REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Formby Ladies' Golf Club Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Formby Ladies' Golf Club Limited |
Formby Ladies' Golf Club Limited (Registered number: 12996344) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Formby Ladies' Golf Club Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Oriel House |
2-8 Oriel Road |
Bootle |
Liverpool |
Merseyside |
L20 7EP |
Formby Ladies' Golf Club Limited (Registered number: 12996344) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Maintenance fund | 10 |
Gow fund | 10 |
Income and expenditure account | 10 |
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 |
Formby Ladies' Golf Club Limited (Registered number: 12996344) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Formby Ladies' Golf Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
- Subscriptions, entrance fees and administration fees |
Subscriptions and administration fees are credited to revenue in the period to which they relate, and amounts paid in advance are deferred to future periods. |
Entrance fees are credited to revenue in the period for which they are due. |
- Visitor fees |
Visitor fees are credited to revenue in the period to which they relate. |
Visitor fees deposits are non-refundable and credited to revenue when they are received. |
- Competitions, open meetings, bridge, locker rent and sundry events |
Competitions, open meetings, bridge, locker rent and sundry events are credited to revenue in the period to which they relate. |
- Bar and catering surplus |
Bar and catering surplus represents the value of the bar and catering takings, net of cost of sales and net of VAT. |
- Grants |
The club received government grants in respect of the Sefton Hospitality & Leisure grant £18,200. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the club will comply with conditions attaching to them and the grants will be received using the accruals model. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible assets, at rates calculated to write off the cost from the date the asset was purchased, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Green shed/course facility | 1-10 years |
Locker room & office | 1-10 years |
Clubhouse leasehold | 30 years |
Plant & machinery | 1-4 years |
Fixtures & fittings | 1-4 years |
Irrigation system | 1-10 years |
Clubhouse additions | Over the remaining period of the lease |
Depreciation will continue to be calculated on the remaining useful life of the assets transferred from Formby Ladies Golf Club. Asset additions will be depreciated 4 or 10 years straight line basis. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Formby Ladies' Golf Club Limited (Registered number: 12996344) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference. |
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 |
Rentals paid under operating leases are charged to surplus or deficit 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. |
Investments |
Investments are included at fair value. |
Reserves appropriations |
Transfers to or from reserve funds for specific purposes are made as the discretion of the council. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Formby Ladies' Golf Club Limited (Registered number: 12996344) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Green | Clubhouse | Plant and |
shed/clubhouse | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixtures |
and | Irrigation |
fittings | system | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Formby Ladies' Golf Club Limited (Registered number: 12996344) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 January 2023 |
Revaluations | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2022 | 1,125 |
Valuation in 2023 | (260 | ) |
Cost | 2,649 |
3,514 |
6. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Tax |
VAT | 8,940 | 6,507 |
Swipe card balance | 7,878 | 8,909 |
Accruals and deferred income |
Formby Ladies' Golf Club Limited (Registered number: 12996344) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | RESERVES |
Income |
and |
expenditure | Maintenance |
account | fund | Gow fund | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 664,120 |
Surplus for the year |
Bonus share issue |
At 31 December 2023 | 666,135 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CAPITAL COMMITMENTS |
At 31st December 2023, the council has agreed to the expenditure of £60,000 plus VAT in relation to the renovations of the clubhouse and kitchen. |