Company registration number 05846344 (England and Wales)
STURMINSTER MARSHALL GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
STURMINSTER MARSHALL GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STURMINSTER MARSHALL GOLF CLUB LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
90,601
127,713
Current assets
Stocks
12,464
12,349
Debtors
5
260,073
247,894
Cash at bank and in hand
49,049
95,114
321,586
355,357
Creditors: amounts falling due within one year
6
(138,642)
(170,803)
Net current assets
182,944
184,554
Total assets less current liabilities
273,545
312,267
Creditors: amounts falling due after more than one year
7
(40,000)
(65,793)
Provisions for liabilities
(22,148)
(24,265)
Net assets
211,397
222,209
Capital and reserves
Called up share capital
1,380
1,380
Share premium account
107,770
107,770
Profit and loss reserves
102,247
113,059
Total equity
211,397
222,209

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

For the financial year ended 30 June 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.

STURMINSTER MARSHALL GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mr A Read
Mr M Dodd
Director
Director
Company registration number 05846344 (England and Wales)
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Sturminster Marshall Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sturminster Marshall Golf Club, Moor Lane, Sturminster Marshall, Wimborne, Dorset, BH21 4BD.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

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:

Leasehold land and buildings
Over the term of the lease
Plant and equipment
18% reducing balance

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 profit or loss.

1.5
Impairment of fixed assets

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.

STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
Taxation

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

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, 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

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.

1.8
Retirement benefits

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

1.9
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.

1.10
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.

STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
11
11
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
30,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
30,000
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
-
0
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 July 2022
86,609
265,295
351,904
Additions
-
0
4,351
4,351
At 30 June 2023
86,609
269,646
356,255
Depreciation and impairment
At 1 July 2022
65,039
159,152
224,191
Depreciation charged in the year
21,570
19,893
41,463
At 30 June 2023
86,609
179,045
265,654
Carrying amount
At 30 June 2023
-
0
90,601
90,601
At 30 June 2022
21,570
106,143
127,713
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,959
296
Other debtors
252,114
247,598
260,073
247,894
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
49,304
54,976
Trade creditors
21,593
30,856
Corporation tax
9,295
8,738
Other taxation and social security
22,325
18,291
Other creditors
36,125
57,942
138,642
170,803

National Westminster Bank PLC have a fixed and floating charge covering all the property and undertakings of the company dated April 2018.

 

Lloyds Bank PLC have a fixed and floating charge covering all the property and undertakings of the company dated November 2020.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,000
61,818
Other creditors
-
0
3,975
40,000
65,793
8
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
£
£
Within one year
48,000
26,667
Between two and five years
184,000
-
0
232,000
26,667
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
9
Related party transactions

Marshalls Land Holdings Limited (company number 11224693) is a related party due to common directorships. Land and buildings have been leased to the company and with rent of £32,000 per annum payable to Marshalls Land Holdings Limited. This increased to £40,000 per annum with effect from April 2023.

 

At the year end date, Marshalls Land Holdings Limited owed the company £249,810 (2022: £247,476).

 

Sturminster GC Holdings Limited (company number 13117913) is the parent undertaking and controlling party of the company by virtue of its ownership of the company.

10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan due from M Dodd
-
164
176
(164)
176
164
176
(164)
176
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