Company registration number 00097331 (England and Wales)
MAXSTOKE PARK GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
MAXSTOKE PARK GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
MAXSTOKE PARK GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
803,735
744,508
Investments
5
194,471
158,903
998,206
903,411
Current assets
Stocks
18,190
19,606
Debtors
6
17,941
31,953
Cash at bank and in hand
391,692
574,690
427,823
626,249
Creditors: amounts falling due within one year
7
(595,623)
(646,188)
Net current liabilities
(167,800)
(19,939)
Total assets less current liabilities
830,406
883,472
Creditors: amounts falling due after more than one year
8
(20,105)
(29,846)
Net assets
810,301
853,626
Reserves
Income and expenditure account
810,301
853,626
Members' funds
810,301
853,626

The directors of the company have elected not to include a copy of the income and expenditure 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 21 December 2023 and are signed on its behalf by:
Mr D A Griffiths
Director
Company registration number 00097331 (England and Wales)
MAXSTOKE PARK GOLF CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Income and expenditure
£
Balance at 1 June 2021
839,761
Year ended 31 May 2022:
Surplus and total comprehensive income
13,865
Balance at 31 May 2022
853,626
Year ended 31 May 2023:
Deficit and total comprehensive income
(43,325)
Balance at 31 May 2023
810,301
MAXSTOKE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Maxstoke Park Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Castle Lane, Coleshill, Warwickshire, B46 2BU.

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
Income and expenditure

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

 

Expenses include VAT where applicable as the company cannot reclaim it.

 

The policies adopted for the recognition of turnover are as follows:

 

Sale of goods

 

Turnover from the sale of insert detail (eg. beverages / snacks at the bar) is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the club and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on insert detail (eg. cash receipt).

 

Membership fees

 

Revenue recognition depends on the nature of the services provided. If the fee permits only membership, and all other services or products are paid for separately, or if there is a separate annual subscription, the fee is recognised as revenue when no significant uncertainty about its collectability exists. If the fee entitles the member to services or publications to be provided during the membership period, or to purchase goods or services at prices lower than those charged to non-members, it is recognised on a basis that reflects the timing, nature and value of the benefits provided.

 

Interest receivable

 

Interest income is recognised using the effective interest method is recognised as the club’s right to receive payment is established.

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.

MAXSTOKE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -

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:

Long leasehold club house
over 35 years
Long leasehold golf course
over 35 years
Plant and machinery
20% 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 surplus or deficit.

1.4
Fixed asset investments

Fixed asset investments 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). 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 net realisable value.

1.7
Cash and cash equivalents

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

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.

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.

MAXSTOKE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.9
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

1.11
Retirement benefits

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

1.12
Leases

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.

MAXSTOKE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Employees

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

2023
2022
Number
Number
Total
24
23
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
737,791
764,362
1,502,153
Additions
32,354
65,420
97,774
Disposals
-
0
(19,175)
(19,175)
At 31 May 2023
770,145
810,607
1,580,752
Depreciation and impairment
At 1 June 2022
164,771
592,874
757,645
Depreciation charged in the year
15,196
23,226
38,422
Eliminated in respect of disposals
-
0
(19,050)
(19,050)
At 31 May 2023
179,967
597,050
777,017
Carrying amount
At 31 May 2023
590,178
213,557
803,735
At 31 May 2022
573,020
171,488
744,508

The Club has agreed a new 35 year lease for both the course and clubhouse site, which commenced on 1st April 2023.

Depreciation charges for the course and premises will now be adjusted accordingly from the financial year 2023-24.

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
194,471
158,903
Fixed asset investments not carried at market value
Market value if different from carrying amount
280,592
284,977

 

 

The club is the beneficiary of a legacy from a past member, Mr T Curry.

MAXSTOKE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2022
158,903
Additions
51,568
Disposals
(16,000)
At 31 May 2023
194,471
Carrying amount
At 31 May 2023
194,471
At 31 May 2022
158,903
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
39
46
Other debtors
3,463
117
Prepayments and accrued income
14,439
31,790
17,941
31,953
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Subscriptions received in advance
416,716
415,167
Trade creditors
51,109
69,744
Taxation and social security
11,163
15,662
Other creditors
61,582
83,441
Accruals and deferred income
44,405
51,526
595,623
646,188
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
20,105
29,846
MAXSTOKE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
9
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited.

10
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.

Senior Statutory Auditor:
Mr Richard Alan Horton FCCA
Statutory Auditor:
Sumer Auditco Limited
2023-05-312022-06-01false21 December 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr D A GriffithsMr Christopher MumfordMr R G SwindellsMs A J BrockMr A M DickieMr A M Dickiefalse000973312022-06-012023-05-31000973312023-05-31000973312022-05-3100097331core:LandBuildings2023-05-3100097331core:OtherPropertyPlantEquipment2023-05-3100097331core:LandBuildings2022-05-3100097331core:OtherPropertyPlantEquipment2022-05-3100097331core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3100097331core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3100097331core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3100097331core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3100097331core:CurrentFinancialInstruments2023-05-3100097331core:CurrentFinancialInstruments2022-05-3100097331core:RetainedEarningsAccumulatedLosses2023-05-3100097331core:RetainedEarningsAccumulatedLosses2022-05-3100097331core:RetainedEarningsAccumulatedLosses2021-05-3100097331bus:Director12022-06-012023-05-3100097331core:RetainedEarningsAccumulatedLosses2021-06-012022-05-3100097331core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3100097331core:LandBuildingscore:LongLeaseholdAssets2022-06-012023-05-3100097331core:LeaseholdImprovements2022-06-012023-05-3100097331core:PlantMachinery2022-06-012023-05-31000973312021-06-012022-05-3100097331core:LandBuildings2022-05-3100097331core:OtherPropertyPlantEquipment2022-05-31000973312022-05-3100097331core:LandBuildings2022-06-012023-05-3100097331core:OtherPropertyPlantEquipment2022-06-012023-05-3100097331core:Non-currentFinancialInstruments2023-05-3100097331core:Non-currentFinancialInstruments2022-05-3100097331bus:CompanyLimitedByGuarantee2022-06-012023-05-3100097331bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3100097331bus:FRS1022022-06-012023-05-3100097331bus:Audited2022-06-012023-05-3100097331bus:Director22022-06-012023-05-3100097331bus:Director32022-06-012023-05-3100097331bus:Director42022-06-012023-05-3100097331bus:Director52022-06-012023-05-3100097331bus:CompanySecretary12022-06-012023-05-3100097331bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP