Company registration number 00068498 (England and Wales)
NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
61,059
61,178
Current assets
Stocks
9,500
6,500
Debtors
4
1,437
168
Cash at bank and in hand
723,295
737,446
734,232
744,114
Creditors: amounts falling due within one year
6
(296,719)
(379,698)
Net current assets
437,513
364,416
Total assets less current liabilities
498,572
425,594
Reserves
Hollinwell Fund
8
22,713
15,007
Income and expenditure account
475,859
410,587
Members' funds
498,572
425,594

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

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 27 March 2024 and are signed on its behalf by:
P M Eastwood
Director
Company Registration No. 00068498
NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Notts Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Hollinwell, Kirkby-in Ashfield, Nottinghamshire, NG17 7QR.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Income and expenditure

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 

Subscription Income

 

Subscriptions to the company cover a period of twelve months to 31 December each year. Subscriptions received in respect of the current year have been credited to the income and expenditure account. Subscriptions received in respect of future periods are carried forward in creditors as prepaid subscriptions.

 

Lifetime Membership Income

 

Income received in respect of life memberships is credited to the income and expenditure account in full upon receipt.

 

Entrance Fee Income

 

Entrance fees consist of a one off charge to new members. Income received is credited to the income and expenditure account in the year of receipt.

 

Green Fee and Other Income

 

Income is recognised when the service is provided.

NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Tangible fixed assets

Freehold land and buildings owned prior to 1988 have been written down to £1. In view of the length of time for which the land and buildings have been occupied as a golf club, and the fact that the other tangible fixed assets are replaced from time to time without increasing the assets inventory. It was the policy to depreciate tangible assets at 100% in the year of purchase, except for the biomass boiler. Since that date all capital expenditure over £5,000 has been capitalised.

 

The major portion of equipment at the club is leased (see note 8).

 

 

Depreciation is recognised on the following bases:

Clubhouse equipment furnishings
10 years straight line
Course equipment
5 years straight line
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, 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.

1.5
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.

1.6
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.

 

1.7
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.

1.8

Pension

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9

Donations

Donations received in respect of specific projects are recognised when the work is carried out. Donations received in respect of future projects are carried forward in creditors and deferred income.

1.10

Grants

Revenue grants receivable, including government grants, are credited to the Income & Expenditure account as follows :

(i) General : grants are credited on receipt or approval.

(ii) Specific : grants are set against the relevant expenditure.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
26
23
3
Tangible fixed assets
Freehold Property
Course equipment
Clubhouse equipment
Land adjoining course
Total
£
£
£
£
£
Cost
At 1 January 2023
169,899
100,112
235,611
36,970
542,592
Additions
-
0
5,587
12,256
-
0
17,843
At 31 December 2023
169,899
105,699
247,867
36,970
560,435
Depreciation and impairment
At 1 January 2023
169,899
100,111
174,435
36,969
481,414
Depreciation charged in the year
-
0
1,117
16,845
-
0
17,962
At 31 December 2023
169,899
101,228
191,280
36,969
499,376
Carrying amount
At 31 December 2023
-
0
4,471
56,587
1
61,059
At 31 December 2022
-
0
1
61,176
1
61,178
NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
1,437
-
0
Other debtors
-
0
168
1,437
168
5
Hollinwell Fund

At the EGM held in November 2019 the Club established the Hollinwell Fund (The Fund) to receive non-specific gifts or donations. The Fund is controlled by trustees independent of the Club Committee and its cash is held in a separate bank account. The Fund is to be used for projects agreed upon by the Club Committee and the Fund trustees.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,269
139,987
Taxation and social security
18,421
12,743
Other creditors
257,029
226,968
296,719
379,698
7
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 £5.

8
Hollinwell Fund
2023
2022
£
£
At the beginning of the year
15,007
10,001
Movement in donations in the period
7,706
5,006
At the end of the year
22,713
15,007
NOTTS GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
83,942
81,994

In 2017 the club entered into four 7 year agreements for Green Equipment. The remaining commitment under these agreements is £3,064 (+VAT).

 

In 2020 the club entered into a 7 year agreement for Green Equipment. The annual commitment under this agreement is £2,091 (+VAT).

 

In 2021 the club entered into a 7 year agreement for Green Equipment. The annual commitment under this agreement is £4,926 (+VAT).

 

In 2021 the club entered into a 7 year agreement for Green Equipment. The annual commitment under this agreement is £3,571 (+VAT).

 

In 2021 the club entered into a 5 year agreement for Green Equipment. The annual commitment under this agreement is £3,024 (+VAT).

 

In 2021 the club entered into a 5 year agreement for Green Equipment. The annual commitment under this agreement is £1,172 (+VAT).

 

In 2023 the club entered into a 5 year agreement for Green Equipment. The annual commitment under this agreement is £7,717 (+VAT)

10
Taxation

The company has taxable losses of approximately £778,283 that can be carried forward and utilised against profits of future periods.

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