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Registered number:  00304493














THE CHILDWALL GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
THE CHILDWALL GOLF CLUB LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 00304493

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,696,681
1,583,720

  
1,696,681
1,583,720

Current assets
  

Stocks
  
974
576

Debtors: amounts falling due within one year
 5 
38,188
166,345

Cash at bank and in hand
 6 
329,009
638,347

  
368,171
805,268

Creditors: amounts falling due within one year
 7 
(474,257)
(616,495)

Net current (liabilities)/assets
  
 
 
(106,086)
 
 
188,773

Total assets less current liabilities
  
1,590,595
1,772,493

Creditors: amounts falling due after more than one year
 8 
(247,817)
(357,056)

  

Net assets
  
1,342,778
1,415,437


Capital and reserves
  

Revaluation reserve
 12 
689,550
689,550

Other reserves
 12 
200
200

Profit and loss account
 12 
653,028
725,687

  
1,342,778
1,415,437


Page 1

 
THE CHILDWALL GOLF CLUB LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 00304493
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2024.




D J Antonia
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Childwall Golf Club Limited is a private limited company, limited by guarantee, incorporated in England and Wales. Its registered office is Naylors Road, Gateacre, Liverpool, Merseyside, L27 2YA. The company number is 00304493.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
0%
Clubhouse
-
4 - 10% straight lline
Fixtures and fittings
-
10% straight line
Ground equipment
-
20% straight line
Course expenditure
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 5

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the
Page 6

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 13).


4.


Tangible fixed assets





Land
Clubhouse
Fixtures and fittings
Course equipment
Ground equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
692,848
862,717
207,329
438,704
633,798


Additions
-
185,411
-
68,439
5,222



At 31 December 2023

692,848
1,048,128
207,329
507,143
639,020



Depreciation


At 1 January 2023
-
474,147
173,715
353,717
250,096


Charge for the year on owned assets
-
37,219
10,796
22,040
1,515


Charge for the year on financed assets
-
-
-
-
74,542



At 31 December 2023

-
511,366
184,511
375,757
326,153



Net book value



At 31 December 2023
692,848
536,762
22,818
131,386
312,867



At 31 December 2022
692,848
388,570
33,614
84,987
383,701
Page 7

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
2,835,396


Additions
259,072



At 31 December 2023

3,094,468



Depreciation


At 1 January 2023
1,251,675


Charge for the year on owned assets
71,570


Charge for the year on financed assets
74,542



At 31 December 2023

1,397,787



Net book value



At 31 December 2023
1,696,681



At 31 December 2022
1,583,720

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


As restated
2023
2022
£
£



Gound equipment
295,040
403,717

295,040
403,717

Freehold land and buildings were revalued on 10th May 2018 by Mason Owen Property Consultants on an open market value for existing use basis at £1m. Since then a major refurbishment has been undertaken to the clubhouse at a cost of £271,776

Page 8

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

As restated
2023
2022
£
£



Cost
1,051,426
866,015

Accumulated depreciation
(511,366)
(474,147)

Net book value
540,060
391,868


5.


Debtors

As restated
2023
2022
£
£


Trade debtors
580
480

Other debtors
8,907
4,861

Prepayments and accrued income
28,701
161,004

38,188
166,345



6.


Cash and cash equivalents

As restated
2023
2022
£
£

Cash at bank and in hand
329,009
638,347

329,009
638,347


Page 9

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
31,579
30,693

Trade creditors
55,892
48,750

Other taxation and social security
7,358
6,953

Obligations under finance lease and hire purchase contracts
77,657
93,474

Other creditors
54,910
61,724

Accruals and deferred income
246,861
374,901

474,257
616,495



8.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

Bank loans
103,826
135,406

Net obligations under finance leases and hire purchase contracts
143,991
221,650

247,817
357,056


The following liabilities were secured:

As restated
2023
2022
£
£



Bank loans
135,405
130,265

Net obligations under finance leases and hire purchase contracts
221,650
315,124

357,055
445,389

Details of security provided:

Bank loans and net obligations under finance leases and hire purchase contracts are secured on the assets concerned.

Page 10

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


As restated
2023
2022
£
£

Amounts falling due within one year

Bank loans
31,579
30,693

Amounts falling due 1-2 years

Bank loans
32,598
31,579

Amounts falling due 2-5 years

Bank loans
71,228
86,748

Amounts falling due after more than 5 years

Bank loans
-
17,078

135,405
166,098



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

As restated
2023
2022
£
£


Within one year
70,127
86,017

Between 1-5 years
134,875
205,002

205,002
291,019


11.


Financial instruments

As restated
2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
329,009
638,347




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 11

 
THE CHILDWALL GOLF CLUB LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Reserves

Revaluation reserve

Revaluation reserve includes all current and prior period revaluations.

Profit and loss account

Includes all current and prior period retained profits and losses.



13.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. 


14.


Prior year adjustment

The prior year adjustment of £18,768, primarily, the write off of irrecoverable VAT, relates to items which should have been expensed in the profit and loss accounts in previous years.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 27 August 2024 by Steve Talbot (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
Page 12