Company registration number 06448158 (England and Wales)
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
476,739
447,689
Current assets
Stocks
65,042
59,053
Debtors
4
48,462
48,385
Cash at bank and in hand
665,186
660,533
778,690
767,971
Creditors: amounts falling due within one year
5
(575,898)
(501,201)
Net current assets
202,792
266,770
Total assets less current liabilities
679,531
714,459
Creditors: amounts falling due after more than one year
6
(109,763)
(169,442)
Net assets
569,768
545,017
Reserves
Other reserves
245,583
278,013
Income and expenditure account
324,185
267,004
Members' funds
569,768
545,017
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
Mr N. Hall
Director
Company registration number 06448158 (England and Wales)
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Other reserves
Income and expenditure
Total
£
£
£
Balance at 1 January 2022
219,326
221,890
441,216
Year ended 31 December 2022:
Surplus and total comprehensive income
-
103,801
103,801
Transfers
58,687
(58,687)
-
Balance at 31 December 2022
278,013
267,004
545,017
Year ended 31 December 2023:
Surplus and total comprehensive income
-
24,751
24,751
Transfers
(32,430)
32,430
-
Balance at 31 December 2023
245,583
324,185
569,768
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
East Berkshire Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Ravenswood Avenue, Crowthorne, Berkshire, RG45 6BD.
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. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Term membership income is split 20% for membership subscriptions spread over the applicable term and 80% allocated to the Vision Fund to enable projects to be undertaken.
Expenses incurred in the supply of exempt activities include VAT where applicable if the company cannot reclaim it.
1.3
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:
Alterations to leasehold premises
5% straight line
Plant, equipment and tools
10-20% straight line
Fixtures and fittings
20% straight line
Professional's shop
5% straight line
Irrigation system
5% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.7
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 statement of financial position 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 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. Financial assets classified as receivable within one year are not amortised.
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Corporation tax is payable on investment income received.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
47
47
3
Tangible fixed assets
Alterations to leasehold premises
Plant, equipment and tools
Fixtures and fittings
Professional's shop
Irrigation system
Total
£
£
£
£
£
£
Cost
At 1 January 2023
267,110
766,858
209,721
9,506
146,753
1,399,948
Additions
114,154
868
115,022
At 31 December 2023
267,110
881,012
210,589
9,506
146,753
1,514,970
Depreciation and impairment
At 1 January 2023
167,737
441,876
195,219
9,506
137,921
952,259
Depreciation charged in the year
6,432
74,350
4,602
588
85,972
At 31 December 2023
174,169
516,226
199,821
9,506
138,509
1,038,231
Carrying amount
At 31 December 2023
92,941
364,786
10,768
8,244
476,739
At 31 December 2022
99,373
324,982
14,502
8,832
447,689
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
48,462
48,385
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
60,170
60,170
Trade creditors
49,747
61,943
Corporation tax
1,324
Other taxation and social security
25,970
11,209
Other creditors (including advanced subscriptions and bar cards)
341,544
319,325
Accruals and deferred income
97,143
48,554
575,898
501,201
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
83,917
144,086
Other Creditors (Deferred Term Membership subscriptions)
25,846
25,356
109,763
169,442
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Philip Nixon
Statutory Auditor:
Edwin Smith
Date of audit report:
27 March 2024
EAST BERKSHIRE GOLF CLUB LIMITED
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Operating lease commitments
Lessee
The lease agreement on the land of the golf course is for a period of 75 years, and subject to rent reviews every 5 years. Included in the below figure is the financial commitment up to the next rent review and the operating lease commitment for the greens truck.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
20,682
31,160
Lessor
At the reporting end date the company had contracted with tenants for the following minimum rental payments:
2023
2022
£
£
7,150
1,650
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
45,000
11
Parent company
The company is under the joint control of the members, there is not one ultimate controlling party.
2023-12-312023-01-01false27 March 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr D. CowapMr N. HallMrs K. BoucherMr S. LowdenMr M. GreenMr B. HillMrs H. AmorMr J. AmorMrs A. Hallfalsefalse064481582023-01-012023-12-31064481582023-12-31064481582022-12-3106448158core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3106448158core:PlantMachinery2023-12-3106448158core:FurnitureFittings2023-12-3106448158core:ComputerEquipment2023-12-3106448158core:MotorVehicles2023-12-3106448158core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3106448158core:PlantMachinery2022-12-3106448158core:FurnitureFittings2022-12-3106448158core:ComputerEquipment2022-12-3106448158core:MotorVehicles2022-12-3106448158core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106448158core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106448158core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3106448158core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3106448158core:CurrentFinancialInstruments2023-12-3106448158core:CurrentFinancialInstruments2022-12-3106448158core:Non-currentFinancialInstruments2022-12-3106448158core:OtherMiscellaneousReserve2023-12-3106448158core:OtherMiscellaneousReserve2022-12-3106448158core:RetainedEarningsAccumulatedLosses2023-12-3106448158core:RetainedEarningsAccumulatedLosses2022-12-3106448158core:OtherMiscellaneousReserve2021-12-3106448158core:RetainedEarningsAccumulatedLosses2021-12-31064481582021-12-3106448158bus:Director22023-01-012023-12-3106448158core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31064481582022-01-012022-12-3106448158core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3106448158core:OtherMiscellaneousReserve2022-01-012022-12-3106448158core:OtherMiscellaneousReserve2023-01-012023-12-3106448158core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3106448158core:PlantMachinery2023-01-012023-12-3106448158core:FurnitureFittings2023-01-012023-12-3106448158core:ComputerEquipment2023-01-012023-12-3106448158core:MotorVehicles2023-01-012023-12-3106448158core:LandBuildings2023-01-012023-12-3106448158core:FinancialAssetsAmortisedCost2023-01-012023-12-3106448158core:FinancialLiabilitiesAmortisedCost2023-01-012023-12-3106448158core:LandBuildings2022-12-3106448158core:PlantMachinery2022-12-3106448158core:FurnitureFittings2022-12-3106448158core:ComputerEquipment2022-12-3106448158core:MotorVehicles2022-12-31064481582022-12-3106448158core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3106448158core:WithinOneYear2023-12-3106448158core:WithinOneYear2022-12-3106448158core:Non-currentFinancialInstruments2023-12-3106448158core:Non-currentFinancialInstruments12023-12-3106448158core:Non-currentFinancialInstruments12022-12-3106448158bus:CompanyLimitedByGuarantee2023-01-012023-12-3106448158bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106448158bus:FRS1022023-01-012023-12-3106448158bus:Audited2023-01-012023-12-3106448158bus:Director12023-01-012023-12-3106448158bus:Director32023-01-012023-12-3106448158bus:Director42023-01-012023-12-3106448158bus:Director52023-01-012023-12-3106448158bus:Director62023-01-012023-12-3106448158bus:Director72023-01-012023-12-3106448158bus:Director82023-01-012023-12-3106448158bus:CompanySecretary12023-01-012023-12-3106448158bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP