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Registered number: 12411786









FULWELL GOLF CLUB LTD
(A company limited by guarantee)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
FULWELL GOLF CLUB LTD
 
(A company limited by guarantee)
REGISTERED NUMBER: 12411786

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,615,861
2,451,846

  
2,615,861
2,451,846

Current assets
  

Stocks
  
39,989
58,266

Debtors: amounts falling due within one year
 5 
415,760
133,885

Cash at bank and in hand
 6 
1,505,795
1,664,363

  
1,961,544
1,856,514

Creditors: amounts falling due within one year
 7 
(1,420,123)
(1,302,563)

Net current assets
  
 
 
541,421
 
 
553,951

Total assets less current liabilities
  
3,157,282
3,005,797

Creditors: amounts falling due after more than one year
 8 
(291,624)
(357,148)

  

Net assets
  
2,865,658
2,648,649


Capital and reserves
  

Profit and loss account
  
2,865,658
2,648,649

  
2,865,658
2,648,649

Page 1

 
FULWELL GOLF CLUB LTD
 
(A company limited by guarantee)
REGISTERED NUMBER: 12411786
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 November 2023.




Peter Martin Brice
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
FULWELL GOLF CLUB LTD

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Fulwell Golf Club Ltd is a private limited company, limited by guarantee and is registered in England
and Wales. The company's registered number is 12411786. The registered address is Fulwell Golf Club, Wellington Road,Hampton Hill, Middlesex, TW12 1JY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
FULWELL GOLF CLUB LTD

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over 15, 20 or 40 years
Plant and machinery
-
Over 5 or 7 years
Fixtures and fittings
-
Over 5 years
Other fixed assets
-
Over 40 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
FULWELL GOLF CLUB LTD

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2022 - 38).

Page 5

 
FULWELL GOLF CLUB LTD

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
1,844,302
766,975
93,280
135,700
2,840,257


Additions
257,839
103,356
52,612
-
413,807



At 30 September 2023

2,102,141
870,331
145,892
135,700
3,254,064



Depreciation


At 1 October 2022
199,574
158,077
30,759
-
388,410


Charge for the year on owned assets
139,884
90,955
18,954
-
249,793



At 30 September 2023

339,458
249,032
49,713
-
638,203



Net book value



At 30 September 2023
1,762,683
621,299
96,179
135,700
2,615,861



At 30 September 2022
1,644,728
608,898
62,520
135,700
2,451,846


5.


Debtors

2023
2022
£
£


Trade debtors
307,182
-

Other debtors
540
-

Prepayments and accrued income
108,038
133,885

415,760
133,885


Page 6

 
FULWELL GOLF CLUB LTD

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,505,795
1,664,363

1,505,795
1,664,363



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
19,548
8,291

Trade creditors
138,004
52,633

Corporation tax
2,737
146

Other taxation and social security
36,718
16,644

Other creditors
104,144
176,933

Accruals and deferred income
1,118,972
1,047,916

1,420,123
1,302,563


Page 7

 
FULWELL GOLF CLUB LTD

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
291,624
357,148

291,624
357,148


The following liabilities were secured:

2023
2022
£
£



Bank loan
309,110
365,439

309,110
365,439

Details of security provided:

The bank loan is secured on the long leasehold premises.
The bank loan is repayable in monthly instalments over a period exceeding 5 years.  Interest is charged at a rate of 2.44% above the Bank of England base rate per annum.


9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,505,795
1,664,363





10.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

Page 8

 
FULWELL GOLF CLUB LTD

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,940 (2022 - £13,881) .Contributions totalling £4,799 (2022 - £3,183) were payable to the fund at the balance sheet date and are included in creditors.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 14 November 2023 by David Alesbury (Senior statutory auditor) on behalf of Feltons.

Page 9