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Registration number: 09864355

Enmore Park Golf Club Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Enmore Park Golf Club Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Enmore Park Golf Club Limited

(Registration number: 09864355)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,296,788

1,218,730

Current assets

 

Stocks

31,934

25,271

Debtors

5

37,569

27,810

Cash at bank and in hand

 

57,996

118,962

 

127,499

172,043

Creditors: Amounts falling due within one year

6

(243,324)

(313,654)

Net current liabilities

 

(115,825)

(141,611)

Total assets less current liabilities

 

1,180,963

1,077,119

Creditors: Amounts falling due after more than one year

6

(58,957)

(45,697)

Provisions for liabilities

(13,044)

(9,560)

Net assets

 

1,108,962

1,021,862

Reserves

 

Other reserves

900,632

900,632

Profit and loss account

208,330

121,230

Surplus

 

1,108,962

1,021,862

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Enmore Park Golf Club Limited

(Registration number: 09864355)
Statement of Financial Position as at 31 December 2023 (continued)

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 


Mr D Russell
Director

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a company limited by guarantee, incorporated in England , and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of it being wound up while they are a member, or within one year after they cease to be a member.

The address of its registered office is:
Enmore Park Golf Club
Enmore
Bridgwater
Somerset
TA5 2AN

Principal activity

The principal activity of the company is providing golf facilities to members.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Going concern

Following on from the impact of Covid-19 restrictions which were fully lifted in 2022, the Directors have considered the following when deciding to present these accounts on a going concern basis:

- the cash in the club's bank accounts on 31 December 2023 totalled £57,996.

- membership subscription revenue has increased.

- green fee income has increased.

- the insurance claim for business interruption originally submitted in 2020 and subsequently re-submitted in 2022 has been settled.

After considering the above factors, the Directors believe it is appropriate to prepare the financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2.5% - 10% Straight line

Plant and machinery

7.5%-15% Straight line

Fixtures and fittings

15%-33% Straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 24).

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,501,178

207,097

763,121

2,471,396

Additions

13,485

2,217

152,199

167,901

Disposals

-

(448)

(75,969)

(76,417)

At 31 December 2023

1,514,663

208,866

839,351

2,562,880

Depreciation

At 1 January 2023

560,678

140,905

551,083

1,252,666

Charge for the year

28,619

14,401

45,779

88,799

Eliminated on disposal

-

(447)

(74,926)

(75,373)

At 31 December 2023

589,297

154,859

521,936

1,266,092

Carrying amount

At 31 December 2023

925,366

54,007

317,415

1,296,788

At 31 December 2022

940,500

66,192

212,038

1,218,730

Freehold property includes land with a historical cost of £386,498 (2022: £386,498) which is not depreciated because it has an indefinite useful life and a value in excess of cost.

HSBC hold a legal charge over the freehold property. They also hold a First Legal Mortgage over the freehold property in connection with a loan.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets is £82,549 (2022: £65,572).

5

Debtors

Note

2023
£

2022
£

Other debtors

 

3,891

1,768

Prepayments

 

33,678

20,775

Taxation and social security

-

5,267

 

37,569

27,810

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

27,096

28,592

Trade creditors

 

38,119

138,690

Taxation and social security

 

5,675

161

Accruals and deferred income

 

75,523

56,255

Other creditors

 

96,911

89,956

 

243,324

313,654

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

58,957

45,697

7

Grant income

2023
£

2022
£

Grant income

Recognised in other operating income:

Grant income

2,560

2,190

2,560

2,190

Recognised in accruals and deferred income:

Deferred income - grants

8,050

10,610

8,050

10,610

 

Enmore Park Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Grant income (continued)

Grants recognised in other operating income

The company was the recipient of grants from the England Golf Union and Somerset Golf Union grants. The total funds recognised on an accruals basis during the year was £2,560 (2022: £1,650).

Additionally, in the prior year, the company was the recipient of economic benefits as a result of participating in the UK Government's SSP Grant scheme. The total funds recognised on an accruals basis from the UK Government during the current year was £Nil (2022: £540).

8

Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

Other reserves - This account records the net assets incorporated from Enmore Park Golf Club.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,463

28,271

Hire purchase contracts

40,494

17,426

58,957

45,697

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,808

13,463

Hire purchase contracts

17,288

15,129

27,096

28,592