Company registration number 00122842 (England and Wales)
BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BOLTON 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
408,828
260,164
Investment properties
5
225,000
225,000
Investments
6
1
1
633,829
485,165
Current assets
Stocks
6,500
6,500
Debtors
7
37,706
51,341
Cash in hand
8,445
6,903
Bank current account
101,806
205,408
Investment accounts
134,908
205,391
289,365
475,543
Creditors: amounts falling due within one year
8
(229,816)
(280,764)
Net current assets
59,549
194,779
Total assets less current liabilities
693,378
679,944
Creditors: amounts falling due after more than one year
9
(76,418)
(87,973)
Net assets
616,960
591,971
Reserves
Investment property revaluation reserve
10
144,284
144,284
Legacies reserve
11
63,808
63,808
Income and expenditure account
408,868
383,879
Members' funds
616,960
591,971

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.

BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 and are signed on its behalf by:
G W Midgley
Director
Company Registration No. 00122842
BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Bolton Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Lostock Park Farm, Lostock, Bolton.

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. 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

Subscriptions income represents subscriptions for membership of the company for the year ended 31 March 2023. Any subscriptions received for the future accounting year are not included in income until the period to which they relate.

 

All other income is received in cash but the sale is only recognised as income when it is earned.

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:

Clubhouse buildings and alterations
2% straight line
Plant and machinery
15% straight line
Fixtures, fittings and equipment
20-33% straight line
Course irrigation and drainage
5% straight line
Water on course

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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.

1.7
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand.

1.9
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.

BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors 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. 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.

1.10
Taxation

The company obtained CASC status on 10 July 2019 and therefore, now only pays any Corporation taxation in accordance with CASC membership rules.

1.11
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.

1.12
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.

1.13

Pensions

The pension costs charges in the financial statement represent the contribution payable by the company during the period.

BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
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 employed by the company during the year was;

2023
2022
Number
Number
Total
10
12
4
Tangible fixed assets
Clubhouse buildings and alterations
Plant and machinery
Fixtures, fittings and equipment
Course irrigation and drainage
Water on course
Total
£
£
£
£
£
£
Cost
At 1 April 2022
365,068
320,515
253,513
72,149
-
0
1,011,245
Additions
93,797
75,016
15,876
-
0
7,278
191,967
Disposals
-
0
(55,828)
(1,475)
-
0
-
0
(57,303)
At 31 March 2023
458,865
339,703
267,914
72,149
7,278
1,145,909
Depreciation and impairment
At 1 April 2022
212,379
286,939
212,052
39,711
-
0
751,081
Depreciation charged in the year
7,301
18,955
12,626
1,907
949
41,738
Eliminated in respect of disposals
-
0
(54,263)
(1,475)
-
0
-
0
(55,738)
At 31 March 2023
219,680
251,631
223,203
41,618
949
737,081
Carrying amount
At 31 March 2023
239,185
88,072
44,711
30,531
6,329
408,828
At 31 March 2022
152,689
33,576
41,461
32,438
-
0
260,164
BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Investment properties
2023
£
Fair value
At 1 April 2022 and 31 March 2023
225,000

Investment properties comprise of two cottages located on the golf course. The fair value of the investment properties have been arrived at on the basis of a directors valuation carried out as at 31 March 2023.

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,751
1,550
Amounts owed by group undertakings
8,035
28,844
Other debtors
9,920
20,947
37,706
51,341
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
11,755
11,956
Trade creditors
24,336
32,021
Taxation and social security
4,922
18,327
Other creditors
188,803
218,460
229,816
280,764

The historic bank loan is secured on one of the clubs investment properties, with the additional Bounce back loan obtained during the pandemic being unsecured.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
76,418
87,973
BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

The historic bank loan is secured on one of the clubs investment properties, with the additional Bounce back loan obtained during the pandemic being unsecured.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Bank loan payable by instalments after five years
29,401
40,148
10
Investment property revaluation reserve
2023
2022
£
£
At the beginning and end of the year
144,284
144,284
11
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.

12
Legacies reserve
Included within a separate reserve are the following legacies monies.
None of the legacies brought forward from the previous year have seen any movement during the year.
2023
2022
£
£
O'Hara Legacy
2,057
2,057
IG Black Legacy
1,751
1,751
Joyce Crowther Legacy
5,000
5,000
Chadwick Legacy
5,000
5,000
Hurst Legacy
50,000
50,000
Total Legacies
63,808
63,808
BOLTON GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
13
Operating lease commitments

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

2023
2022
£
£
Buggys, Greens equipment and photocopier
22,530
18,824
2023-03-312022-04-01false27 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityA M DicksonG W MidgleyD ScoularB WignallM A StaffordJ BarlowD CramantF V MooreR J SutcliffeH L JohnsonD R TysonS ScoularH C BraddockA Mooneyfalse001228422022-04-012023-03-31001228422023-03-31001228422022-03-3100122842core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3100122842core:PlantMachinery2023-03-3100122842core:FurnitureFittings2023-03-3100122842core:ComputerEquipment2023-03-3100122842core:MotorVehicles2023-03-3100122842core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3100122842core:PlantMachinery2022-03-3100122842core:FurnitureFittings2022-03-3100122842core:ComputerEquipment2022-03-3100122842core:MotorVehicles2022-03-3100122842core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100122842core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3100122842core:Available-for-saleFinancialAssets2023-03-3100122842core:Available-for-saleFinancialAssets2022-03-3100122842core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100122842core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3100122842core:CurrentFinancialInstruments2023-03-3100122842core:CurrentFinancialInstruments2022-03-3100122842core:RevaluationReserve2023-03-3100122842core:RevaluationReserve2022-03-3100122842core:OtherMiscellaneousReserve2023-03-3100122842core:OtherMiscellaneousReserve2022-03-3100122842core:RetainedEarningsAccumulatedLosses2023-03-3100122842core:RetainedEarningsAccumulatedLosses2022-03-3100122842bus:Director22022-04-012023-03-3100122842core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3100122842core:PlantMachinery2022-04-012023-03-3100122842core:FurnitureFittings2022-04-012023-03-3100122842core:ComputerEquipment2022-04-012023-03-31001228422021-04-012022-03-3100122842core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3100122842core:PlantMachinery2022-03-3100122842core:FurnitureFittings2022-03-3100122842core:ComputerEquipment2022-03-3100122842core:MotorVehicles2022-03-31001228422022-03-3100122842core:MotorVehicles2022-04-012023-03-3100122842core:WithinOneYear2023-03-3100122842core:WithinOneYear2022-03-3100122842core:Non-currentFinancialInstruments2023-03-3100122842core:Non-currentFinancialInstruments2022-03-3100122842bus:CompanyLimitedByGuarantee2022-04-012023-03-3100122842bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3100122842bus:FRS1022022-04-012023-03-3100122842bus:AuditExemptWithAccountantsReport2022-04-012023-03-3100122842bus:Director12022-04-012023-03-3100122842bus:Director32022-04-012023-03-3100122842bus:Director42022-04-012023-03-3100122842bus:Director52022-04-012023-03-3100122842bus:Director62022-04-012023-03-3100122842bus:Director72022-04-012023-03-3100122842bus:Director82022-04-012023-03-3100122842bus:Director92022-04-012023-03-3100122842bus:Director102022-04-012023-03-3100122842bus:Director112022-04-012023-03-3100122842bus:Director122022-04-012023-03-3100122842bus:Director132022-04-012023-03-3100122842bus:Director142022-04-012023-03-3100122842bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP