Company registration number 00794004 (England and Wales)
BLACKWELL GRANGE GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BLACKWELL GRANGE GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
BLACKWELL GRANGE GOLF CLUB LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,089,185
1,923,634
Investments
5
954,237
1,019,733
3,043,422
2,943,367
Current assets
Stocks
960
720
Debtors falling due after more than one year
6
7,500
12,500
Debtors falling due within one year
6
53,552
154,026
Cash at bank and in hand
543,191
699,225
605,203
866,471
Creditors: amounts falling due within one year
7
(239,772)
(222,857)
Net current assets
365,431
643,614
Net assets
3,408,853
3,586,981
Reserves
Income and expenditure account
3,408,853
3,586,981
Members' funds
3,408,853
3,586,981
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 4 January 2024 and are signed on its behalf by:
Mr N Clarke
Mr J A Edgar
Director
Director
Company Registration No. 00794004
BLACKWELL GRANGE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Blackwell Grange Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Club House, Snipe Lane, Darlington, County Durham, United Kingdom, DL2 2SA.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors' have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
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:
Freehold buildings
over 50 years
Property improvements
over 10 to 20 years
Plant and machinery
over 5 years
Fixtures, fittings & equipment
over 5 years
Computer equipment
over 5 years
Freehold land is not depreciated.
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
BLACKWELL GRANGE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.8
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.
1.9
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
1.10
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
BLACKWELL GRANGE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.11
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Retirement benefits to certain employees of the club are provided by the Local Government Pension Scheme (LGPS). This is a defined benefit scheme and the assets are held separately from those of the club.
The LGPS is a funded scheme and the assets are held separately from those of the club in separate trustee administered funds.
The club is grouped with Darlington Borough Council for the purposes of determining assets and liabilities within the scheme and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The LGPS is therefore treated as a defined contribution scheme and the contributions are recognised as they are paid each period.
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,550
3,025
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
BLACKWELL GRANGE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
2,153,729
416,160
2,569,889
Additions
216,018
29,795
245,813
At 30 September 2023
2,369,747
445,955
2,815,702
Depreciation and impairment
At 1 October 2022
269,992
376,263
646,255
Depreciation charged in the year
54,914
25,348
80,262
At 30 September 2023
324,906
401,611
726,517
Carrying amount
At 30 September 2023
2,044,841
44,344
2,089,185
At 30 September 2022
1,883,737
39,897
1,923,634
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
954,236
1,019,732
954,237
1,019,733
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2022
1
1,019,732
1,019,733
Additions
-
301,933
301,933
Valuation changes
-
30,124
30,124
Equalisations
-
(836)
(836)
Disposals
-
(396,717)
(396,717)
At 30 September 2023
1
954,236
954,237
Carrying amount
At 30 September 2023
1
954,236
954,237
At 30 September 2022
1
1,019,732
1,019,733
BLACKWELL GRANGE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,112
2,294
Amounts owed by group undertakings
5,000
123,605
Other debtors
44,440
28,127
53,552
154,026
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
7,500
12,500
Total debtors
61,052
166,526
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,507
8,715
Taxation and social security
4,955
5,000
Other creditors
216,310
209,142
239,772
222,857
Other creditors include subscriptions in advance of £181,627 (2022 - £187,004).
BLACKWELL GRANGE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
8
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,608
11,312
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Certain of the club's employees belong to the Local Government Pension Scheme (LGPS), which is managed by The County Council of Durham. The scheme is a defined benefit scheme.
Contributions amounting to £627 (2022 - £606) were payable to the scheme at 30 September 2023 and are included in creditors.
The club is grouped with Darlington Borough Council (DBC) for the purpose of defining assets and liabilities within the scheme and has agreed to pay an employer contribution rate equal to that of DBC, currently set at 18.3% of pensionable pay for certain employees.
The employer contribution rate paid will not include any additional monetary amounts specified within the triennial actuarial valuation reports.
DBC has agreed to pay the balance of any additional employer contributions required and has agreed to protect the club against the default of any responsibilities under this agreement and to separately indemnify the club against costs, obligations and liabilities arising in respect of the club's participation in the pension scheme, for which the club pay additional contributions.
Under the definitions set out in FRS102, the LGPS schemes are multi-employer pension schemes in respect of this club. The club is unable to identify its share of the underlying assets and liabilities of the schemes. Accordingly, the club has taken advantage of the exemption in FRS102 and has accounted for its contributions to the schemes as if they were a defined contribution scheme.
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
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:
Joanne Regan FCA
Statutory Auditor:
Azets Audit Services
BLACKWELL GRANGE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
11
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
£
£
169,258
78,614
12
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
28,733
-
13
Related party transactions
During the year, the Club purchased £1,208 (2022 - £1,539) for landscaping, greens maintenance and other upkeep services provided by directors of the company. At the balance sheet date the Club owed £nil (2022 - £194) for these services.