Company Registration No. 10377159 (England and Wales)
THE WALSALL GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
THE WALSALL GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE WALSALL GOLF CLUB LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
705,627
745,185
Current assets
Stocks
34,718
25,343
Debtors
5
62,952
53,073
Cash at bank and in hand
177,229
199,591
274,899
278,007
Creditors: amounts falling due within one year
6
(347,128)
(257,408)
Net current (liabilities)/assets
(72,229)
20,599
Total assets less current liabilities
633,398
765,784
Creditors: amounts falling due after more than one year
7
(22,500)
(32,500)
Net assets
610,898
733,284
Capital and reserves
Income and expenditure account
610,898
733,284
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 6 March 2024 and are signed on its behalf by:
Mr G Parker
Director
Company Registration No. 10377159
THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
The Walsall Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Broadway, Walsall, West Midlands, WS1 3EY.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.true
In assessing the going concern basis, the directors have considered the company’s business activities and its financial position. As at 30 June 2023, the company had cash reserves of £177,229, net current liabilities of £72,229 and net assets of £610,898. The directors also consider that future sources of income and continued cost management are adequate to ensure the business continues as a going concern.
The directors continue to closely monitor the company's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.
1.3
Subscription income
Subscription income for the year represents members' annual subscriptions receivable and new members entrance fees. Subscriptions received in advance for the year ended 30 June 2024 are shown within current liabilities.
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 course
nil to 8.33% straight line
Club house
2.5% to 10% straight line
Course plant and equipment
16.67% to 50% straight line
House fixtures and fittings
10% to 50% straight line
Computers
25% straight line
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.
THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments.
1.7
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
Short term trade debtors and other debtors are measured at transaction price, less any impairment.
Basic financial liabilities
Short term trade creditors and other creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.
1.11
VAT where recoverable has been excluded from these accounts. Irrecoverable VAT arises as a consequence of the company's partially exempt status.
THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons employed by the company during the year was 23 (2022 - 21).
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
707,415
245,292
952,707
Additions
6,251
24,741
30,992
At 30 June 2023
713,666
270,033
983,699
Depreciation and impairment
At 1 July 2022
110,565
96,957
207,522
Depreciation charged in the year
23,563
46,987
70,550
At 30 June 2023
134,128
143,944
278,072
Carrying amount
At 30 June 2023
579,538
126,089
705,627
At 30 June 2022
596,850
148,335
745,185
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,584
10,540
Other debtors
51,368
42,533
62,952
53,073
THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
10,000
10,000
Trade creditors
77,870
96,390
Corporation tax
1,150
533
Other taxation and social security
14,527
13,168
Other creditors
30,086
14,770
Accruals and deferred income
202,044
108,603
Advance subscriptions banked
11,451
13,944
347,128
257,408
During the year ended 30 June 2021, a bank loan of £50,000 was received by the company which has been aged in line with the proposed repayment schedule. The loan is to be repaid in equal instalments over 6 years with an interest rate applied of 2.5% per annum. The loan is secured by a government backed lender under the Coronavirus Bounce Back Loan scheme.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
22,500
32,500
During the year ended 30 June 2021, a bank loan of £50,000 was received by the company which has been aged in line with the proposed repayment schedule. The loan is to be repaid in equal instalments over 6 years with an interest rate applied of 2.5% per annum. The loan is secured by a government backed lender under the Coronavirus Bounce Back Loan scheme.
8
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.
9
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:
Robert Kempson ACA
Statutory Auditor:
Edwards
THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
10
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
£
£
Total commitment
203,971
176,873