Registration number:
Ladbrook Park Golf Club Limited
(A company limited by guarantee)
for the Year Ended 31 December 2023
Ladbrook Park Golf Club Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Ladbrook Park Golf Club Limited
Company Information
Directors |
Ms M E Parfitt Mr T I Cooley Mr W A Longe Mr J Anderson Mr D Heath Mrs M Andrews |
Registered office |
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Auditors |
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Ladbrook Park Golf Club Limited
(Registration number: 00494263)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Reserves |
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Retained earnings |
653,525 |
596,613 |
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Surplus |
653,525 |
596,613 |
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.
Approved and authorised by the
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Ladbrook Park Golf Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by guarantee incorporated in England & Wales. The company's registration number is 00494263.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
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.
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 pound.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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.
Ladbrook Park Golf Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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 |
Land and building |
2.5% on cost (excluding land) |
Plant and machinery |
10-20% on cost |
Fixtures, Fittings and equipment |
12.5% - 33.33% on cost |
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.
Trade 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.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Ladbrook Park Golf Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
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.
Leases
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.
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.
Staff numbers |
The average number of persons employed (including directors) during the year, was
Ladbrook Park Golf Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery, etc |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
- |
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Disposals |
- |
( |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £225,596 (2022 - £240,260) in respect of freehold land and buildings.
Stocks |
2023 |
2022 |
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Bar and food stock |
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Ladbrook Park Golf Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Corporation tax liability |
1,227 |
1,043 |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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Development loans |
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Other loans represent interest free, unsecured development loans from members, with no set repayment terms.
Ladbrook Park Golf Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
8 |
Creditors (continued) |
8.1 |
Loans and borrowings (continued) |
2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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- |