Company registration number 11909243 (England and Wales)
ST IVES (HUNTS) GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ST IVES (HUNTS) GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ST IVES (HUNTS) GOLF CLUB LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
9,069,460
8,915,509
Current assets
Stocks
7
113,703
94,921
Debtors
8
100,541
63,137
Investments
9
3,237,211
3,274,111
Cash at bank and in hand
1,026,891
168,188
4,478,346
3,600,357
Creditors: amounts falling due within one year
10
(468,948)
(271,454)
Net current assets
4,009,398
3,328,903
Total assets less current liabilities
13,078,858
12,244,412
Provisions for liabilities
Deferred tax liability
11
40,908
(40,908)
-
Net assets
13,037,950
12,244,412
Reserves
Income and expenditure account
13,037,950
12,244,412
Members' funds
13,037,950
12,244,412
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
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 February 2024 and are signed on its behalf by:
D S Woolf
Director
Company registration number 11909243 (England and Wales)
ST IVES (HUNTS) GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
St Ives (Hunts) Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Needingworth Road, St Ives, PE27 4AD.
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.
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
Atruet 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
Membership fees, entrance fees, green fees, functions and catering sales are recognised as revenue in the year to which they relate. Expenses are included in the financial statements as they become due in respect of goods or services received.
Expenses include VAT where applicable as the company cannot reclaim it.
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:
Freehold land and buildings
Nil
Plant and equipment
15% straight line
Fixtures and fittings
15% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ST IVES (HUNTS) GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in surplus or deficit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ST IVES (HUNTS) GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Taxation
The tax currently payable is based on taxable profit for the year on interest receivable, rent receivable and income generated from non-members. Taxable profit differs from net profit as reported in the income and expenditure 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 date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ST IVES (HUNTS) GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,500
8,000
For other services
Taxation compliance services
5,625
5,000
All other non-audit services
4,600
10,225
5,000
4
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
35
33
ST IVES (HUNTS) GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
8,647,452
1,151,507
361,148
10,160,107
Additions
143,953
97,076
22,742
263,771
At 30 June 2023
8,791,405
1,248,583
383,890
10,423,878
Depreciation and impairment
At 1 July 2022
951,871
292,727
1,244,598
Depreciation charged in the year
90,869
18,951
109,820
At 30 June 2023
1,042,740
311,678
1,354,418
Carrying amount
At 30 June 2023
8,791,405
205,843
72,212
9,069,460
At 30 June 2022
8,647,452
199,636
68,421
8,915,509
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through surplus or deficit
3,237,211
3,274,111
7
Stocks
2023
2022
£
£
Finished goods and goods for resale
113,703
94,921
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,735
21,117
Corporation tax recoverable
5,000
Other debtors
10,433
Prepayments and accrued income
71,373
42,020
100,541
63,137
ST IVES (HUNTS) GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
9
Current asset investments
2023
2022
£
£
Unlisted investments
3,237,211
3,274,111
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
71,058
56,823
Corporation tax
181,230
2,192
Other taxation and social security
23,152
14,935
Other creditors
63,015
54,824
Accruals and deferred income
130,493
142,680
468,948
271,454
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Fixed asset timing differences
44,814
-
Short term timing differences
(574)
-
Losses and other deductions
(3,332)
-
40,908
-
2023
Movements in the year:
£
Liability at 1 July 2022
-
Charge to profit or loss
40,908
Liability at 30 June 2023
40,908
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
ST IVES (HUNTS) GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
12
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jayson Lawson
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
11 March 2024
14
Financial commitments, guarantees and contingent liabilities
The company's bankers hold a fixed charge over a deposit account held at the bank.
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
8,410
9,736
Between two and five years
7,304
15,272
15,714
25,008
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
35,200
25,000
Between two and five years
35,700
25,000
70,900
50,000
2023-06-302022-07-01false11 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedD S WoolfD J CopeS KnightM A LongC SpearingN J StorkR W PeekN PritchardT Twitchettfalse119092432022-07-012023-06-30119092432023-06-30119092432022-06-3011909243core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3011909243core:PlantMachinery2023-06-3011909243core:FurnitureFittings2023-06-3011909243core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-3011909243core:PlantMachinery2022-06-3011909243core:FurnitureFittings2022-06-3011909243core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3011909243core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3011909243core:CurrentFinancialInstruments2023-06-3011909243core:CurrentFinancialInstruments2022-06-3011909243core:RetainedEarningsAccumulatedLosses2023-06-3011909243core:RetainedEarningsAccumulatedLosses2022-06-3011909243bus:Director12022-07-012023-06-3011909243core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-012023-06-3011909243core:PlantMachinery2022-07-012023-06-3011909243core:FurnitureFittings2022-07-012023-06-30119092432021-04-012022-06-3011909243core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-3011909243core:PlantMachinery2022-06-3011909243core:FurnitureFittings2022-06-30119092432022-06-3011909243core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-06-3011909243core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-06-3011909243core:WithinOneYear2023-06-3011909243core:WithinOneYear2022-06-3011909243core:BetweenTwoFiveYears2023-06-3011909243core:BetweenTwoFiveYears2022-06-3011909243bus:CompanyLimitedByGuarantee2022-07-012023-06-3011909243bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3011909243bus:FRS1022022-07-012023-06-3011909243bus:Audited2022-07-012023-06-3011909243bus:Director22022-07-012023-06-3011909243bus:Director32022-07-012023-06-3011909243bus:Director42022-07-012023-06-3011909243bus:Director52022-07-012023-06-3011909243bus:Director62022-07-012023-06-3011909243bus:Director72022-07-012023-06-3011909243bus:Director82022-07-012023-06-3011909243bus:Director92022-07-012023-06-3011909243bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP