REGISTERED NUMBER: |
Wells(Somerset)Golf Club,Limited |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Wells(Somerset)Golf Club,Limited |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wells(Somerset)Golf Club,Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants and Business Advisers |
One New Street |
Wells |
Somerset |
BA5 2LA |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
RESERVES |
Revaluation reserve |
Retained earnings |
The director acknowledges his 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 profit or loss 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. |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
General information and basis of preparing the financial statements |
Wells (Somerset) Golf Club Limited is a company limited by guarantee incorporated in England, United Kingdom. The registered office of the company is Club House, Blackheath Lane, East Horrington, Wells, Somerset, BA5 3DS. |
The nature of the company's operations and principal activities is that of providing golf and social activities at the club. |
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 "Smaller Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £. |
Revenue recognition |
Sale of goods |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover from golf membership subscriptions is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to months of membership remaining. |
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Freehold property is carried at fair value in line with external professional valuations or estimates provided by the directors. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold property 2% straight line - land is not depreciated |
Plant and machinery 5%, 10%, 20% and 33.3% straight line |
Fixtures and fittings 10% straight line |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost us calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
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. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
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: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2003 | 640,865 | - | - | 640,865 |
Valuation in 2007 | (234,493 | ) | - | - | (234,493 | ) |
Valuation in 2012 | (250,000 | ) | - | - | (250,000 | ) |
Valuation in 2019 | 143,457 | - | - | 143,457 |
Valuation in 2021 | 15,300 | - | - | 15,300 |
Cost | 996,219 | 344,129 | 179,765 | 1,520,113 |
1,311,348 | 344,129 | 179,765 | 1,835,242 |
The land and buildings were professionally valued by N P S Oliver MRICS of Cooper & Tanner LLP on 13 January 2020 at an open market value of £1,235,000, and confirmation obtained from the director that the valuation remains unchanged at the balance sheet date. |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 100,000 | - |
Wells(Somerset)Golf Club,Limited (Registered number: 00131626) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 54,415 | 66,285 |
The bank loan and overdraft are secured by a First Legal Charge dated 29 August 2007 over freehold property know as Wells Somerset Golf Club, Blackheath Lane, East Horrington, Wells, Somerset, BA5 3DS. |
Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattel, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future dated 28 August 2007. |
The hire purchase liability is secured over the assets to which it relates. |