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Registration number: 00534048

Folkestone & Hythe Golf Club Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Folkestone & Hythe Golf Club Limited

Contents

Company Information

1

Independent Chartered Certified Accountants' Review Report

2 to 3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

Folkestone & Hythe Golf Club Limited

Company Information

Directors

S Eggleston

D Ward OBE

C Hooper

CR Russell

T Smith

D Thomas

P Davies

A Dickson

J Record-Mohr

J Russell

T Terry

Company secretary

S Eggleston

Registered office

The Club House
Sene
Folkestone
Kent
CT18 8BL

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Independent Chartered Certified Accountants' Review Report
To the Board of Directors of Folkestone & Hythe Golf Club Limited
for the Year Ended 31 December 2023

We have reviewed the financial statements of Folkestone & Hythe Golf Club Limited for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

Directors' Responsibility for the Financial Statements
 

As explained more fully in the Directors' responsibilities set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' Responsibility
 

Our objective is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.

Scope of the Assurance Review
 

A review of the financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquires of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
 

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
- so as to give a true and fair view of the state of the Company's affairs as at 31 December 2023, and of its profit for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice and
- in accordance with the requirements of the Companies Act 2006.

 

Independent Chartered Certified Accountants' Review Report
To the Board of Directors of Folkestone & Hythe Golf Club Limited
for the Year Ended 31 December 2023 (continued)

Use of our report
 

This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 17 August 2023. Our review work has been undertaken so that we might state to the Company's directors those matters that we have agreed to state to them in a reviewer's report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors, as a body, for our review work, for this report or the conclusions we have formed.

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

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

9 September 2024

 

Folkestone & Hythe Golf Club Limited

(Registration number: 00534048)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

270,751

263,424

Current assets

 

Stocks

7

4,402

2,190

Debtors

8

65,421

30,967

Cash at bank and in hand

 

197,541

314,988

 

267,364

348,145

Creditors: Amounts falling due within one year

9

(222,602)

(247,180)

Net current assets

 

44,762

100,965

Total assets less current liabilities

 

315,513

364,389

Creditors: Amounts falling due after more than one year

9

(12,521)

(28,656)

Net assets

 

302,992

335,733

Reserves

 

Retained earnings

302,992

335,733

Surplus

 

302,992

335,733

 

Folkestone & Hythe Golf Club Limited

(Registration number: 00534048)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 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 9 September 2024 and signed on its behalf by:
 

.........................................
S Eggleston
Company secretary and director

   
     
 

Folkestone & Hythe Golf Club Limited

Notes to the Unaudited 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 £5 towards the assets of the company in the event of liquidation. The company is registered as a Community Amateur Sports Club (CASC) whose purpose is to provide facilities for and encourage participation in the sport of golf.

The address of its registered office is:
The Club House
Sene
Folkestone
Kent
CT18 8BL

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 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 (see note 3).

The financial statements have been prepared in £ sterling which is the functional currency of the company and are rounded to the nearest whole £.

Going concern

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

 

Folkestone & Hythe Golf Club Limited

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

2

Accounting policies (continued)

Revenue recognition

Turnover comprises amounts derived from subscriptions, green fees, bar sales and sundry other income, net of value added tax.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Interest income

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

Tax

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.

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.

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.

 

Folkestone & Hythe Golf Club Limited

Notes to the Unaudited 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 less their residual value, other than land and properties under construction, over their estimated useful lives, using the straight-line method as follows:

Asset class

Depreciation method and rate

Pro shop extension and leasehold property

5% to 20% on cost

Plant, machinery and vehicles

6.67% to 33.33% on cost

Furniture, fittings and equipment

6.67% to 33.33% on cost

Greenkeeper buildings

5% to 20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

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.

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.

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.

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.

 

Folkestone & Hythe Golf Club Limited

Notes to the Unaudited 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 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

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable for the period by the company to the fund.

3

Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements apart from those detailed in note 2.

4

Operating income

Other operating income includes government grants of £800 (2022: £1,146).

5

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 23).

 

Folkestone & Hythe Golf Club Limited

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

6

Tangible assets

Long-term leasehold property
£

Plant, machinery & equipment
£

Furniture, fittings & equipment
£

Greenkeeper buildings
£

Total
£

Cost or valuation

At 1 January 2023

193,243

437,363

217,686

52,525

900,817

Additions

(432)

36,968

21,091

-

57,627

Disposals

-

(8,120)

-

-

(8,120)

At 31 December 2023

192,811

466,211

238,777

52,525

950,324

Depreciation

At 1 January 2023

111,355

328,352

145,161

52,525

637,393

Charge for the year

11,522

24,119

14,659

-

50,300

Eliminated on disposal

-

(8,120)

-

-

(8,120)

At 31 December 2023

122,877

344,351

159,820

52,525

679,573

Carrying amount

At 31 December 2023

69,934

121,860

78,957

-

270,751

At 31 December 2022

81,888

109,011

72,525

-

263,424

Included within the net book value of land and buildings above is £69,934 (2022 - £81,888) in respect of long leasehold property.
 

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

2023
 £

2022
 £

Plant and machinery

46,985

56,646

7

Stocks

2023
£

2022
£

Bar and other stocks

4,402

2,190

 

Folkestone & Hythe Golf Club Limited

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

8

Debtors

2023
£

2022
£

Prepayments and accrued income

47,429

19,506

Other debtors

17,992

11,461

65,421

30,967

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

15,335

17,895

Trade creditors

 

13,056

30,462

Taxation and social security

 

10,325

4,603

Accruals and deferred income

 

173,228

183,358

Other creditors

 

10,658

10,862

 

222,602

247,180

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

7,721

23,056

Deferred income

 

4,800

5,600

 

12,521

28,656

 

Folkestone & Hythe Golf Club Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

HP and finance lease liabilities

7,721

23,056

Current loans and borrowings

2023
£

2022
£

Hire purchase liabilities

15,335

17,895

Finance leases are secured on the assets to which they relate.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £490,000 (2022 - £550,000), being the rental of premises occupied by the company.

12

Related party transactions

During the year revenue was received from directors of the Company in respect of membership subscriptions only.

During the year the company paid expenditure for the premises repairs and maintenance to Floor Shop, Folkestone, amounting to £196 (2022: £85). One of the directors serving during the year is a proprietor of Floor Shop, Folkestone.