REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2023 |
for |
Wearside Golf Club Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2023 |
for |
Wearside Golf Club Limited |
Wearside Golf Club Limited (Registered number: 00064656) |
Contents of the Financial Statements |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Wearside Golf Club Limited |
Company Information |
for the year ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
BANKERS: |
52 Fawcett Street |
Sunderland |
Tyne and Wear |
SR1 1SB |
Wearside Golf Club Limited (Registered number: 00064656) |
Statement of Financial Position |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
RESERVES |
Special reserves |
Revaluation reserve |
Capital reserves |
Income and expenditure account |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Wearside Golf Club Limited (Registered number: 00064656) |
Statement of Financial Position - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wearside Golf Club Limited (Registered number: 00064656) |
Notes to the Financial Statements |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Wearside Golf Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate. |
Turnover |
Turnover represents amounts receivable for goods and services excluding value added tax. |
Tangible fixed assets |
Land and buildings | - |
Machinery and equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stock is valued at the lower of costs and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to surplus or deficit over the relevant period. The capital element of the future payments is treated as a liability. |
In order to comply with FRS102, hire purchase liabilities have been restated to fair value. This means that the annual hire purchase interest charge has been calculated under the sum-of-digits method, whereas previously the annual hire purchase interest charge had been calculated under straight line method. |
Deferred income |
Income arising from the sale of life memberships is recognised at a rate equivalent to the annual rate for a gentleman's subscription. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Wearside Golf Club Limited (Registered number: 00064656) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Cost or valuation at 30 September 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2006 | 455,826 | - | 455,826 |
Valuation in 2017 | (290,000 | ) | - | (290,000 | ) |
Cost | 611,497 | 758,988 | 1,370,485 |
777,323 | 758,988 | 1,536,311 |
The revaluation in 2017 took place on 30 September 2017 and was performed by Robertson Simpson. The directors consider this valuation to be a true reflection of the current value of land & buildings. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The investment in the subsidiary represents 100% of the ordinary share capital held in Wearside Golf Club (Trading) Limited, which was incorporated in the year. |
Wearside Golf Club Limited (Registered number: 00064656) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
Other creditors |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loan |
Amounts falling due between one and two years: |
Bank loan |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank borrowing is secured by a legal charge over the company's assets. |
Wearside Golf Club Limited (Registered number: 00064656) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
11. | RELATED PARTY DISCLOSURES |
Mr I Smith |
A director of the company. |
During the year I Smith paid rent of £3,900 (2022 - £3,900) to the Golf Club. |
12. | MEMBERS' UNDERTAKING |
The company is limited by guarantee in that every member undertakes to contribute such amounts as may be required in the event of the company being wound up, for the payments of debts and liabilities and for the costs of winding up, not exceeding £1. |