REGISTERED NUMBER: 00131626 (England and Wales)

Wells(Somerset)Golf Club,Limited

Unaudited Financial Statements for the Year Ended 31 December 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R K Sheard

REGISTERED OFFICE:

Club House

East Horrington Road

Wells

Somerset

BA5 3DS

REGISTERED NUMBER:

00131626 (England and Wales)

ACCOUNTANTS:

Webb & Co Ltd

Accountants and Business Advisers

One New Street

Wells

Somerset

BA5 2LA

FIXED ASSETS

Tangible assets

3

1,284,677

1,307,619

CURRENT ASSETS

Stocks

41,800

44,153

Debtors

4

2,192

4,394

Cash at bank and in hand

220,423

47,589

264,415

96,136

CREDITORS

Amounts falling due within one year

5

182,633

205,923

NET CURRENT ASSETS/(LIABILITIES)

81,782

(109,787

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,366,459

1,197,832

CREDITORS

Amounts falling due after more than one year

6

196,498

116,193

NET ASSETS

1,169,961

1,081,639

RESERVES

Revaluation reserve

361,231

361,231

Retained earnings

808,730

720,408

1,169,961

1,081,639

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 February 2024 and were signed by:

R K Sheard - Director

1.	ACCOUNTING POLICIES

General information and basis of preparing the financial statements

Wells (Somerset) Golf Club Limited is a company limited by guarantee incorporated in England, United Kingdom. The registered office of the company is Club House, Blackheath Lane, East Horrington, Wells, Somerset, BA5 3DS.

The nature of the company's operations and principal activities is that of providing golf and social activities at the club.

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 "Smaller 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.

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.

Revenue recognition

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from golf membership subscriptions is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to months of membership remaining.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Freehold property is carried at fair value in line with external professional valuations or estimates provided by the directors.

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:

Freehold property 2% straight line - land is not depreciated

Plant and machinery 5%, 10%, 20% and 33.3% straight line

Fixtures and fittings 10% straight line

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. Cost us calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 22 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2023

1,311,348

335,544

179,765

1,826,657

Additions

-

8,585

-

8,585

At 31 December 2023

1,311,348

344,129

179,765

1,835,242

DEPRECIATION

At 1 January 2023

83,997

260,172

174,869

519,038

Charge for year

6,262

23,417

1,848

31,527

At 31 December 2023

90,259

283,589

176,717

550,565

NET BOOK VALUE

At 31 December 2023

1,221,089

60,540

3,048

1,284,677

At 31 December 2022

1,227,351

75,372

4,896

1,307,619

Cost or valuation at 31 December 2023 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

Valuation in 2003

640,865

-

-

640,865

Valuation in 2007

(234,493

)

-

-

(234,493

)

Valuation in 2012

(250,000

)

-

-

(250,000

)

Valuation in 2019

143,457

-

-

143,457

Valuation in 2021

15,300

-

-

15,300

Cost

996,219

344,129

179,765

1,520,113

1,311,348

344,129

179,765

1,835,242

The land and buildings were professionally valued by N P S Oliver MRICS of Cooper & Tanner LLP on 13 January 2020 at an open market value of £1,235,000, and confirmation obtained from the director that the valuation remains unchanged at the balance sheet date.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

792

20

Other debtors

1,400

4,374

2,192

4,394

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

5,200

5,000

Hire purchase contracts

19,948

19,193

Trade creditors

41,082

32,758

Taxation and social security

10,246

21,935

Other creditors

106,157

127,037

182,633

205,923

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

31,581

37,001

Hire purchase contracts

34,467

47,092

Other creditors

130,450

32,100

196,498

116,193

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

100,000

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

36,781

42,001

Hire purchase contracts

54,415

66,285

91,196

108,286

The bank loan and overdraft are secured by a First Legal Charge dated 29 August 2007 over freehold property know as Wells Somerset Golf Club, Blackheath Lane, East Horrington, Wells, Somerset, BA5 3DS.

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattel, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future dated 28 August 2007.

The hire purchase liability is secured over the assets to which it relates.