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REGISTERED NUMBER: 12996344 (England and Wales)














Financial Statements

for the Year Ended 31 December 2023

for

Formby Ladies' Golf Club Limited

Formby Ladies' Golf Club Limited (Registered number: 12996344)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Formby Ladies' Golf Club Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Miss S K Mo
Mrs S Breen
Mrs M K Williams
Mrs M Duffy
Miss C Nurse
Mrs M C Bailey
Mrs U Bushulte-Nahser
Miss K Fitzgerald
Mrs J A Gray
Mrs C Langton
Mrs M Page
Dr E Pierce





REGISTERED OFFICE: Golf Road
Formby
Liverpool
Merseyside
L37 1YH





REGISTERED NUMBER: 12996344 (England and Wales)





AUDITORS: SB&P
Chartered Accountants & Statutory Auditors
Oriel House
2-8 Oriel Road
Bootle
Liverpool
Merseyside
L20 7EP

Formby Ladies' Golf Club Limited (Registered number: 12996344)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 439,525 363,750
Investments 5 3,514 3,774
443,039 367,524

CURRENT ASSETS
Stocks 6 4,339 4,171
Debtors 7 19,843 25,102
Cash at bank and in hand 498,595 484,928
522,777 514,201
CREDITORS
Amounts falling due within one year 8 299,681 217,605
NET CURRENT ASSETS 223,096 296,596
TOTAL ASSETS LESS CURRENT LIABILITIES 666,135 664,120

RESERVES
Maintenance fund 10 47,258 47,258
Gow fund 10 2,401 2,204
Income and expenditure account 10 616,476 614,658
666,135 664,120

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:




Miss K Fitzgerald - Director



Mrs M Duffy - Director


Formby Ladies' Golf Club Limited (Registered number: 12996344)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Formby Ladies' Golf Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

- Subscriptions, entrance fees and administration fees
Subscriptions and administration fees are credited to revenue in the period to which they relate, and amounts paid in advance are deferred to future periods.
Entrance fees are credited to revenue in the period for which they are due.

- Visitor fees
Visitor fees are credited to revenue in the period to which they relate.
Visitor fees deposits are non-refundable and credited to revenue when they are received.

- Competitions, open meetings, bridge, locker rent and sundry events
Competitions, open meetings, bridge, locker rent and sundry events are credited to revenue in the period to which they relate.

- Bar and catering surplus
Bar and catering surplus represents the value of the bar and catering takings, net of cost of sales and net of VAT.

- Grants
The club received government grants in respect of the Sefton Hospitality & Leisure grant £18,200. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the club will comply with conditions attaching to them and the grants will be received using the accruals model.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost from the date the asset was purchased, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Green shed/course facility1-10 years
Locker room & office1-10 years
Clubhouse leasehold30 years
Plant & machinery1-4 years
Fixtures & fittings1-4 years
Irrigation system1-10 years
Clubhouse additionsOver the remaining period of the lease

Depreciation will continue to be calculated on the remaining useful life of the assets transferred from Formby Ladies Golf Club. Asset additions will be depreciated 4 or 10 years straight line basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Formby Ladies' Golf Club Limited (Registered number: 12996344)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are included at fair value.

Reserves appropriations
Transfers to or from reserve funds for specific purposes are made as the discretion of the council.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

Formby Ladies' Golf Club Limited (Registered number: 12996344)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Green Clubhouse Plant and
shed/clubhouse leasehold machinery
£    £    £   
COST
At 1 January 2023 26,531 2 113,013
Additions 16,091 - 21,427
Disposals - - (1,983 )
At 31 December 2023 42,622 2 132,457
DEPRECIATION
At 1 January 2023 4,904 - 21,435
Charge for year 5,458 - 38,650
Eliminated on disposal - - (608 )
At 31 December 2023 10,362 - 59,477
NET BOOK VALUE
At 31 December 2023 32,260 2 72,980
At 31 December 2022 21,627 2 91,578

Fixtures
and Irrigation
fittings system Totals
£    £    £   
COST
At 1 January 2023 9,930 259,677 409,153
Additions 391 125,413 163,322
Disposals - - (1,983 )
At 31 December 2023 10,321 385,090 570,492
DEPRECIATION
At 1 January 2023 3,311 15,753 45,403
Charge for year 3,953 38,111 86,172
Eliminated on disposal - - (608 )
At 31 December 2023 7,264 53,864 130,967
NET BOOK VALUE
At 31 December 2023 3,057 331,226 439,525
At 31 December 2022 6,619 243,924 363,750

Formby Ladies' Golf Club Limited (Registered number: 12996344)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 3,774
Revaluations (260 )
At 31 December 2023 3,514
NET BOOK VALUE
At 31 December 2023 3,514
At 31 December 2022 3,774

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2022 1,125
Valuation in 2023 (260 )
Cost 2,649
3,514

6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 4,339 4,171

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 13,066 5,505
Prepayments and accrued income 6,777 19,597
19,843 25,102

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Tax 13,870 2,287
VAT 8,940 6,507
Swipe card balance 7,878 8,909
Accruals and deferred income 268,993 199,902
299,681 217,605

Formby Ladies' Golf Club Limited (Registered number: 12996344)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 12,500 12,500
Between one and five years 62,500 62,500
In more than five years 127,084 138,542
202,084 213,542

10. RESERVES
Income
and
expenditure Maintenance
account fund Gow fund Totals
£    £    £    £   

At 1 January 2023 614,658 47,258 2,204 664,120
Surplus for the year 1,818 1,818
Bonus share issue - - 197 197
At 31 December 2023 616,476 47,258 2,401 666,135

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Wendy McNulty FCA (Senior Statutory Auditor)
for and on behalf of SB&P

12. CAPITAL COMMITMENTS

At 31st December 2023, the council has agreed to the expenditure of £60,000 plus VAT in relation to the renovations of the clubhouse and kitchen.