Company Registration No. 00093239 (England and Wales)
HEXHAM GOLF CLUB, LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
12 Bessemer Court
Hownsgill Industrial Park
Knitsley Lane
Consett
Co Durham
DH8 7BL
HEXHAM GOLF CLUB, LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 9
HEXHAM GOLF CLUB, LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
481,368
398,950
Current assets
Debtors
4
91,735
85,069
Cash at bank and in hand
30,370
155,019
122,105
240,088
Creditors: amounts falling due within one year
5
(215,337)
(227,386)
Net current (liabilities)/assets
(93,232)
12,702
Total assets less current liabilities
388,136
411,652
Creditors: amounts falling due after more than one year
6
(10,965)
(18,863)
Net assets
377,171
392,789
Reserves
Other reserves
164,455
187,455
Income and expenditure account
8
212,716
205,334
Members' funds
377,171
392,789

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 21 December 2023 and are signed on its behalf by:
Mr G Wilson (Chairman)
Director
Company Registration No. 00093239
HEXHAM GOLF CLUB, LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Other reserves
Income and expenditure
Total
£
£
£
Balance at 1 October 2021
207,213
223,990
431,203
Year ended 30 September 2022:
Surplus and total comprehensive income for the year
-
20,159
20,159
Transfers
23,424
-
0
23,424
Other movements
(43,182)
(38,815)
(81,997)
Balance at 30 September 2022
187,455
205,334
392,789
Year ended 30 September 2023:
Surplus and total comprehensive income for the year
-
7,382
7,382
Other movements
(23,000)
-
(23,000)
Balance at 30 September 2023
164,455
212,716
377,171
HEXHAM GOLF CLUB, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Hexham Golf Club, Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Spital Park, Hexham, Northumberland, NE46 3RZ.

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
Going concern

In determining the appropriateness of the use of the going concern basis of preparation of the financial statements, the directors were required to consider whether the company could continue in operational existence for the foreseeable future. true

 

The directors considered the following in making their assessment;

 

In light of global events which persist at the date of approval of these financial statements, the directors have taken measures to counter the potential impact of any potential inflation and price increases on the company’s operations and the resultant impact on financial headroom.

 

The clubs members show continued support through payment of annual membership subscriptions and the club continues to gain new members.

 

Whilst the above risks and others cannot be completely mitigated and therefore some level of future uncertainty remains, the directors have adopted measures and assessed the financial implications of associated factors outside their control and are satisfied the company has adequate facilities in place to be considered a going concern, and therefore believe preparation of the accounts using the going concern basis to be appropriate.

 

HEXHAM GOLF CLUB, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Income and expenditure

Income arises from all activities undertaken by the Golf Club during the year, including subscriptions, entrance fees and other income from related activities, exclusive of Value Added Tax.

 

Income in respect of subscriptions is recognised on a straight line basis over the term of the subscription or upon participation in a club activity.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

 

Expenditure arises as a result of the above activities undertaken and is included in the financial statements in the period in which the goods or services were utilised.

 

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 land and buildings
0 to 40 years straight line
Equipment
5 to 10 years straight line
Fixtures and fittings
5 to 10 years 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.

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

HEXHAM GOLF CLUB, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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 only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances and loans to or from related parties, including fellow group companies. All such instruments are due within one year, and are measured, initially and subsequently at the transaction price.

 

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.

 

1.8
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

 

Tax is charged only on any non trading loan relationship surplus generated.

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.

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HEXHAM GOLF CLUB, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Leases

Leases and hire purchase agreements 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 balance sheet 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.

1.11
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. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Officers and employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
17
18
HEXHAM GOLF CLUB, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2022
577,610
535,582
119,096
1,232,288
Additions
28,537
96,849
8,675
134,061
Disposals
-
0
(7,828)
-
0
(7,828)
At 30 September 2023
606,147
624,603
127,771
1,358,521
Depreciation and impairment
At 1 October 2022
368,694
363,293
101,351
833,338
Depreciation charged in the year
14,760
32,704
4,179
51,643
Eliminated in respect of disposals
-
0
(7,828)
-
0
(7,828)
At 30 September 2023
383,454
388,169
105,530
877,153
Carrying amount
At 30 September 2023
222,693
236,434
22,241
481,368
At 30 September 2022
208,916
172,289
17,745
398,950

The net book value of assets held under hire purchase agreements included in the above figure is £Nil (2022: £15,350). Depreciation charged in the year on assets held under hire purchase agreements was £Nil (2022: £4,375).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,220
29,523
Other debtors
45,368
42,341
Prepayments and accrued income
10,147
13,205
91,735
85,069
HEXHAM GOLF CLUB, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
-
0
3,300
Trade creditors
2,775
18,018
Taxation and social security
9,022
10,469
Government grants
7,387
9,966
Deferred Income
181,690
177,280
Accruals
14,463
8,353
215,337
227,386
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Government grants
10,965
18,863
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, Every member of the Club undertakes to contribute to the assets of the Club in the event of the same being wound up during the time that they are a member, or within one year afterwards, for payment of the debts and liabilities Club contracted before the time at which he ceases to be a member and of the costs, charges and expenses of winding up the same, and for the adjustment of the rights of the contributories amongst themselves, such amount as may be required not exceeding the amount of his or her annual subscription.

8
Income and expenditure account
2023
2022
£
£
At the beginning of the year
205,334
223,990
Surplus for the year
7,382
20,159
Other
-
(38,815)
At the end of the year
212,716
205,334
HEXHAM GOLF CLUB, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
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.

The senior statutory auditor was Peter Hart and the auditor was TC Group.
10
Events after the reporting date

After the balance sheet date, the club committed to capital expenditure of £11,700.

11
Related party transactions

Hexham Golf Club Limited operates a loan account with Hexham Golf & Hospitality Limited, a company limited by guarantee of which Hexham Golf Club Limited is the sole subscriber.

 

During the year £23,000 (2022: £35,000) was transferred from Hexham Golf Club Limited out of distributable reserves, to Hexham Golf & Hospitality Limited. The transfer was made as a capital injection into Hexham Golf & Hospitality Limited in order to enhance the capital position of the company, the funds have been designated as a non-distributable reserve in Hexham Golf & Hospitality Limited.

 

At 30 September 2023 a balance of £17,919 (2022: £25,773) was owed to Hexham Golf Club Limited by Hexham Golf & Hospitality Limited.

 

No interest has been charged by Hexham Golf Club Limited on this balance.

2023-09-302022-10-01false03 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr William StevensonMr Graeme WilsonMs Janet PurdyMr John J KielyMr Sean HeadsMr David J DonaldsonMr Ian CrawfordMr Stephen BrownMs Anne J D BennettMr Martin BaylyMs Sarah L MatherMr Damon WattsMr P J Smithfalse000932392022-10-012023-09-30000932392023-09-30000932392022-09-3000093239core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3000093239core:PlantMachinery2023-09-3000093239core:FurnitureFittings2023-09-3000093239core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-3000093239core:PlantMachinery2022-09-3000093239core:FurnitureFittings2022-09-3000093239core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3000093239core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3000093239core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3000093239core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3000093239core:CurrentFinancialInstruments2023-09-3000093239core:CurrentFinancialInstruments2022-09-3000093239core:OtherMiscellaneousReserve2023-09-3000093239core:OtherMiscellaneousReserve2022-09-3000093239core:RetainedEarningsAccumulatedLosses2023-09-3000093239core:RetainedEarningsAccumulatedLosses2022-09-3000093239core:OtherMiscellaneousReserve2021-09-3000093239core:RetainedEarningsAccumulatedLosses2021-09-30000932392021-09-3000093239core:RetainedEarningsAccumulatedLosses2022-09-3000093239bus:Chairman2022-10-012023-09-3000093239core:RetainedEarningsAccumulatedLosses2021-10-012022-09-30000932392021-10-012022-09-3000093239core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3000093239core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-012023-09-3000093239core:PlantMachinery2022-10-012023-09-3000093239core:FurnitureFittings2022-10-012023-09-3000093239core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-3000093239core:PlantMachinery2022-09-3000093239core:FurnitureFittings2022-09-30000932392022-09-3000093239core:Non-currentFinancialInstruments2023-09-3000093239core:Non-currentFinancialInstruments2022-09-3000093239bus:CompanyLimitedByGuarantee2022-10-012023-09-3000093239bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3000093239bus:FRS1022022-10-012023-09-3000093239bus:Audited2022-10-012023-09-3000093239bus:Director12022-10-012023-09-3000093239bus:Director22022-10-012023-09-3000093239bus:Director32022-10-012023-09-3000093239bus:Director42022-10-012023-09-3000093239bus:Director52022-10-012023-09-3000093239bus:Director62022-10-012023-09-3000093239bus:Director72022-10-012023-09-3000093239bus:Director82022-10-012023-09-3000093239bus:Director92022-10-012023-09-3000093239bus:Director102022-10-012023-09-3000093239bus:Director112022-10-012023-09-3000093239bus:Director122022-10-012023-09-3000093239bus:CompanySecretary12022-10-012023-09-3000093239bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP