REGISTERED NUMBER: |
Piltdown Golf Club Ltd |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Piltdown Golf Club Ltd |
Financial Statements for the Year Ended 31 December 2023 |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Piltdown Golf Club Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand | 7 |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
9 |
NET ASSETS |
RESERVES |
Junior fund | 11 |
Income and expenditure account | 11 | 1,170,683 |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income and Expenditure Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Piltdown Golf Club Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Income |
Subscriptions from members are shown after deducting rebates in respect of the members' unsecured loans. |
Entrance fees are credited to income in the year in which they are received. Fees payable by instalment and outstanding at the year end are shown in other debtors and the accrued income in other creditors. |
Income in the accounts is shown net of value added tax (where applicable). |
Tangible fixed assets |
Depreciation is calculated to write off the cost of all tangible fixed assets, over their estimated useful lives at the following rates: |
Freehold property | straight line over 50 years |
Freehold land | non-depreciating |
Outbuildings | straight line over 20 years |
Other assets | straight line between 2 and 20 years |
Stocks |
Stocks are valued at the lower of cost and net realisable value after making due provision for obsolescence. |
Taxation |
The club is liable to corporation tax on its investment income only. |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants in respect of capital expenditure are credited to a deferred income account and released to profit over the expected useful lives of the relevant assets in equal annual instalments. |
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
Hire purchase and leasing commitments |
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract. |
Reserves and funds |
Retained earnings are used in accordance with the Articles of Association at the discretion of the directors. |
Other funds are created and maintained for particular restricted purposes and further details of these are included in note 11. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Course | Course |
property | improvements | plant |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Auto |
Clubhouse | water and | Driving |
equipment | Sewerage | range | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included within the net book value of tangible fixed assets is £278,430 (2022 - £114,672) in respect of assets held under finance leases. Depreciation for the year on those assets was £40,524 (2022 - £21,025). |
At December 2023, the cost of the freehold property comprised freehold land at Piltdown, the clubhouse with its various extensions and other buildings, including the professional's shop, the plant shed and workshop. |
5. | STOCKS |
2023 | 2022 |
as | restated |
£ | £ |
Bar | 6,903 | 5,299 |
Catering |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade debtors |
Other debtors |
7. | CASH AT BANK AND IN HAND |
2023 | 2022 |
as | restated |
£ | £ |
Barclays business saver |
account |
Barclays current account | 91,632 | 220,891 |
Cash in hand |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Other creditors |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
as | restated |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Members' unsecured loan |
2023-2027 |
2017 members' unsecured loans | - | 49,000 |
The first annual repayment for the members' loan 2023-27 is now not expected to be before 31 December 2028. |
The members 2017 unsecured members' loans are repayable to members 10 years from the date of the loan agreement or within one year of the lender ceasing to be a member of the club, or earlier at the option of the club. |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
as | restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
as | restated |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Piltdown Golf Club Ltd (Registered number: 12306188) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RESERVES |
Income |
and |
expenditure | Junior |
account | fund | Totals |
£ | £ | £ |
At 1 January 2023 | 1,202,409 | 1,205,728 |
Prior year adjustment | ( |
) | ( |
) |
1,170,683 | 1,174,002 |
Surplus for the year |
Fund utilisation | - | ( |
) | ( |
) |
At 31 December 2023 |
The junior fund represents a donation from a member of the club. This fund will be used to supplement various junior events in the future, including the Junior Open. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CAPITAL COMMITMENTS |
At the year end, the club had capital commitments of £86,000 (2022 - £42,600) in respect of the purchase of course plant and machinery and the installation of a new irrigation tank, which have not been provided for in these financial statements. |