Company registration number 1041410 (England and Wales)
BEAMISH PARK GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BEAMISH PARK GOLF CLUB LIMITED
CONTENTS
Page
Chairman's report
1 - 2
Balance sheet
4 - 5
Notes to the financial statements
6 - 11
BEAMISH PARK GOLF CLUB LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

On behalf of the Directors, I am pleased to provide the annual report for the year ended 31 December 2023, briefly summarising the Club's activities.

 

Accounts

 

The accounts for 2023 show a significant loss of £124,446.

 

It has been another interesting and extremely challenging year. We have had an unprecedented amount of rain which has had serious repercussions, not only on access to the course, but also on footfall through the Clubhouse, resulting in a reduction in bar takings, buggy usage, visitor revenue etc. The result of this has been a drop in budgeted turnover of circa £50,000 in the last four months of 2023. A report circulated to members in January 2024 showed the impact the weather has had on golf generally across the country. Overheads continue to rise across all departments and capital expenditure has been limited accordingly.

 

The drop in income late in the year has meant that the usual winter squeeze on our cashflow has been more severe than usual this year.

 

The Board have been working hard to put in place measures to generate additional income and reduce costs were possible. Diversification and the identification of new non-golf revenue streams are paramount, as we cannot survive long term as a golf club on member subscriptions alone.

 

The management of the finances of the Club over the last four years has been a significant challenge, but the introduction of new processes and procedures has resulted in greater control of both income and expenditure.

 

Golf Club membership

 

Golf club membership fell in 2023 following on from the post covid upsurge, As a consequence the Board launched an 18-for-12 months membership initiative on 25/09/2023, followed by an announcement on 08/11/2023 that membership fees for 2024 would be frozen at the current levels This has had limited effect on the 2023 Accounts, but as at the date of this report, we are able to report a valuable increase in overall membership.

 

Club Management

 

I am please to be able to report that we appointed Andy Hill as General Manager in September 2023. Andy brings plenty of experience, ideas, an abundance of positivity and is making a significant contribution to the day to day management of the club.

 

Course

 

Course closures due to the unusually poor weather since September 2023 has provided significant challenges for the Greens Team.

 

The team have continued to make improvements to the course throughout 2023 despite the limitation on the availability of funds. Further improvements to the course are planned for 2024.

 

Thanks to all our Greens staff and also to the band of volunteers who assist in making sure our course and facilities are presented at their best for both members and visitors.

 

Bar & Catering

 

The bar and catering operations continue to provide a major challenge both in terms of staffing and financial control, but we are determined to provide the best level of service for our members.

Thanks to all the members who use the facilities on a regular basis and support specific functions which are critical to the success of the Clubhouse

 

BEAMISH PARK GOLF CLUB LIMITED
CHAIRMAN'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

 

Outlook

 

Beamish Park Golf Club continues to thrive despite all that nature and the volatile economic climate has thrown at it during the last four years and I would like to thank all of our members for their continued support without which we would have no Club.

 

However, it is inevitable that we will continue to face major challenges over the coming years as the sport of golf continues to evolve and that significant decisions will need to be made in order to ensure the financial viability of the Club.

 

In order the run the Club as a successful business, we particularly need to utilise the experience and expertise that undoubtedly exists within our membership and I would request that any member who feels they can contribute to the running of the Club to come forward.

 

Conclusion

 

On behalf of the Board of Directors, I would like to thank all of the Captains for their time and effort throughout the year in ensuring the successful running of the various sections and competitions.

 

Men's Captain    Keith Robinson

Seniors Captain    Alan Scott

Juniors Captain     Tom Errington

Ladies Captain    Gabrielle Dickinson

 

I would also like to thank our hard-working staff who have had to endure some difficult working conditions but have borne these with enthusiasm and dedication.

 

Special thanks as always to our Professional, Chris Cole, who has continued to work through personal adversity and is still an ever present at the Club.

 

Finally, I would like to thank the Board for all their time, commitment, support and effort during the year. Our mission continues to be to endeavour to do what is best for the members and the Club as a whole.

Roy Addyman
Chairman
23 May 2024
BEAMISH PARK GOLF CLUB LIMITED
CAPTAIN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

It has been an honour and a privilege to serve as your Captain during 2023 and I would like to thank you all for your support throughout the year.

 

It was a difficult year because of the weather with seven named storms and a regular pattern of rainfall all year. We did however manage to complete all the board competitions although some had to be rearranged.

 

The club championship over 36 holes in one day was fiercely contested be Sam Robinson and Tom Skelton with Sam winning on the final hole.

 

The team did well this year gaining promotion to Division 2 with a game in hand and should be commended for their efforts, with juniors now filtering into the team the future looks promising.

 

We held three prestigious events this year:

- The Durham schools championship.

- The North Durham team championship, where Beamish came a creditable 3rd and Adam Mottershead won best gross with a 66 and best net 68.

- The U14 North of England junior championship three-day event which we took on to help out South Moor which was a huge success.

 

The greens team have done a great job keeping the golf going in extreme weather conditions when most other clubs were shut, The in-house drainage work on the 14th green is welcome improvement to the course and the ongoing wok on drainage will enhance the course in future.

 

This year has seen the club employ a manager for the first time, he has been a great help to me and I'm sure Andy Hill will be an asset to the future running of the club.

 

The generosity of the Beamish members and guests should be commended for raising £1,248 for my choice of charity Children's Cancer North.

 

I am honoured to have been Captain of this fantastic club where I've attempted to play golf for 36 years, and I would like to thank the staff, the bar, the kitchen and the greens and Chris Cole for all their service and help.

 

I would also like to thank the board of directors for all their support, and Les Souter who has managed the men's team and worked with me all year as Vice-Captain.

 

I wish Les the best of luck for 2024 and I know the people mentioned above will support him as they have supported me.

 

 

 

 

Keith Robinson

Captain, Beamish Park Golf Club, 2023

 

BEAMISH PARK GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
554,665
558,946
Current assets
Stocks
22,001
13,100
Debtors
5
5,153
9,530
Cash at bank and in hand
232
17
27,386
22,647
Creditors: amounts falling due within one year
6
(295,431)
(181,348)
Net current liabilities
(268,045)
(158,701)
Total assets less current liabilities
286,620
400,245
Creditors: amounts falling due after more than one year
8
(187,564)
(176,743)
Net assets
99,056
223,502
Reserves
Other reserves
8,500
8,500
Income and expenditure account
90,556
215,002
Members' funds
99,056
223,502

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 31 December 2023 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.

BEAMISH PARK GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 23 May 2024 and are signed on its behalf by:
Mr R Addyman
Director
Company registration number 1041410 (England and Wales)
BEAMISH PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Company information

Beamish Park Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Beamish Park, Stanley, County Durham, DH9 0RH.

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.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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:

Freehold land and buildings
2% Straight Line
Improvements to property
5% Straight Line
Plant and equipment
10%/15% Reducing Balance
Fixtures and fittings
15% Reducing Balance

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.

1.5
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.

BEAMISH PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -

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.

1.6
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.

1.7
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.

1.8
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 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.

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.

BEAMISH PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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.

1.9
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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 balance sheet 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.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

BEAMISH PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
18
19
4
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2023
420,879
163,112
588,473
218,726
1,391,190
Additions
-
0
31,500
28,635
-
0
60,135
Disposals
-
0
-
0
(13,665)
-
0
(13,665)
At 31 December 2023
420,879
194,612
603,443
218,726
1,437,660
Depreciation and impairment
At 1 January 2023
205,116
73,653
394,517
158,958
832,244
Depreciation charged in the year
8,190
9,075
29,798
9,628
56,691
Eliminated in respect of disposals
-
0
-
0
(5,940)
-
0
(5,940)
At 31 December 2023
213,306
82,728
418,375
168,586
882,995
Carrying amount
At 31 December 2023
207,573
111,884
185,068
50,140
554,665
At 31 December 2022
215,763
89,459
193,956
59,768
558,946
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
160
-
0
Other debtors
-
0
2,259
Prepayments and accrued income
4,993
7,271
5,153
9,530
BEAMISH PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7
56,643
28,170
Obligations under finance leases
40,178
29,196
Subscriptions in advance
97,084
73,610
Trade creditors
36,228
22,470
Taxation and social security
10,200
3,324
Other creditors
53,831
20,225
Accruals and deferred income
1,267
4,353
295,431
181,348
7
Loans and overdrafts
2023
2022
£
£
Bank loans
104,084
115,544
Bank overdrafts
44,033
14,135
148,117
129,679
Payable within one year
56,643
28,170
Payable after one year
91,474
101,509

The total bank loans and overdrafts consists of £66,428 (2022: £73,539) which is secure by fixed charges over the club's freehold land and buildings and a bounce bank loan of £37,656 (2022: £42,005) which is unsecured.

8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
7
91,474
101,509
Obligations under finance leases
67,839
48,915
Government grants
15,829
17,079
Other creditors
12,422
9,240
187,564
176,743
BEAMISH PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
9
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. The amounts of guarantee applicable to each class of membership is as follows:

 

Ordinary Members    £5

Lady Members        £4

Any Other Member    5p

2023-12-312023-01-01false23 May 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr D CameronMr A J DavidsonMr P DobsonMr D HartleyMr R PattisonMr P RobinsonMr N J SkeltonMr W WardMr R AddymanMr P Douglassfalsefalse10414102023-01-012023-12-311041410bus:Director92023-01-012023-12-3110414102023-12-3110414102022-12-311041410core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-311041410core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-311041410core:PlantMachinery2023-12-311041410core:FurnitureFittings2023-12-311041410core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-311041410core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-311041410core:PlantMachinery2022-12-311041410core:FurnitureFittings2022-12-311041410core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-311041410core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-311041410core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-311041410core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-311041410core:CurrentFinancialInstruments2023-12-311041410core:CurrentFinancialInstruments2022-12-311041410core:Non-currentFinancialInstruments2023-12-311041410core:Non-currentFinancialInstruments2022-12-311041410core:OtherMiscellaneousReserve2023-12-311041410core:OtherMiscellaneousReserve2022-12-311041410core:RetainedEarningsAccumulatedLosses2023-12-311041410core:RetainedEarningsAccumulatedLosses2022-12-311041410core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-311041410core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-311041410core:PlantMachinery2023-01-012023-12-311041410core:FurnitureFittings2023-01-012023-12-3110414102022-01-012022-12-311041410core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-311041410core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-311041410core:PlantMachinery2022-12-311041410core:FurnitureFittings2022-12-3110414102022-12-311041410core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-311041410core:Non-currentFinancialInstruments12023-12-311041410core:Non-currentFinancialInstruments12022-12-311041410bus:CompanyLimitedByGuarantee2023-01-012023-12-311041410bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-311041410bus:FRS1022023-01-012023-12-311041410bus:AuditExemptWithAccountantsReport2023-01-012023-12-311041410bus:Director12023-01-012023-12-311041410bus:Director22023-01-012023-12-311041410bus:Director32023-01-012023-12-311041410bus:Director42023-01-012023-12-311041410bus:Director52023-01-012023-12-311041410bus:Director62023-01-012023-12-311041410bus:Director72023-01-012023-12-311041410bus:Director82023-01-012023-12-311041410bus:Director102023-01-012023-12-311041410bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP