Company registration number 00449060 (England and Wales)
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
581,053
628,487
Investments
4
1
1
581,054
628,488
Current assets
Debtors
5
27,750
60,070
Cash at bank and in hand
356,715
416,153
384,465
476,223
Creditors: amounts falling due within one year
6
(417,871)
(404,976)
Net current (liabilities)/assets
(33,406)
71,247
Total assets less current liabilities
547,648
699,735
Creditors: amounts falling due after more than one year
7
(107,192)
(153,030)
Net assets
440,456
546,705
Reserves
Income and expenditure account
440,456
546,705

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
2023
2022
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
L Gibson
Director
Company Registration No. 00449060
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Chester-le-Street Golf Club Limited(The) is a private company limited by guarantee incorporated in England and Wales. The registered office is Lumley Park, Chester Le Street, County Durham, United Kingdom, DH3 4NS.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

1.3
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2%-5% straight line
Plant and equipment
10%-33% straight line
Fixtures and fittings
6.5%-33% straight line
Course development
2% straight line
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

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

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
10
9
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Course development
Total
£
£
£
£
£
Cost
At 1 April 2022
645,882
330,344
80,713
327,073
1,384,012
Additions
-
0
17,569
4,794
-
0
22,363
At 31 March 2023
645,882
347,913
85,507
327,073
1,406,375
Depreciation and impairment
At 1 April 2022
319,789
220,099
71,046
144,591
755,525
Depreciation charged in the year
12,796
44,922
4,706
7,373
69,797
At 31 March 2023
332,585
265,021
75,752
151,964
825,322
Carrying amount
At 31 March 2023
313,297
82,892
9,755
175,109
581,053
At 31 March 2022
326,093
110,245
9,667
182,482
628,487
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts due from subsidiary undertakings
-
0
30,335
Other debtors
2,666
5,893
Prepayments and accrued income
25,084
23,842
27,750
60,070
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
25,240
25,240
Trade creditors
18,371
13,657
Amounts owed to group undertakings
11,295
-
0
Taxation and social security
10,739
7,018
Other creditors
352,226
359,061
417,871
404,976

Bank loans are secured by fixed and floating charges upon the assets of the company.

 

Other creditors includes £20,767 (2022 - £22,180) hire purchase secured upon the assets financed.

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
52,355
67,426
Obligations under finance leases
33,170
53,937
Other borrowings
21,667
31,667
107,192
153,030

Bank loans and overdrafts are secured by fixed and floating charges upon the assets of the company.

 

Finance leases are secured upon the assets financed.

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
12,226
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

CHESTER-LE-STREET GOLF CLUB LIMITED(THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
-
0
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