Company Registration No. 00835158 (England and Wales)
GILLINGHAM GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
GILLINGHAM GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GILLINGHAM GOLF CLUB LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
727,161
771,434
Investments
4
100
100
727,261
771,534
Current assets
Stocks
12,926
12,288
Debtors
5
102,998
69,198
Cash at bank and in hand
369,855
364,796
485,779
446,282
Creditors: amounts falling due within one year
6
(392,896)
(406,306)
Net current assets
92,883
39,976
Total assets less current liabilities
820,144
811,510
Creditors: amounts falling due after more than one year
7
(237,523)
(285,413)
Net assets
582,621
526,097
Reserves
Income and expenditure account
582,621
526,097
Members' funds
582,621
526,097
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GILLINGHAM GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
M O'Sullivan
L Tanton
Director
Director
Company registration number 00835158 (England and Wales)
GILLINGHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Gillingham Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Woodlands Road, GILLINGHAM, Kent, ME7 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern.true
1.3
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
over the remaining life of the lease
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
New sprinkler system
5% straight line
1.5
Fixed asset investments
Investments are stated at cost, subject to review for impairment.
1.6
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is defined as that expenditure which has been incurred in bringing the product/service to its present location and condition. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The yearly charge for taxation is based on the profit for the year and is calculated with reference to the tax rates applying at the balance sheet date.
GILLINGHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Pensions 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 the profit and loss account in the period to which they relate.
1.9
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.
1.10
Life members’ subscriptions
Life membership subscriptions received during the year are placed to a deferred income account and amounts will be transferred as income to the profit and loss account over a period of ten years. The amounts still to be transferred are split between those to be transferred within one year and those to be transferred after one year.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
1,301,421
685,097
1,986,518
Disposals
(32,815)
(32,815)
At 30 June 2024
1,301,421
652,282
1,953,703
Depreciation and impairment
At 1 July 2023
589,475
625,609
1,215,084
Depreciation charged in the year
26,419
16,836
43,255
Eliminated in respect of disposals
(31,797)
(31,797)
At 30 June 2024
615,894
610,648
1,226,542
Carrying amount
At 30 June 2024
685,527
41,634
727,161
At 30 June 2023
711,946
59,488
771,434
GILLINGHAM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
100
100
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
98,989
47,919
Other debtors
4,009
21,279
102,998
69,198
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
65,160
64,755
Trade creditors
29,319
29,138
Taxation and social security
18,462
4,465
Other creditors
279,955
307,948
392,896
406,306
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
234,087
279,683
Other creditors
3,436
5,730
237,523
285,413
8
Members' liability
The company is limited by guarantee not having a share capital. Every member undertakes to contribute to the assets of the Club, in the event of it being wound up while he is a Member, or within one year afterwards, for the payment of debts and liabilities of the Club contracted before he ceases to be a Member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding One Pound.