REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Taunton & Pickeridge Golf Club Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Taunton & Pickeridge Golf Club Limited |
Taunton & Pickeridge Golf Club Limited (Registered number: 09386981) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Taunton & Pickeridge Golf Club Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
Taunton & Pickeridge Golf Club Limited (Registered number: 09386981) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 | ( |
) | ( |
) |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Revaluation reserve | 10 |
Income and expenditure account |
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. |
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 |
Taunton & Pickeridge Golf Club Limited (Registered number: 09386981) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Taunton & Pickeridge Golf Club Limited is a |
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, unless otherwise stated within these accounting policies |
Turnover |
Turnover represents sales of golf club membership and golf club services including bar and food sales, excluding value added tax.Turnover is recognised in the period to which the membership relates, or in which services are provided. Membership subscriptions received in advance are included within creditors as subscriptions in advance. |
Goodwill |
Negative goodwill arose on the acquisition by the limited company of the golf club business, and represents the difference between the net book value of the assets and liabilities acquired and consideration paid of £Nil. Goodwill is being amortised evenly over 20 years. |
Tangible fixed assets |
Equipment | - |
Assets under construction | - |
Land and Buildings have not been depreciated as the directors are of the opinion that the residual value is at least equal to the book value. |
Once complete, assets under construction are transferred to the relevant asset class and depreciated beginning the period after completion. |
Tangible fixed assets are held at cost. The company took advantage of the transitional provisions on adoption of FRS 102 and deemed previous valuations to be cost on transition. |
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. |
Taunton & Pickeridge Golf Club Limited (Registered number: 09386981) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
Having considered the financial position of the company the Directors are of the opinion that there are no significant doubts about the ability of the company to continue to trade, and therefore the accounts have been prepared on a going concern basis. The balance sheet shows net liabilities at the balance sheet date, but this reflects the significant amount of Subscriptions Received in Advance which are included within short term creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 | ( |
) |
AMORTISATION |
At 1 July 2022 | ( |
) |
Amortisation for year | ( |
) |
At 30 June 2023 | ( |
) |
NET BOOK VALUE |
At 30 June 2023 | ( |
) |
At 30 June 2022 | ( |
) |
Negative goodwill arose on the acquisition by the limited company of the golf club business in 2015 from the unincorporated club, and represents the difference between the net book value of the assets and liabilities acquired and the consideration paid of £Nil. |
5. | TANGIBLE FIXED ASSETS |
Assets |
Land & | under |
Buildings | Equipment | construction | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Transfers | 22,736 | - | (22,736 | ) | - |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The company applied the transitional arrangements of Section 35 of FRS 102 and used a previous valuation as the deemed cost on transition for land and buildings. |
Taunton & Pickeridge Golf Club Limited (Registered number: 09386981) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Debentures |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 14,114 | 1,720 |
Other creditors |
Subscriptions in advance | 492,682 | 417,816 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 7,232 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 81,438 | 103,743 |
Lloyds Bank PLC have a fixed charge on the company's freehold property and a floating charge by way of debenture over all the property or undertakings of the company. |
Hire purchase liabilities are secured over the assets to which they relate. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2022 |
and 30 June 2023 |
Taunton & Pickeridge Golf Club Limited (Registered number: 09386981) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
11. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |