Statutory Filing Copy
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registration No. 00384629 (England and Wales)
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
578,101
528,551
Investments
4
6,556
6,556
584,657
535,107
Current assets
Stocks
20,638
22,017
Trade debtors
22,572
2,512
Other debtors and prepayments
18,410
122,353
Cash at bank and in hand
237,864
129,208
299,484
276,090
Creditors: amounts falling due within one year
Members' loan notes
5
17,500
29,400
Bank loan
5
10,098
9,849
Obligations under finance leases / hire purchase agreements
6
51,979
55,021
Subscriptions received in advance
7
183,420
164,231
Payments received in advance
93,961
31,562
Trade creditors
47,091
26,655
Course development fund
8
616
609
Other creditors and accruals
77,137
32,071
Taxation and social security
12,439
9,502
494,241
358,900
Net current liabilities
(194,757)
(82,810)
Total assets less current liabilities
389,900
452,297
Creditors: amounts falling due after more than one year
Members' loan notes
5
12,200
29,400
Bank loan
5
16,525
26,612
Obligations under finance leases / hire purchase agreements
6
16,008
68,021
(44,733)
(124,033)
Provisions for liabilities
VAT on finance leases
6,604
11,654
(6,604)
(11,654)
Net assets
338,563
316,610
Reserves
338,563
316,610
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 27 February 2024
Signed on its behalf by:
C Smith
Director
Company Registration No. 00384629
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
The Bradford Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hawksworth Lane, Hawksworth, Guiseley, LS20 8NP.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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 buildings
15 years straight line
Clubhouse fixtures & fittings
3 to 15 years straight line
Course equipment
5 to 10 years straight line
Course development
50 years straight line
Freehold land is not depreciated.
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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 profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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 profit or loss, 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
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
The fair value of financial assets traded on active liquid markets are determined by reference to quoted market prices. The fair values of other financial assets at FVTPL are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
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.
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, and loans from members, 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 receipts 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.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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.
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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 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.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons employed by the company during the year was 24 (2022 - 23).
2023
2022
Number
Number
Total
24
23
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
3
Tangible fixed assets
Total
£
Cost
At 1 January 2023
2,561,164
Additions
161,962
Disposals
(38,288)
At 31 December 2023
2,684,838
Depreciation and impairment
At 1 January 2023
2,032,614
Depreciation charged in the year
102,831
Eliminated in respect of disposals
(28,708)
At 31 December 2023
2,106,737
Carrying amount
At 31 December 2023
578,101
At 31 December 2022
528,551
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Fixed asset investments
2023
2022
£
£
Investments
277
277
Loans
6,279
6,279
6,556
6,556
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
Movements in fixed asset investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
277
6,279
6,556
Carrying amount
At 31 December 2023
277
6,279
6,556
At 31 December 2022
277
6,279
6,556
5
Loans
2023
2022
£
£
Bank loans
26,623
36,461
Member loans
29,700
58,800
56,323
95,261
56,323
95,261
Payable within one year
27,598
39,249
Payable after one year
28,725
56,012
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
-
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
6
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
51,979
55,021
In two to five years
16,008
68,021
67,987
123,042
7
Subscriptions in advance
2023
2022
£
£
Subscriptions received relating to the:
2022/23 subscriptions year
-
164,231
2023/24 subscriptions year
183,420
-
183,420
164,231
8
Course development fund
2023
2022
£
£
Income from Fowler Club net of prizes
-
-
Donations
-
-
Sponsorships
-
-
Interest received
7
-
Total income
7
-
Less: Expenditure on course development
-
(750)
Balance
7
(750)
Course development fund brought forward
609
1,359
Course development fund carried forward
616
609
9
General reserves
2023
2022
£
£
At beginning of year
316,610
333,657
Profit for the year
21,953
(17,047)
At end of year
338,563
316,610
THE BRADFORD GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
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. The senior statutory auditor was Alison Whalley for and on behalf of Naylor Wintersgill Limited.
Senior Statutory Auditor:
Alison Whalley
Statutory Auditor:
Azets Audit Services
11
Related party transactions
Other transactions with related parties
During 2012 The Bradford Golf Club Limited issued £349,000 unsecured loan notes at 2.5% above the Bank of England base rate, capped at 6% to fund the clubhouse refurbishment. Interest only was payable for the first two years and capital repayments payable thereafter over ten years starting April 2015 (previously January 2015).
As at 31 December 2023 the balance outstanding and included in creditors (note 15) was £29,700 (2022 - £58,800) and interest of £1,513 (2022 - £1,240) was accrued.
12
Subsidiaries
These financial statements are separate company financial statements for The Bradford Golf Club Limited.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006
not to prepare consolidated accounts.
Details of the company's subsidiaries at 31 December 2023 are as follows:
Country of incorporation (or residence)
Proportion of ownership interest (%)
Proportion of voting power held (%)
Nature of business
The Hawksworth Golf Club Ltd
England and Wales
100.00
100.00
Dormant
The investments in subsidiaries are all stated at cost.
2023-12-312023-01-01false27 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedA BatemanS H BrownN FraserN GartlandC SmithL JordanC D ProctorP JewellA Goodisonfalse003846292023-01-012023-12-31003846292023-12-31003846292022-12-3100384629core:CurrentFinancialInstruments2023-12-3100384629core:CurrentFinancialInstruments2022-12-3100384629core:Non-currentFinancialInstruments2023-12-3100384629core:Non-currentFinancialInstruments2022-12-3100384629bus:Director52023-01-012023-12-3100384629core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3100384629core:FurnitureFittings2023-01-012023-12-3100384629core:ComputerEquipment2023-01-012023-12-3100384629core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-31003846292022-01-012022-12-3100384629core:FinancialInstrumentsIncludingThoseHeldForSale2023-12-3100384629core:FinancialInstrumentsIncludingThoseHeldForSale2022-12-3100384629core:WithinOneYear2023-12-3100384629core:WithinOneYear2022-12-3100384629core:BetweenTwoFiveYears2023-12-3100384629core:BetweenTwoFiveYears2022-12-3100384629core:RetainedEarningsAccumulatedLosses2021-12-3100384629core:RetainedEarningsAccumulatedLosses2023-12-3100384629bus:PrivateLimitedCompanyLtd2023-01-012023-12-3100384629bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3100384629bus:FRS1022023-01-012023-12-3100384629bus:Audited2023-01-012023-12-3100384629bus:Director12023-01-012023-12-3100384629bus:Director22023-01-012023-12-3100384629bus:Director32023-01-012023-12-3100384629bus:Director42023-01-012023-12-3100384629bus:Director62023-01-012023-12-3100384629bus:Director72023-01-012023-12-3100384629bus:Director82023-01-012023-12-3100384629bus:Director92023-01-012023-12-3100384629bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP