Company Registration No. 02600035 (England and Wales)
EATON GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EATON GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
EATON GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,555,096
1,488,536
Investments
4
330
307
1,555,426
1,488,843
Current assets
Stocks
3,239
3,424
Debtors
5
9,423
9,708
Cash at bank and in hand
648,467
624,508
661,129
637,640
Creditors: amounts falling due within one year
6
(325,888)
(315,134)
Net current assets
335,241
322,506
Net assets
1,890,667
1,811,349
Capital and reserves
Called up share capital
7
1,505,000
1,505,000
Share premium account
88,250
88,250
Other reserves
330
307
Profit and loss reserves
9
297,087
217,792
Total equity
1,890,667
1,811,349
The directors of the company have elected not to include a copy of the profit and loss 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 19 February 2024 and are signed on its behalf by:
I Beech (Chair)
Director
Company registration number 02600035 (England and Wales)
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Eaton Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Guy Lane, Waverton, Chester, Cheshire, CH3 7PH.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents member subscriptions, green fees, bar sales and other related income and is shown net of value added tax and other sales related taxes where applicable.
1.3
Tangible fixed assets
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:
Golf Course (long leasehold)
2% on cost allowing for residual value
Clubhouse (long leasehold)
2% on cost allowing for residual value
Plant & machinery
between 10% & 16% on cost
Fixtures and fittings
between 10% & 33% on cost
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 profit or loss.
1.4
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
14
13
3
Tangible fixed assets
Golf Course (long leasehold)
Clubhouse (long leasehold)
Plant & machinery
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2023
1,255,688
500,116
649,343
289,483
2,694,630
Additions
3,550
38,165
116,591
158,306
Disposals
(33,309)
(23,895)
(57,204)
At 31 December 2023
1,259,238
500,116
654,199
382,179
2,795,732
Depreciation and impairment
At 1 January 2023
335,007
147,581
498,823
224,683
1,206,094
Depreciation charged in the year
13,639
5,001
51,818
21,288
91,746
Eliminated in respect of disposals
(33,309)
(23,895)
(57,204)
At 31 December 2023
348,646
152,582
517,332
222,076
1,240,636
Carrying amount
At 31 December 2023
910,592
347,534
136,867
160,103
1,555,096
At 31 December 2022
920,681
352,535
150,520
64,800
1,488,536
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
330
307
Fixed asset investments revalued
The company owns 691 shares in the Lloyds Bank group which were acquired at a cost of £0.25. These listed investments are non-convertible ordinary shares listed on the London Stock exchange measured at fair value through the profit or loss, the quoted market price amounted to £330 at 31 December 2023 (2022: £307).
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
307
Valuation changes
23
At 31 December 2023
330
Carrying amount
At 31 December 2023
330
At 31 December 2022
307
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
9,423
9,708
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,777
21,772
Subscriptions in advance
192,915
182,086
Other taxation and social security
10,546
9,871
Other creditors
42,745
38,574
Accruals and deferred income
57,905
62,831
325,888
315,134
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,505 Ordinary of £1000 each
1,505,000
1,505,000
1,505,000
1,505,000
8
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:
Stephanie Baker BA(Hons) ACA
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
19 February 2024
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
217,792
172,733
Profit for the year
79,295
45,059
At the end of the year
297,087
217,792
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
4,415
4,415
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
14,206
20,538
In August 1991 the company entered into a 105 year lease for the land on the south side of Guy Lane, Waverton, Chester (CH3 7PH).
12
Related party transactions
Due to the wide range of membership it is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving such organisations are conducted at arms length.
13
Ultimate controlling party
There is no ultimate controlling party. All members who hold shares within the company have one voting right.