Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investments | 4 |
|
|
|
2,164,869 | 2,131,997 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
324,819 | 422,192 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (288,585) | (178,798) | ||
Total assets less current liabilities | 1,876,284 | 1,953,199 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Net assets |
|
|
||
Reserves | ||||
Other reserves |
|
|
||
Profit and loss account |
|
|
||
Total reserves |
|
|
Directors' responsibilities:
The financial statements of Clacton-on-Sea Golf Club Limited (registered number:
P Allerton
Director |
J M Richmond
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Clacton-on-Sea Golf Club Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is West Road, Clacton On Sea, Essex, CO15 1AJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Land and buildings |
|
Plant and machinery |
|
Fixtures and fittings |
|
Other property, plant and equipment | not depreciated |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Plant and machinery | Fixtures and fittings | Other property, plant and equipment |
Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 January 2023 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
At 31 December 2023 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 January 2023 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
At 31 December 2023 |
|
|
|
|
|
||||
Net book value | |||||||||
At 31 December 2023 |
|
|
|
|
|
||||
At 31 December 2022 |
|
|
|
|
|
||||
Leased assets included above: | |||||||||
Net book value | |||||||||
At 31 December 2023 | 49,503 | 80,450 | 0 | 0 | 129,952 | ||||
At 31 December 2022 | 48,612 | 100,562 | 0 | 0 | 149,174 |
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
|
At 31 December 2023 |
|
Carrying value at 31 December 2023 |
|
Carrying value at 31 December 2022 |
|
Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.12.2023 |
Ownership 31.12.2022 |
|
West Road, Clacton-on-Sea, Essex, CO15 1AJ | Activities of sport clubs |
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Other loans |
|
|
|
Accruals and deferred income |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Other loans (secured) |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
|
|
The hire purchase liabilities are secured against the assets to which they relate.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Other loans |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
285,006 | 351,910 |
The members of the Clacton-on-Sea Golf Club Limited have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.
Directors have provided interest free loans to the club during the current and previous year as part of the amount shown in other creditors totalling £10,000 (2022 - £15,000).
During the year the Company received a donation of £228,541 (2022 - £149,413) from, and recharged expenses totalling £180,404 (2022 - £92,170) to, a subsidiary company. At 31 December 2023 the Company was owed £928 from the subsidiary company (2022 - £1,646 owed to the subsidiary).