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Registration number: 09158941

Cricket St. Thomas Golf Club Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Cricket St. Thomas Golf Club Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Cricket St. Thomas Golf Club Ltd

(Registration number: 09158941)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,768,094

1,787,052

Current assets

 

Stocks

6

30,433

37,583

Debtors

7

112,503

100,926

Cash at bank and in hand

 

49,502

56,656

 

192,438

195,165

Creditors: Amounts falling due within one year

8

(447,985)

(606,268)

Net current liabilities

 

(255,547)

(411,103)

Total assets less current liabilities

 

1,512,547

1,375,949

Creditors: Amounts falling due after more than one year

8

(150,497)

(222,793)

Net assets

 

1,362,050

1,153,156

Capital and reserves

 

Called up share capital

100

100

Capital contribution reserve

1,750,000

1,750,000

Retained earnings

(388,050)

(596,944)

Shareholders' funds

 

1,362,050

1,153,156

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Cricket St. Thomas Golf Club Ltd

(Registration number: 09158941)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

Mr S Hill
Director

   
     
 

Cricket St. Thomas Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cricket St Thomas Golf Club
Cricket St Thomas
Chard
Somerset
TA20 4DG

These financial statements were authorised for issue by the Board on 15 April 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidaries within the group.

Going concern

The company has invested heavily in recent years in improving and refurbishing all the faciilites of the golf club. The company has been supported in this by both its bankers in the form of bank loan finance, and its parent company in the form of cash and financing support.

The directors are confident the improvements made to the club's facilities will ensure the long term profitability of the company. In the short term the owners continue to support the business where required and the directors have prepared the financial elements on a going concern basis accordingly.

 

Cricket St. Thomas Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on straight line basis

Plant and machinery

15% on reducing balance

Fixtures and fittings

20% on straight line basis

Computer equipment

15% on reducing balance

Goodwill

The amount paid for the acquisition of the business was fully amortised in the year it was acquired.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cricket St. Thomas Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Cricket St. Thomas Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 28 (2022 - 26).

 

Cricket St. Thomas Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

10,000

10,000

At 31 October 2023

10,000

10,000

Amortisation

At 1 November 2022

10,000

10,000

At 31 October 2023

10,000

10,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 November 2022

1,757,041

211,240

379,665

25,939

2,373,885

Additions

-

41,321

2,546

1,044

44,911

At 31 October 2023

1,757,041

252,561

382,211

26,983

2,418,796

Depreciation

At 1 November 2022

147,156

191,663

236,701

11,313

586,833

Charge for the year

20,628

8,685

32,268

2,288

63,869

At 31 October 2023

167,784

200,348

268,969

13,601

650,702

Carrying amount

At 31 October 2023

1,589,257

52,213

113,242

13,382

1,768,094

At 31 October 2022

1,609,885

19,577

142,964

14,626

1,787,052

Included within the net book value of land and buildings above is £1,589,257 (2022 - £1,609,885) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Stocks

30,433

37,583

 

Cricket St. Thomas Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

3,998

21,272

Amounts owed by related parties

100

100

Prepayments

 

108,405

71,983

Accrued income

 

-

7,571

 

112,503

100,926

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

72,640

83,295

Trade creditors

 

46,636

65,276

Social security and other taxes

 

38,654

36,679

Other creditors

 

106,200

222,554

Accruals

 

183,855

198,464

 

447,985

606,268

Due after one year

 

Loans and borrowings

9

150,497

222,793

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

150,497

214,043

Hire purchase contracts

-

8,750

150,497

222,793

 

Cricket St. Thomas Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

64,030

64,504

Hire purchase contracts

8,610

18,791

72,640

83,295

The hire purchase agreements are secured on the assets concerned.

There is a legal charge with the bank secured over the company's property in respect of the company under a guarantee and offset agreement with the parent company Cricket St Thomas Golf & Country Club Ltd.

10

Parent and ultimate parent undertaking

The company's immediate parent is Cricket St. Thomas Golf and Country Club Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr S Hill.