Company Registration No. 07515177 (England and Wales)
FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,855,993
1,519,011
Current assets
Stocks
5
14,355
16,997
Debtors
6
28,832
40,288
Cash at bank and in hand
7
1,419,406
1,443,179
1,462,593
1,500,464
Creditors: amounts falling due within one year
8
(893,883)
(894,693)
Net current assets
568,710
605,771
Total assets less current liabilities
2,424,703
2,124,782
Creditors: amounts falling due after more than one year
9
(1,550,743)
(1,347,137)
Net assets
873,960
777,645
Capital and reserves
Profit and loss reserves
873,960
777,645

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 10 October 2023 and are signed on its behalf by:
S. Frost
Director
Company Registration No. 07515177
FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Felixstowe Ferry Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Ferry Road, Felixstowe, IP11 9RY and the company number is 07515177.

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.

1.2
Going concern

The current economic climate remains challenging. The COVID pandemic was an unprecedented situation which had a substantial effect on the UK economy and together with recent higher inflation has seen a significant rise in the budgeted cost of the proposed new clubhouse development. The directors remain committed to fulfilling the clubhouse development plans set out for the club, but acknowledge the uncertainties presented by the current economic climate.  The club has secured funds through the members loan scheme of £1.37m as at the balance sheet date and has received offers of loans under the Associate loans scheme of £1.3m. However, fulfilment of the development is currently conditional on these and sufficient funds being generated from the sale or development of the car park land. true

 

An offer to purchase the car park land by a developer was unable to be agreed, and the club is now marketing the sale of the properties off-plan through agents. This arrangement would see the club receive the proceeds of the sale of the bare land upon sale. An alternative strategy is for the club to undertake the development of the residential properties using a local builder. This strategy would require the securing of bridging finance to enable the building of the residential properties. The current housing market has recently experienced a downturn, and with current interest rate rises, there is some uncertainty over the successful sale of the car park land and properties.  

 

Based on the information available, at the time of approving these accounts, the directors have a reasonable expectation that the club will continue in operational existence for the foreseeable future and, it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered during the year.

Revenue from subscriptions is recognised by reference to the period of membership.

 

Joining fees are included in subscriptions in the year of receipt.

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.

FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -

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:

Land and buildings freehold
nil
Plant and machinery
20% reducing balance
Lagoon project
10 years straight line

A full year's depreciation is charged in the year of acquisition and no depreciation is charged in the year of disposal.

 

Freehold land and buildings were subject to an impairment review in 2022.

 

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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.

1.8
Financial instruments
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Taxation

The primary operations of the company are that of a member's golf club not carrying on a business for the purpose of making a profit. Tax is payable on interest and rental income received.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
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.

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.

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.

3
Employees

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

2023
2022
Number
Number
Total
35
33
FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1,549,476
887,265
2,436,741
Additions
272,083
121,600
393,683
Disposals
-
0
(1,450)
(1,450)
At 31 March 2023
1,821,559
1,007,415
2,828,974
Depreciation and impairment
At 1 April 2022
214,471
703,259
917,730
Depreciation charged in the year
17,967
38,734
56,701
Eliminated in respect of disposals
-
0
(1,450)
(1,450)
At 31 March 2023
232,438
740,543
972,981
Carrying amount
At 31 March 2023
1,589,121
266,872
1,855,993
At 31 March 2022
1,335,005
184,006
1,519,011
5
Stocks
2023
2022
£
£
Past captains badges & ties
360
434
Bar stock
7,461
5,701
Catering stock
1,659
1,747
Club ties stock
747
757
Course Materials
4,128
8,358
14,355
16,997
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
28,832
40,288
FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Cash and bank balances
2023
2021
£
£
Bank current account
331,875
206,183
Ipswich building society deposit account
-
25,000
Barclays No2 account
11,442
19,144
Barclays premium account
14,212
1,187,589
HSBC account
1,041,064
-
Nationwide deposit account
1,219
1,219
Bar and catering account
345
345
Secretary's float
19,249
3,699
1,419,406
1,443,179
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
56,083
57,063
Obligations under finance leases
35,374
15,992
Trade creditors
64,975
163,495
Corporation tax
1,015
1,472
Other taxation and social security
31,602
16,896
Other creditors
63,735
42,644
Accruals and deferred income
641,099
597,131
893,883
894,693

The bank loan is secured by debenture and a charge over the Kingsfleet course and the hire purchase liability is secured over the leased assets.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
53,768
111,135
Obligations under finance leases
124,473
46,002
Other creditors
1,372,502
1,190,000
1,550,743
1,347,137

The bank loan is secured by debenture and a charge over the Kingsfleet course and the hire purchase liability is secured over the leased assets.

Other creditors of £1,372,502 (2022 £1,190,000) are members' loan notes. Members can request repayment of their loans on the anniversary of the day after the Executive formally declares the new clubhouse open. There is a repayment ceiling of 10% of the principal amount of loan notes per annum.

FELIXSTOWE FERRY GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
10
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
£
£
23,700
10,609
11
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 Roger Beaton F.C.A..
The auditor was BG Audit LLP.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
2023-03-312022-04-01false10 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedB. HaworthM. StockdaleM. ThomasJ. WoodwardN. FoskerF. ToddR. SeamanC. SchwerD. KingS. FrostC. DeslandesMr B  Tawellfalse075151772022-04-012023-03-31075151772023-03-31075151772022-03-3107515177core:LandBuildings2023-03-3107515177core:OtherPropertyPlantEquipment2023-03-3107515177core:LandBuildings2022-03-3107515177core:OtherPropertyPlantEquipment2022-03-3107515177core:CurrentFinancialInstruments2023-03-3107515177core:CurrentFinancialInstruments2022-03-3107515177core:Non-currentFinancialInstruments2023-03-3107515177core:Non-currentFinancialInstruments2022-03-3107515177core:RetainedEarningsAccumulatedLosses2023-03-3107515177core:RetainedEarningsAccumulatedLosses2022-03-3107515177bus:Director102022-04-012023-03-3107515177core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3107515177core:PlantMachinery2022-04-012023-03-31075151772021-04-012022-03-3107515177core:LandBuildings2022-03-3107515177core:OtherPropertyPlantEquipment2022-03-31075151772022-03-3107515177core:LandBuildings2022-04-012023-03-3107515177core:OtherPropertyPlantEquipment2022-04-012023-03-3107515177core:WithinOneYear2023-03-3107515177core:WithinOneYear2022-03-3107515177core:Non-currentFinancialInstruments12023-03-3107515177core:Non-currentFinancialInstruments12022-03-3107515177bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107515177bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107515177bus:FRS1022022-04-012023-03-3107515177bus:Audited2022-04-012023-03-3107515177bus:Director12022-04-012023-03-3107515177bus:Director22022-04-012023-03-3107515177bus:Director32022-04-012023-03-3107515177bus:Director42022-04-012023-03-3107515177bus:Director52022-04-012023-03-3107515177bus:Director62022-04-012023-03-3107515177bus:Director72022-04-012023-03-3107515177bus:Director82022-04-012023-03-3107515177bus:Director92022-04-012023-03-3107515177bus:Director112022-04-012023-03-3107515177bus:CompanySecretary12022-04-012023-03-3107515177bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP