Company registration number 00341787 (England and Wales)
WHICKHAM GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WHICKHAM GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WHICKHAM GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
740,141
779,938
Current assets
Stocks
11,282
15,068
Debtors
4
38,156
30,726
Cash at bank and in hand
112,443
105,744
161,881
151,538
Creditors: amounts falling due within one year
5
(217,632)
(228,172)
Net current liabilities
(55,751)
(76,634)
Total assets less current liabilities
684,390
703,304
Creditors: amounts falling due after more than one year
6
(77,738)
(96,557)
Net assets
606,652
606,747
Reserves
Income and expenditure account
606,652
606,747
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 financial statements were approved by the board of directors and authorised for issue on 1 March 2024 and are signed on its behalf by:
P Haste
P Courty
Director
Director
Company Registration No. 00341787
WHICKHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Whickham Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Hollinside Park, Fellside Road, Whickham, Newcastle Upon Tyne, Tyne And Wear, United Kingdom, NE16 5BA.
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.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due. Income relates to amounts receivable by the club in respect of members' subscriptions, visitors fees, competition fees, bar and food sales and other income relating to the provision of golf services.
1.4
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:
Buildings
2% Straight line
Plant and machinery
15-20% Straight line
Fixtures, fittings & equipment
15% Straight line
Computer equipment
20% Straight line
Motor vehicles
20% Straight line
Freehold land is not depreciated.
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 surplus or deficit.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
WHICKHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
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.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans, 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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WHICKHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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.
1.10
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.
Government grants relating to property, plant and equipment are treated as deferred income and released to profit or loss over the expected useful lives of the assets concerned.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
17
WHICKHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
991,822
267,340
212,401
13,254
187,124
1,671,941
Additions
8,600
6,210
1,114
15,924
Disposals
(4,428)
(4,428)
At 31 December 2023
991,822
275,940
214,183
14,368
187,124
1,683,437
Depreciation and impairment
At 1 January 2023
394,844
217,223
138,421
11,224
130,291
892,003
Depreciation charged in the year
10,999
11,692
15,162
1,050
16,612
55,515
Eliminated in respect of disposals
(4,222)
(4,222)
At 31 December 2023
405,843
228,915
149,361
12,274
146,903
943,296
Carrying amount
At 31 December 2023
585,979
47,025
64,822
2,094
40,221
740,141
At 31 December 2022
596,978
50,117
73,980
2,030
56,833
779,938
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
30,558
21,125
Corporation tax recoverable
1,350
Prepayments and accrued income
7,598
8,251
38,156
30,726
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase
13,989
17,093
Trade creditors
6,947
25,033
Corporation tax
755
Other taxation and social security
7,028
7,140
Government grants
2,234
2,234
Accruals and deferred income
176,679
166,672
217,632
228,172
WHICKHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Obligations under finance leases and hire purchase
29,337
35,921
Government grants
34,234
36,469
77,738
96,557
Obligations under finance leases and hire purchase are secured on the assets to which they relate. Bank loans are secured by a charge over fixed assets of the company to Lloyds TSB Bank Plc dated 7 February 2011.
7
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Charge to the profit and loss account in respect of defined contribution pensions in the year is £5,020 (2022: £4,822).
8
Members' liability
The company is limited by guarantee with no share capital. The company is limited in that every member undertakes to contribute such amount as may be required in the event of the company being wound up while he or she is a member or within one year after she or he ceases to be a member. The amount to be contributed is £1 in the case of a Limited Member and £2 in the case of any other Member.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
5,445
8,415