REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 December 2023 |
for |
Ross On Wye Golf Club Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 December 2023 |
for |
Ross On Wye Golf Club Limited |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Contents of the Financial Statements |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Ross On Wye Golf Club Limited |
Company Information |
For The Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
RESERVES |
Retained Earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Notes to the Financial Statements |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ross On Wye Golf Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for member's subscriptions, green fees and other golf course related income in the normal course of business. |
Turnover from sale of goods is recognised at the point of sale when the significant risks and rewards of ownership of the goods have passed to the buyer. |
Tangible fixed assets |
Improvements to course and property | - |
Course equipment | - |
Clubhouse fixtures & fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and balancing owing to related companies, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Other income |
Other income includes rental income from the bungalows. The company recognises such revenue on a straight line accruals basis. |
Revenue is also generated from the solar panels and recognised on an accruals basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to course | Clubhouse |
and | Course | fixtures |
property | equipment | & fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
At 31st December 2023 assets with a net book value of £34,271 (2022: £39,983) were held under hire purchase and finance leases. Depreciation of £5,712 (2022: £5,712) was charged on these assets in the year. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
Prepayments and accrued income |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts due to related company | 1,149 | 879 |
Tax |
Payroll, pension & taxes |
VAT | 4,705 | 249 |
Other creditors |
Captain's charity | 2,890 | 2,745 |
300 Club | 425 | 668 |
Prepaid membership subs |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 8) |
Hire purchase contracts (see note 9) |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The company took out a Government secured, bounce back loan of £50,000 in January 2021. Interest is charged at a fixed rate of 2.5%. |
Ross On Wye Golf Club Limited (Registered number: 12197503) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
A lease agreement is in place with Ross on Wye Golf Club Property Limited, a company also limited by guarantee. The agreement is for the rental of the course and clubhouse at a peppercorn rent for the 25 year term ending 31st December 2044. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts | 10,773 | 19,575 |
11. | CAPITAL COMMITMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
At year end, the company has committed to purchasing a new trophy cabinet. The gross cost will be £5,196, but will be partially funded by 300 Club surplus funds generated of £2,174. It will be included in fixed assets in the next financial year. |
12. | LIMITED BY GUARANTEE |
The company has no issued share capital and is limited by guarantee of each member not exceeding £1.00 |