38 true false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,000 1,000 1,000 xbrli:pure xbrli:shares iso4217:GBP 02740375 2022-04-01 2023-03-31 02740375 2023-03-31 02740375 2022-03-31 02740375 2021-04-01 2022-03-31 02740375 2022-03-31 02740375 2021-03-31 02740375 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 02740375 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 02740375 core:PlantMachinery 2022-04-01 2023-03-31 02740375 core:FurnitureFittings 2022-04-01 2023-03-31 02740375 core:MotorVehicles 2022-04-01 2023-03-31 02740375 bus:Director1 2022-04-01 2023-03-31 02740375 bus:Director2 2022-04-01 2023-03-31 02740375 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 02740375 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02740375 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 02740375 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 02740375 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 02740375 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 02740375 core:PlantMachinery 2022-03-31 02740375 core:PlantMachinery 2023-03-31 02740375 core:FurnitureFittings 2022-03-31 02740375 core:FurnitureFittings 2023-03-31 02740375 core:MotorVehicles 2022-03-31 02740375 core:MotorVehicles 2023-03-31 02740375 core:AfterOneYear 2023-03-31 02740375 core:AfterOneYear 2022-03-31 02740375 core:WithinOneYear 2023-03-31 02740375 core:WithinOneYear 2022-03-31 02740375 core:ShareCapital 2023-03-31 02740375 core:ShareCapital 2022-03-31 02740375 core:RetainedEarningsAccumulatedLosses 2023-03-31 02740375 core:RetainedEarningsAccumulatedLosses 2022-03-31 02740375 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 02740375 core:Non-currentFinancialInstruments 2023-03-31 02740375 core:Non-currentFinancialInstruments 2022-03-31 02740375 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 02740375 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 02740375 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 02740375 core:PlantMachinery 2022-03-31 02740375 core:FurnitureFittings 2022-03-31 02740375 core:MotorVehicles 2022-03-31 02740375 bus:SmallEntities 2022-04-01 2023-03-31 02740375 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02740375 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02740375 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02740375 bus:FullAccounts 2022-04-01 2023-03-31 02740375 core:OfficeEquipment 2022-04-01 2023-03-31 02740375 core:OfficeEquipment 2022-03-31 02740375 core:OfficeEquipment 2023-03-31 02740375 core:OtherPropertyPlantEquipment 2022-03-31 02740375 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 02740375 core:OtherPropertyPlantEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 02740375
Oake Manor Golf Club Limited
Filleted Unaudited Financial Statements
31 March 2023
Oake Manor Golf Club Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,654,443
1,642,330
Investments
7
1,000
1,000
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
1,655,443
1,643,330
Current assets
Stocks
45,562
33,696
Debtors
8
1,667
2,793
Cash at bank and in hand
262,886
176,861
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
310,115
213,350
Prepayments and accrued income
15,735
6,581
Creditors: amounts falling due within one year
9
187,605
161,099
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Net current assets
138,245
58,832
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities
1,793,688
1,702,162
Creditors: amounts falling due after more than one year
10
589,348
554,357
Provisions
Taxation including deferred tax
50,811
30,916
Accruals and deferred income
303,568
298,111
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
Net assets
849,961
818,778
ÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍ
Capital and reserves
Called up share capital
637,500
637,500
Profit and loss account
212,461
181,278
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Shareholders funds
849,961
818,778
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
Oake Manor Golf Club Limited
Statement of Financial Position (continued)
31 March 2023
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 December 2023 , and are signed on behalf of the board by:
Mr R W King
Mr M J King
Director
Director
Company registration number: 02740375
Oake Manor Golf Club Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oake, Taunton, Somerset, TA4 1BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Description of activities
The principal activity of the company during the year was providing golf facilities to members.
4. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
COVID-19 restrictions were fully lifted during the year, which has enabled trade to steadily improve during the year. The directors have considered the following when deciding to present these accounts on a going concern basis: - The cash available in the club's bank accounts on 31 March 2023 was £262,886, an increase of £86,025 at the end of the previous year. - Membership subscriptions have continued to improve. - There has been an increased focus the provision of entertainment and social and private events which has gained popularity. After considering all the factors and the options available to the entity, the Directors believe it is appropriate to prepare the financial statements on a going concern basis, which anticipates the entity being able to realise its assets and settle liabilities, as they fall due, in the normal course of business.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short term highly liquid investments.
Judgements and key estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Golf course and clubhouse
-
2% straight line
Driving range
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Computer equipment
-
25 % reducing balance
Grass keeping machinery
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2022: 35 ).
6. Tangible assets
At 1 Apr 2022
Additions
Disposals
At 31 Mar 2023
£
£
£
£
Cost
Freehold property
300,000
300,000
Golf course and clubhouse
1,367,110
11,241
1,378,351
Driving range
44,317
44,317
Plant and machinery
255,791
1,733
257,524
Fixtures and fittings
331,440
8,666
340,106
Motor vehicles
51,534
( 19,526)
32,008
Computer equipment
78,232
78,232
Grass-keeping machinery
620,411
62,225
( 16,301)
666,335
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
3,048,835
83,865
( 35,827)
3,096,873
ÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍ
At 1 Apr 2022
Charge for the year
Disposals
At 31 Mar 2023
£
£
£
£
Depreciation
Freehold property
Golf course and clubhouse
234,587
27,567
262,154
Driving range
11,562
886
12,448
Plant and machinery
223,100
5,164
228,264
Fixtures and fittings
294,082
6,904
300,986
Motor vehicles
40,662
2,098
( 19,143)
23,617
Computer equipment
69,906
2,082
71,988
Grass-keeping machinery
532,606
26,326
( 15,959)
542,973
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
1,406,505
71,027
( 35,102)
1,442,430
ÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍ
At 31 Mar 2023
At 31 Mar 2022
£
£
Carrying amount
Freehold property
300,000
300,000
Golf course and clubhouse
1,116,197
1,132,523
Driving range
31,869
32,755
Plant and machinery
29,260
32,691
Fixtures and fittings
39,120
37,358
Motor vehicles
8,391
10,872
Computer equipment
6,244
8,326
Grass-keeping machinery
123,362
87,805
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
1,654,443
1,642,330
ÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍ
7. Investments
Other investments other than loans
£
Cost
At 1 Apr 2022 and 31 Mar 2023
1,000
ÍÍÍÍÍÍÍ
Impairment
At 1 Apr 2022 and 31 Mar 2023
ÍÍÍÍÍÍÍ
Carrying amount
At 31 Mar 2023
1,000
ÍÍÍÍÍÍÍ
At 31 Mar 2022
1,000
ÍÍÍÍÍÍÍ
8. Debtors
2023
2022
£
£
Trade debtors
1,667
2,793
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,832
4,589
Trade creditors
56,315
48,652
Social security and other taxes
122,099
103,203
Pension liability
3,405
2,490
Other creditors
954
2,165
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
187,605
161,099
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,418
16,661
Director loan accounts
149,146
135,084
Other creditors
428,784
402,612
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
589,348
554,357
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
11. Government grants
During the year the company was the recipient of economic benefits as a result of participating in the UK Government's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was £0 (2022: £27,711).
Also during the year the company was the recipient of economic benefits as a result of the Local Authority Covid Business Support Grant. The total funds recognised on an accruals basis from Somerset West & Taunton Council during the year was £0 (2022: £23,215).
12. Directors' advances, credits and guarantees
There were no directors' advances, credits or guarantees in the current or previous year .
13. Related party transactions
There were no transactions with related parties which require disclosure under FRS 102 Section 1A.