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COMPANY REGISTRATION NUMBER: 07626185
Roseberry Grange Community Golf Club Ltd
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 March 2023
Roseberry Grange Community Golf Club Ltd
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
163,665
154,410
Current assets
Stocks
5,758
3,250
Debtors
7
3,038
2,624
Cash at bank and in hand
110,428
140,514
---------
---------
119,224
146,388
Creditors: amounts falling due within one year
8
142,700
134,531
---------
---------
Net current (liabilities)/assets
( 23,476)
11,857
---------
---------
Total assets less current liabilities
140,189
166,267
Creditors: amounts falling due after more than one year
9
2,190
12,974
---------
---------
Net assets
137,999
153,293
---------
---------
Roseberry Grange Community Golf Club Ltd
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Profit and loss account
137,999
153,293
---------
---------
Members funds
137,999
153,293
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 July 2024 , and are signed on behalf of the board by:
Mr R Ellison
Director
Company registration number: 07626185
Roseberry Grange Community Golf Club Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Roseberry Grange Golf Club, Grange Villa, Chester le Street, DH2 3NF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
Revenue recognition
The turnover shown in the accounts represents the amounts received from the following sources: sales of food and beverages, green and driving range fees, competition income and equipment hire. In regard to membership income the amounts included in turnover relate to amounts received for the accounting period; any membership subscriptions received in advance are carried forward to the subsequent year.
Income tax
The company has Community Amateur Sports Club (CASC) status.
Tangible assets
All bought fixed assets are initially recorded at cost.
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:
Plant and Machinery
-
15% reducing balance
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 are 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Company limited by guarantee
The company is limited by guarantee. The potential liability of the members is set out in the Memorandum and Articles of Association; the relevant clause is reproduced below:-
"The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the Company in the event of its being wound up while he is a member or within one year after he ceases to be a member for: a) payment of the Company's debts and liabilities contracted before he ceases to be a member; b) payment of the costs, charges and expenses of winding up, and; c) adjustments of the rights of the contributories among themselves."
5. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 13 ).
6. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or deemed cost
At 1st April 2022
4,795
329,475
334,270
Additions
39,050
39,050
-------
---------
---------
At 31st March 2023
4,795
368,525
373,320
-------
---------
---------
Depreciation
At 1st April 2022
4,795
175,065
179,860
Charge for the year
29,795
29,795
-------
---------
---------
At 31st March 2023
4,795
204,860
209,655
-------
---------
---------
Carrying amount
At 31st March 2023
163,665
163,665
-------
---------
---------
At 31st March 2022
154,410
154,410
-------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31st March 2023
44,115
--------
At 31st March 2022
55,483
--------
7. Debtors
2023
2022
£
£
Trade debtors
780
Prepayments and accrued income
1,503
1,844
Other debtors
1,535
-------
-------
3,038
2,624
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,531
17,965
Accruals and deferred income
102,930
99,428
Social security and other taxes
2,066
1,642
Obligations under finance leases and hire purchase contracts
10,784
15,496
NEST pensions
389
---------
---------
142,700
134,531
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
2,190
12,974
-------
--------
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of Financial Reporting Standard 102.