REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD |
COMPANY INFORMATION |
for the Year Ended 31 MAY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
327 Clifton Drive South |
Lytham St Annes |
Lancashire |
FY8 1HN |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
BALANCE SHEET |
31 MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Revaluation reserve | 11 |
Income and expenditure account | 11 |
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 |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2023 |
1. | STATUTORY INFORMATION |
The Lytham (Green Drive) Golf Club Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Income comprises members' subscription fees and receipts from the sale of goods and services supplied by the Company, net of recoverable value added tax. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Land and buildings held and used in the company's own activities for production and supply of goods or for administrative purposes are stated in the balance sheet at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the balance sheet. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in 'other reserves'. |
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. |
Assets held under finance leases are depreciated in the same manner as owned assets. |
At each balance sheet date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Freehold land is not depreciated. |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Cost or valuation at 31 May 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2022 | 1,665,000 | - | 1,665,000 |
Cost | 17,059 | 1,066,475 | 1,083,534 |
1,682,059 | 1,066,475 | 2,748,534 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
31.5.23 | 31.5.22 |
£ | £ |
Cost | 1,633,475 | 1,633,475 |
Aggregate depreciation | 142,487 | 133,067 |
Value of land in freehold land and buildings | 1,162,500 | 1,162,500 |
Freehold land and buildings were valued on fair value basis on 29 September 2022 by Sanderson Weatherall . |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
Other creditors |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.5.23 | 31.5.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Other loans | 1,388 | 5,450 |
Hire purchase | - | 1,743 |
1,388 | 7,193 |
The bank loans are secured on the Golf Course and the hire purchase contracts are secured on the assets purchased. |
The original bank loan outstanding at the year end is £626,691 (2022: £661,824) repayable over fifteen years. Interest is charged every quarter. |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.5.23 | 31.5.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
In more than five years |
Non-cancellable operating | leases |
31.5.23 | 31.5.22 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
Hire purchase contracts | 73,302 | 71,233 |
THE LYTHAM (GREEN DRIVE) GOLF CLUB LTD (REGISTERED NUMBER: 00191867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2023 |
10. | PROVISIONS FOR LIABILITIES |
31.5.23 | 31.5.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 3,187 | 3,187 |
5,086 | 5,086 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Balance at 31 May 2023 |
11. | RESERVES |
Income |
and |
expenditure | Revaluation |
account | reserve | Totals |
£ | £ | £ |
At 1 June 2022 |
Surplus for the year |
At 31 May 2023 | 856,059 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CAPITAL COMMITMENTS |
31.5.23 | 31.5.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
14. | ULTIMATE CONTROLLING PARTY |
There is no one controlling party. |