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Registration number: 02440138

The Bingley St. Ives Golf Club Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Bingley St. Ives Golf Club Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Bingley St. Ives Golf Club Limited

(Registration number: 02440138)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

1,168,851

 

1,080,517

Investments

5

 

100

 

100

   

1,168,951

 

1,080,617

Current assets

   

 

Stocks

20,509

 

20,294

 

Debtors

6

6,174

 

53,315

 

Cash at bank and in hand

 

157,285

 

118,630

 

 

183,968

 

192,239

 

Creditors: Amounts falling due within one year

7

(478,222)

 

(410,597)

 

Net current liabilities

   

(294,254)

 

(218,358)

Total assets less current liabilities

   

874,697

 

862,259

Creditors: Amounts falling due after more than one year

7

 

(256,564)

 

(223,530)

Net assets

   

618,133

 

638,729

Capital and reserves

   

 

Other reserves

265,000

 

265,000

 

Retained earnings

353,133

 

373,729

 

Shareholders' funds

   

618,133

 

638,729

 

The Bingley St. Ives Golf Club Limited

(Registration number: 02440138)
Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 23 August 2024 and signed on its behalf by:
 

.........................................

J Smith

Director

.........................................

C E Barrott

Director

 

The Bingley St. Ives Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company incorporated as a Company Limited by Guarantee in England & Wales.

The address of its registered office is:
The Golf Clubhouse
St Ives Estate
Harden
Bingley
BD16 1AT

These financial statements were authorised for issue by the Board on 23 August 2024.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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 company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

The Bingley St. Ives Golf Club Limited is exempt from preparing group financial statements as the group is small.

Revenue recognition

Sales of goods and provision of services
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 value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

 

The Bingley St. Ives Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

A grant that becomes 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 shall be recognised in income in the period in which it becomes receivable.

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

Leasehold property

2% straight line basis

Clubhouse and other buildings

2% straight line basis

Improvements to property

10% straight line & 25% reducing balance

Plant and machinery

25% - 33% reducing balance

Fixtures and fittings

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

The Bingley St. Ives Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

 

The Bingley St. Ives Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed during the year (including directors) was 18 (2023 - 22).

4

Tangible assets

Leasehold property
£

Clubhouse and other buildings
 £

Improvements to property
 £

Plant and machinery
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 April 2023

940,557

590,362

214,470

622,375

125,250

2,493,014

Additions

-

-

49,231

123,891

-

173,122

Disposals

-

-

-

(12,500)

-

(12,500)

At 31 March 2024

940,557

590,362

263,701

733,766

125,250

2,653,636

Depreciation

At 1 April 2023

362,115

342,225

56,246

534,820

117,091

1,412,497

Charge for the year

18,811

11,808

23,552

25,615

2,036

81,822

Eliminated on disposal

-

-

-

(9,534)

-

(9,534)

At 31 March 2024

380,926

354,033

79,798

550,901

119,127

1,484,785

Carrying amount

At 31 March 2024

559,631

236,329

183,903

182,865

6,123

1,168,851

At 31 March 2023

578,442

248,137

158,224

87,555

8,159

1,080,517

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

 

The Bingley St. Ives Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Prepayments

3,818

2,491

Other debtors

2,356

50,824

 

6,174

53,315

7

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

50,555

91,653

Trade creditors

27,736

38,315

Taxation and social security

14,378

12,180

Accruals and deferred income

343,953

236,118

Other creditors

41,600

32,331

478,222

410,597

2024
£

2023
£

Due after one year

Loans and borrowings

256,564

223,530

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,387

76,809

HP and finance lease liabilities

29,168

14,844

50,555

91,653

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,000

50,864

HP and finance lease liabilities

104,016

50,118

Other borrowings

122,548

122,548

256,564

223,530

The bank loans are secured by a First Legal Mortgage dated 17 September 2003 over the clubhouse and course and a debenture incorporating a fixed and floating charge over all current and future assets of the company.

The hire purchase loans are secured against the assets to which they relate.

 

The Bingley St. Ives Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Company status

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 £1 towards the assets of the company in the event of liquidation.

9

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £11,041 (2023 - £31,680).