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Registration number: 00656091

Saunton Golf Club Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Saunton Golf Club Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 9

 

Saunton Golf Club Limited

(Registration number: 00656091)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,217,363

1,009,927

Current assets

 

Stocks

5

198,305

36,472

Debtors

6

69,848

54,564

Cash at bank and in hand

 

1,676,621

1,378,316

 

1,944,774

1,469,352

Creditors: Amounts falling due within one year

7

(1,021,481)

(788,814)

Net current assets

 

923,293

680,538

Total assets less current liabilities

 

2,140,656

1,690,465

Creditors: Amounts falling due after more than one year

7

(154,691)

(23,100)

Provisions for liabilities

(105,305)

(60,619)

Net assets

 

1,880,660

1,606,746

Reserves

 

Profit and loss account

1,880,660

1,606,746

Members funds

 

1,880,660

1,606,746

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 


T J Chapple
Director


S A Cresswell
Director

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, 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.

The address of its registered office is:
Saunton Golf Club
Saunton
Braunton
Devon
EX33 1LG

Principal activity

The principal activity of the company is the operation of a non-profit making members golf club.

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 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 entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 11 April 2024 was Robyn Gifford-England ACA, who signed for and on behalf of Westcotts (SW) LLP.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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

Course improvements

Straight line over 10 - 28 years

Buildings

Straight line over 7 - 25 years

Car park

Straight line over 20 years

Course plant & equipment

Straight line over 5 - 10 years

Clubhouse equipment, fixtures & fittings

Straight line over 4 - 10 years

Practice facilities

Straight line over 4 - 10 years

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 statement of comprehensive income 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.

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income 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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 51 (2022 - 45).

4

Tangible assets

Course improvements
£

Buildings
£

Car park
£

Clubhouse equipment, fixtures and fittings
£

Course plant & equipment
£

Practice facilities
£

Total
£

Cost or valuation

At 01/01/2023

812,103

1,047,712

279,754

510,810

1,223,846

125,328

3,999,553

Additions

191,275

14,694

-

54,004

176,996

-

436,969

Disposals

-

-

-

(27,732)

(100,610)

-

(128,342)

At 31/12/2023

1,003,378

1,062,406

279,754

537,082

1,300,232

125,328

4,308,180

Depreciation

At 01/01/2023

737,256

901,979

22,164

397,980

819,273

108,671

2,987,323

Charge for the year

28,872

19,158

15,621

44,525

115,782

5,882

229,840

Eliminated on disposal

-

-

-

(27,732)

(98,614)

-

(126,346)

At 31/12/2023

766,128

921,137

37,785

414,773

836,441

114,553

3,090,817

Carrying amount

At 31/12/2023

237,250

141,269

241,969

122,309

463,791

10,775

1,217,363

At 31/12/2022

74,846

145,733

257,589

110,526

404,575

16,658

1,009,927

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Stocks

2023
£

2022
£

Goods for resale

176,567

11,992

Consumables

21,738

24,480

198,305

36,472

6

Debtors

2023
£

2022
£

Trade debtors

85

-

Other debtors

374

5,395

Prepayments

69,389

49,169

69,848

54,564

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

24,794

6,600

Trade creditors

 

62,899

71,284

Taxation and social security

 

77,002

49,349

Accruals and deferred income

 

34,919

22,702

Other creditors

 

821,867

638,879

 

1,021,481

788,814

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £24,794 (2022 - £6,600).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

77,875

23,100

Other non-current financial liabilities

 

76,816

-

 

154,691

23,100

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £77,875 (2022 - £23,100).

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Saunton Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

77,875

23,100

Current loans and borrowings

2023
£

2022
£

Finance lease liabilities

24,794

6,600

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

138,584

126,000

Later than one year and not later than five years

554,336

510,000

Later than five years

2,231,199

2,167,500

2,924,119

2,803,500

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £107,050 (2022 - £139,725).