REGISTERED NUMBER: 00064656 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Wearside Golf Club Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Sanders

S Hixon

R R Hall

G Hope

S Fraser

E Patterson

R Tatters

A Thompson

D Bean

P L Pollard

P M Cockburn

SECRETARY:

S A Belchamber

REGISTERED OFFICE:

Coxgreen

Sunderland

Tyne & Wear

SR4 9JT

REGISTERED NUMBER:

00064656 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

BANKERS:

National Westminster Bank Plc

52 Fawcett Street

Sunderland

Tyne and Wear

SR1 1SB

FIXED ASSETS

Tangible assets

4

817,721

751,742

Investments

5

1

1

817,722

751,743

CURRENT ASSETS

Stocks

15,700

-

Debtors

6

241,468

210,421

Cash at bank and in hand

492,269

507,616

749,437

718,037

CREDITORS

Amounts falling due within one year

7

246,128

238,801

NET CURRENT ASSETS

503,309

479,236

TOTAL ASSETS LESS CURRENT LIABILITIES

1,321,031

1,230,979

CREDITORS

Amounts falling due after more than one year

8

-

8,329

NET ASSETS

1,321,031

1,222,650

RESERVES

Special reserves

10,000

10,000

Revaluation reserve

274,787

274,787

Capital reserves

42,142

42,142

Income and expenditure account

994,102

895,721

1,321,031

1,222,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 December 2023 and were signed on its behalf by:

G Hope - Director

1.	STATUTORY INFORMATION

Wearside Golf Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Machinery and equipment

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

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 6 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 October 2022

700,891

731,592

1,432,483

Additions

76,432

27,396

103,828

At 30 September 2023

777,323

758,988

1,536,311

DEPRECIATION

At 1 October 2022

93,310

587,431

680,741

Charge for year

14,373

23,476

37,849

At 30 September 2023

107,683

610,907

718,590

NET BOOK VALUE

At 30 September 2023

669,640

148,081

817,721

At 30 September 2022

607,581

144,161

751,742

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

1

NET BOOK VALUE

At 30 September 2023

1

At 30 September 2022

1

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.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by group undertakings

219,436

200,269

Other debtors

22,032

10,152

241,468

210,421

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 9)

-

11,219

Trade creditors

33,234

20,084

Taxation and social security

7,774

7,631

Other creditors

205,120

199,867

246,128

238,801

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans (see note 9)

-

4,404

Other creditors

-

3,925

-

8,329

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

-

11,219

Amounts falling due between one and two years:

Bank loan

-

4,404

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

-

15,623

The bank borrowing is secured by a legal charge over the company's assets.

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.