Company registration number 00099376 (England and Wales)
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
COMPANY INFORMATION
- 1 -
Directors
Mr M G Bayley
Mr P Callaghan
Mr R A Hunt
Mr M Molesworth
Mr I C Salmon
Mrs R Skilbeck
Mr W Ryan
(Appointed 27 March 2023)
Secretary
Mr B M Frazer
Company number
00099376
Registered office
Golf Lane
Whitnash
Leamington Spa
Warwickshire
England
CV31 2QA
Accountants
Haslehursts Limited
88 Hill Village Road
Four Oaks
Sutton Coldfield
West Midlands
B75 5BE
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,499,588
1,464,238
Current assets
Stocks
12,942
7,503
Debtors
5
110,879
23,137
Cash at bank and in hand
163,395
368,740
287,216
399,380
Creditors: amounts falling due within one year
6
(455,105)
(455,342)
Net current liabilities
(167,889)
(55,962)
Total assets less current liabilities
1,331,699
1,408,276
Creditors: amounts falling due after more than one year
7
(108,720)
(122,137)
Net assets
1,222,979
1,286,139
Reserves
Revaluation reserve
9
418,423
418,423
Income and expenditure account
10
804,556
867,716
Members' funds
1,222,979
1,286,139
The notes on pages 4 to 7 form part of these financial statements.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
Mr M Molesworth
Director
Company registration number 00099376 (England and Wales)
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
The Leamington and County Golf Club Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Golf Lane, Whitnash, Leamington Spa, Warwickshire, England, CV31 2QA.
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.
Expenses include VAT where applicable as the company cannot reclaim all of it.
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
nil
Leasehold improvements
2% straight line
Plant and equipment
Over 20 and 7 years
Fixtures and fittings
10% straight line and 20% straight line
Computers
33% straight line
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
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
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
19
19
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,034
3,054
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,053,044
936,911
2,989,955
Additions
30,734
88,121
118,855
At 31 December 2023
2,083,778
1,025,032
3,108,810
Depreciation and impairment
At 1 January 2023
833,608
692,109
1,525,717
Depreciation charged in the year
43,269
40,236
83,505
At 31 December 2023
876,877
732,345
1,609,222
Carrying amount
At 31 December 2023
1,206,901
292,687
1,499,588
At 31 December 2022
1,219,436
244,802
1,464,238
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,303
1,405
Other debtors
98,576
21,732
110,879
23,137
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,038
4,814
Trade creditors
121,947
31,841
Taxation and social security
17,799
25,999
Other creditors
310,321
392,688
455,105
455,342
THE LEAMINGTON AND COUNTY GOLF CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
The hire purchase is secured on the assets concerned.
The bank loan is secured by a legal charge over the land of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
85,948
90,971
Other creditors
22,772
31,166
108,720
122,137
The hire purchase is secured on the assets concerned.
The bank loan is secured by a legal charge over the land of the company.
8
Members' liability
The company is limited by guarantee, and does not have any share capital. Each member guarantees to contribute up to a maximum of £2 should the company be wound up within one year from the date upon which he or she ceases to be a member.
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
418,423
418,423
10
Income and expenditure account
2023
2022
£
£
At the beginning of the year
867,716
956,722
Deficit for the year
(63,160)
(89,006)
At the end of the year
804,556
867,716
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
£
£
519,717
434,454