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COMPANY REGISTRATION NUMBER: 10863246
Lymm Golf Club Ltd.
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 March 2024
Lymm Golf Club Ltd.
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Lymm Golf Club Ltd.
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
611,021
583,598
Investments
7
326
326
---------
---------
611,347
583,924
Current assets
Stocks
21,368
19,005
Debtors
8
22,672
16,880
Cash at bank and in hand
514,140
476,214
---------
---------
558,180
512,099
Creditors: amounts falling due within one year
9
639,525
581,868
---------
---------
Net current liabilities
81,345
69,769
---------
---------
Total assets less current liabilities
530,002
514,155
Creditors: amounts falling due after more than one year
10
45,070
55,927
---------
---------
Net assets
484,932
458,228
---------
---------
Capital and reserves
Revaluation reserve
460,066
460,066
Profit and loss account
24,866
( 1,838)
---------
---------
Members funds
484,932
458,228
---------
---------
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 31 March 2024 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 .
Lymm Golf Club Ltd.
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 June 2024 , and are signed on behalf of the board by:
K J A J Alders
Director
Company registration number: 10863246
Lymm Golf Club Ltd.
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Lymm Golf Club, Whitbarrow Road, Lymm, Cheshire, WA13 9AN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Subscriptions received in advance
Members subscriptions are due on 1st April each year. These are amortised evenly throughout the year and the credit value of future subscriptions at any period end is carried forward and shown on the balance sheet under current liabilities.
Irrecoverable VAT
The company is partially exempt under HMRC's VAT rules and is unable to recover all of the VAT levied by suppliers. The cost of such is included within the expense item, and any irrecoverable VAT on capital expenditure is included in the cost of the asset and depreciated accordingly.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold and leasehold property
-
2% - 5% Straight line or over period of lease
Plant and machinery
-
10% - 20% Straight line
Fixtures and fittings
-
4% - 33% Straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in reserves.
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.
Stocks
Stocks are measured at the lower of cost and net realisable value.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Company limited by guarantee
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 30 ).
6. Tangible assets
Freehold and leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
915,507
711,174
147,515
1,774,196
Additions
60,049
31,287
91,336
Disposals
( 52,821)
( 52,821)
---------
---------
---------
------------
At 31 March 2024
915,507
718,402
178,802
1,812,711
---------
---------
---------
------------
Depreciation
At 1 April 2023
488,010
583,806
118,782
1,190,598
Charge for the year
13,493
37,107
13,313
63,913
Disposals
( 52,821)
( 52,821)
---------
---------
---------
------------
At 31 March 2024
501,503
568,092
132,095
1,201,690
---------
---------
---------
------------
Carrying amount
At 31 March 2024
414,004
150,310
46,707
611,021
---------
---------
---------
------------
At 31 March 2023
427,497
127,368
28,733
583,598
---------
---------
---------
------------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
326
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
326
----
At 31 March 2023
326
----
8. Debtors
2024
2023
£
£
Other debtors
22,672
16,880
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,215
23,182
Trade creditors
19,795
25,165
Social security and other taxes
6,525
13,167
Other creditors
590,990
520,354
---------
---------
639,525
581,868
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,256
24,973
Other creditors
35,814
30,954
--------
--------
45,070
55,927
--------
--------
The bank loan is interest bearing and is secured on the land at Lymm Golf Club.
11. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
22,368
24,404
Later than 1 year and not later than 5 years
35,814
30,954
--------
--------
58,182
55,358
--------
--------
The finance leases and hire purchase contracts are secured over the assets concerned.
12. Other financial commitments
The company had outstanding commitments in respect of operating leases of £ 8,644 (2023:£9,564).