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Company registration number: 1270039
The West Middlesex Club Limited
Financial statements
31 December 2022
The West Middlesex Club Limited
Contents
Directors and other information
Statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
The West Middlesex Club Limited
Directors and other information
Directors Steven Holgate
Sanjiv Khera
Company number 1270039
Registered office West Middlesex Golf Club
Greenford Road
Southall
Middlesex
UB1 3EE
Bankers Metro Bank plc
1 Southampton row
London
WC1B 5HA
LLoyds Bank plc
1 Butler Place
Westminster
London
SW1H 0PT
The West Middlesex Club Limited
Statement of comprehensive income
Year ended 31 December 2022
2022 2021
Note £ £
Turnover 991,598 830,191
Cost of sales ( 513,563) ( 377,689)
_______ _______
Gross profit 478,035 452,502
Administrative expenses ( 411,873) ( 726,504)
_______ _______
Operating profit/(loss) 66,162 ( 274,002)
Profit/(loss) before taxation 66,162 ( 274,002)
Tax on profit/(loss) - -
_______ _______
Profit/(loss) for the financial year 66,162 ( 274,002)
Revaluation of tangible assets 1,130,037 1,130,037
Brought forward ( 54,935) 182,241
_______ _______
Total comprehensive income for the year 1,141,264 1,038,276
_______ _______
All the activities of the company are from continuing operations.
The West Middlesex Club Limited
Abridged statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 2,523,651 2,543,368
Investments 6 2 2
_______ _______
2,523,653 2,543,370
Current assets
Stocks 19,253 15,082
Debtors 67,267 21,851
Cash at bank and in hand 183,124 117,067
_______ _______
269,644 154,000
Creditors: amounts falling due
within one year ( 134,627) ( 140,583)
_______ _______
Net current assets 135,017 13,417
_______ _______
Total assets less current liabilities 2,658,670 2,556,787
Creditors: amounts falling due
after more than one year ( 1,517,406) ( 1,518,511)
_______ _______
Net assets 1,141,264 1,038,276
_______ _______
Capital and reserves
Revaluation reserve 1,130,037 1,130,037
Profit and loss account 11,227 ( 91,761)
_______ _______
Shareholders funds 1,141,264 1,038,276
_______ _______
For the year ending 31 December 2022 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 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 comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2023 , and are signed on behalf of the board by:
Steven Holgate
Director
Company registration number: 1270039
The West Middlesex Club Limited
Statement of changes in equity
Year ended 31 December 2022
Revaluation reserve Profit and loss account Total
£ £ £
At 1 January 2021 - - -
Profit/(loss) for the year ( 274,002) ( 274,002)
Other comprehensive income for the year:
Revaluation of tangible assets 1,130,037 1,130,037
Brought forward 182,241 182,241
_______ _______ _______
Total comprehensive income for the year 1,130,037 ( 91,761) 1,038,276
_______ _______ _______
At 31 December 2021 and 1 January 2022 - - -
Profit/(loss) for the year 66,162 66,162
Other comprehensive income for the year:
Revaluation of tangible assets 1,130,037 1,130,037
Brought forward ( 54,935) ( 54,935)
_______ _______ _______
Total comprehensive income for the year 1,130,037 11,227 1,141,264
_______ _______ _______
At 31 December 2022 1,130,037 11,227 1,141,264
_______ _______ _______
The West Middlesex Club Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by guarantee without share capital, registered in United Kingdon. The address of the registered office is West Middlesex Golf Club, Greenford Road, Southall, Middlesex, UB1 3EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Company status
The company is a member of Community Amateur Sports Scheme (CASC). In the event of the disolution of the companty, any assets after satisfaction of all debts and liabilities, shall be transferred to one or more of the following approved sporting or charitable bodies, a charitabe organisation, another club that is registered CASC, ot the Sports National Body for use by them for relevany community sports
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2021: 12).
5. Tangible assets
£
Cost
At 1 January 2022 3,664,939
Additions 51,094
_______
At 31 December 2022 3,716,033
_______
Depreciation
At 1 January 2022 1,121,571
Charge for the year 70,811
_______
At 31 December 2022 1,192,382
_______
Carrying amount
At 31 December 2022 2,523,651
_______
At 31 December 2021 2,543,368
_______
The leasehold property has been revalued by the Directors
6. Investments
£
Cost
At 1 January 2022 and 31 December 2022 2
_______
Impairment
At 1 January 2022 and 31 December 2022 -
_______
Carrying amount
At 31 December 2022 2
_______
At 31 December 2021 2
_______
The following were subsidiary undertakings of the company
The company's investment in its subsidiary company represents the cost of acquisition of the whole of the issued ordinary share capital of West Middlesex Golf Club Limited, a company registered in England and Wales. The company has not traded during the year ended 31 December 2018. The aggregate of the share capital and reserves of West Middlesex Golf Club Limited amounted to £2. These accounts show he consolidated transaction of the company and its subsidiary which is the most meaningful disclosure for the members. West Middlesex Golf Club Limited accounts contain the trading results from transactions with non members less apportioned expenses relating there to and any surplus arising is donated to the holding company as a gift aid transaction so that the net results are reduced to zero.
7. Contingent assets and liabilities
With effect from 2 April 2001 the company entered into a new 99 yead lease of the course and the club premises. One of the terms of the lease is that the company is obliged to maintain the course throughout the term of the lease in accordance with a mnangement plan.