Company registration number 00038716 (England and Wales)
INCORPORATED SUTTON COLDFIELD GOLF CLUB
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INCORPORATED SUTTON COLDFIELD GOLF CLUB
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
INCORPORATED SUTTON COLDFIELD GOLF CLUB
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
767,475
768,879
Current assets
Stocks
9,618
9,446
Debtors
4
80,988
72,272
Cash at bank and in hand
364,788
290,744
455,394
372,462
Creditors: amounts falling due within one year
5
(425,357)
(390,879)
Net current assets/(liabilities)
30,037
(18,417)
Total assets less current liabilities
797,512
750,462
Creditors: amounts falling due after more than one year
6
(79,655)
(105,540)
Net assets
717,857
644,922
Reserves
Income and expenditure account
9
717,857
644,922
Members' funds
717,857
644,922
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 26 March 2024 and are signed on its behalf by:
Mr S G Rochester FCA
Director
Company registration number 00038716 (England and Wales)
INCORPORATED SUTTON COLDFIELD GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Incorporated Sutton Coldfield Golf Club is a private company limited by guarantee incorporated in England and Wales. The registered office is 110 Thornhill Road, Sutton Coldfield, West Midlands, England, B74 3ER.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Income represents golfing income receivable and bar sales (excluding VAT).
Subscriptions received for life memberships are credited to profit or loss over a period of years. Each year the amount credited is that years equivalent subscription rate, with the remainder of the life membership subscription being carried forward until it has been fully utilised.
The subscription year runs from 1 April to 31 March.
Expenses include VAT where applicable as the company is subject to partial exemption.
1.3
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 land and buildings
2% reducing balance
Plant and equipment
20% straight line on cost
Fixtures and fittings
10% and 20% straight line on cost
Course improvements
4% straight line 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 surplus or deficit.
1.4
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
INCORPORATED SUTTON COLDFIELD GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
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 statement of financial position 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
INCORPORATED SUTTON COLDFIELD GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Short term debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loan's receivable is measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the 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.
INCORPORATED SUTTON COLDFIELD GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
23
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Course improvements
Total
£
£
£
£
Cost
At 1 January 2023
573,904
1,249,290
1,823,194
Additions
9,213
29,998
49,666
88,877
Disposals
(4,375)
(4,375)
At 31 December 2023
583,117
1,274,913
49,666
1,907,696
Depreciation and impairment
At 1 January 2023
144,050
910,265
1,054,315
Depreciation charged in the year
10,914
74,992
85,906
At 31 December 2023
154,964
985,257
1,140,221
Carrying amount
At 31 December 2023
428,153
289,656
49,666
767,475
At 31 December 2022
429,854
339,025
768,879
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
42,835
45,135
Other debtors
34,221
23,205
77,056
68,340
Deferred tax asset
3,932
3,932
80,988
72,272
INCORPORATED SUTTON COLDFIELD GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Obligations under finance leases
29,520
25,287
Trade creditors
71,963
46,530
Corporation tax
394
Other taxation and social security
28,626
28,598
Other creditors
265,699
239,513
Accruals and deferred income
19,155
40,951
425,357
390,879
Finance lease obligations are secured against the assets included within the agreements.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14,167
24,167
Obligations under finance leases
64,208
79,133
Other creditors
1,280
2,240
79,655
105,540
Finance lease obligations are secured against the assets included within the agreements.
7
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,615
10,361
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
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.
INCORPORATED SUTTON COLDFIELD GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Income and expenditure account
2023
2022
£
£
At the beginning of the year
644,922
512,353
Surplus for the year
72,935
132,569
At the end of the year
717,857
644,922
10
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:
Stuart Penfold
Statutory Auditor:
Haslehursts Limited
Date of audit report:
26 March 2024
11
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
£
£
1,479,784
1,541,340
12
Related party transactions
Key management personnel are considered to be the directors. During the year the directors received £nil remuneration for their services to the club (2022 - £nil).
Loans owing to members at the year end amount to £11,000 (2022 - £9,203).