The Tynemouth Golf Club,Limited
Filleted Accounts
30 June 2023
Registered number
00130377
The Tynemouth Golf Club,Limited
Registered number: 00130377
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 441,440 448,176
Current assets
Stocks 15,895 17,798
Debtors 4 22,592 32,213
Cash at bank and in hand 702,795 613,971
741,282 663,982
Creditors: amounts falling due within one year 5 (520,265) (525,865)
Net current assets 221,017 138,117
Total assets less current liabilities 662,457 586,293
Creditors: amounts falling due after more than one year 6 (61,359) (76,727)
Net assets 601,098 509,566
Capital and reserves
Profit and loss account 601,098 509,566
Shareholder's funds 601,098 509,566
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Dilks
Chair
Approved by the board on 11 October 2023
The Tynemouth Golf Club,Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Greenkeepers equipment building 6.25% straight line
Clubhouse - leasehold improvements 6.25%-7.25% straight line
Clubhouse - minor items 10% straight line
Course machinery - major items 10% straight line
Course machinery - minor items 10% straight line
Office computers 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 15
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 913,638
Additions 66,718
Disposals (19,195)
At 30 June 2023 961,161
Depreciation
At 1 July 2022 465,462
Charge for the year 72,243
On disposals (17,984)
At 30 June 2023 519,721
Net book value
At 30 June 2023 441,440
At 30 June 2022 448,176
4 Debtors 2023 2022
£ £
Trade debtors 3,220 11,140
Other debtors 19,372 21,073
22,592 32,213
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,220 11,220
Obligations under finance lease and hire purchase contracts 33,287 36,141
Trade creditors 29,397 46,811
Taxation and social security costs 1,053 6,147
Other creditors 445,308 425,546
520,265 525,865
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,221 34,347
Obligations under finance lease and hire purchase contracts 37,138 42,380
61,359 76,727
7 Other information
The Tynemouth Golf Club,Limited is a private company limited by guarantee and incorporated in England. Its registered office is:
Spital Dene
Tynemouth
Tyne and Wear
NE30 2ER
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