------
----
--------
At 31 March 2022
11,898
94
2
11,994
--------
-------
----
--------
7. Debtors
2023
2022
£
£
Other debtors
40,983
67,534
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,269
13,273
Corporation tax
5,372
9,821
Social security and other taxes
343
Other creditors
1,386
1,260
--------
--------
22,027
24,697
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,007
15,095
-------
--------
10. Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
11. Directors' advances, credits and guarantees
During the year there were transactions within Director 1's Current Account: B/F £(33,764) Receipts £39,362 Withdrawals £(20,776) C/F £(15,179) The amount carried forward is included in other debtors and repayable on demand. During the year there were transactions within Director 2's Current Account: B/F £(33,769) Receipts £39,362 Withdrawals £(20,776) C/F £(15,183) The amount carried forward is included in other debtors and repayable on demand.
12. Related party transactions
The Company rents land and buildings from the directors, which the golf course operates from. During the period the total rent charged was £3,860 (£4,250 in 2022).