Company Registration No. 00163435 (England and Wales)
CLYNE GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CLYNE GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
CLYNE GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- Page 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
486,749
511,017
Current assets
Stocks
10,728
12,383
Debtors
6
20,536
26,534
Cash at bank and in hand
222,560
185,909
253,824
224,826
Creditors: amounts falling due within one year
7
(156,155)
(167,503)
Net current assets
97,669
57,323
Total assets less current liabilities
584,418
568,340
Creditors: amounts falling due after more than one year
8
(54,944)
(71,491)
Net assets
529,474
496,849
Capital and reserves
Called up share capital
10
391
420
Capital redemption reserve
11
9,087
9,023
Profit and loss reserves
12
519,996
487,406
Total equity
529,474
496,849

The directors of the company have elected not to include a copy of the profit and loss 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 20 March 2024 and are signed on its behalf by:
H Perkins
I Williamson
Director
Director
Company Registration No. 00163435
The notes on pages 2 to 8 form part of these financial statements.
CLYNE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- Page 2 -
1
Accounting policies
Company information

Clyne Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is 118/120 Owls Lodge Lane, Mayals, Swansea, SA3 5DP.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for subscriptions, green fees and bar receipts, together with other goods and services net of VAT and trade discounts.
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:

Land and buildings Freehold
- a) Over 2 to 25 years   b) not depreciated
Land and buildings Leasehold
- over 25 years on practice area
Plant and machinery
- over 4 to 25 years
Fixtures, fittings & equipment
- over 4 to 15 years
Motor vehicles
- over 10 years

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 profit or loss.

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.

CLYNE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- Page 3 -

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 profit or loss, 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 profit or loss, 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 material costs.

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 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.

CLYNE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- Page 4 -
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
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. The company no longer holds registered status as a Community Amateur Social Club (effective 1 April 2016). Exemptions that were available under UK corporation tax law are subsequently withdrawn from this date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.11
Retirement benefits

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

1.12
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.

CLYNE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- Page 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.14
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.

1.15
Life Membership
Monies received in respect of life membership subscriptions are released to the profit and loss account at a rate per annum equal to the dicounted subscription level offered to life membership subscribers.
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
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,750
2,705
4
Employees

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

2023
2022
Number
Number
Total
4
5
CLYNE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- Page 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
390,119
747,988
1,138,107
Additions
2,833
499
3,332
Disposals
(500)
(4,965)
(5,465)
At 31 December 2023
392,452
743,522
1,135,974
Depreciation and impairment
At 1 January 2023
74,943
552,147
627,090
Depreciation charged in the year
1,690
25,253
26,943
Eliminated in respect of disposals
-
0
(4,809)
(4,809)
At 31 December 2023
76,633
572,591
649,224
Carrying amount
At 31 December 2023
315,819
170,931
486,750
At 31 December 2022
315,176
195,841
511,017

The cost of depreciable assets included in land and buildings at 31 December 2023 was £114,274 (2022: £111,441), which includes building and course improvements under lottery grant.

 

The original cost of the clubhouse and course are not depreciated.

 

At 31 December 2023, included within the net book value of land and buildings is £308,839 (2022: £308,196) relating to freehold land and buildings, and £6,980 (2022: £6,980) relating to long term leasehold land.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
180
1,690
Other debtors
20,356
24,844
20,536
26,534
CLYNE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- Page 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9
9,932
9,687
Obligations under finance leases
3,521
3,378
Other borrowings
9
669
2,607
Payments received on account
94,804
95,120
Trade creditors
20,251
36,499
Corporation tax
5,872
8,927
Other taxation and social security
2,663
1,993
Other creditors
5,662
1,054
Accruals and deferred income
12,781
8,238
156,155
167,503
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
9
23,279
33,210
Obligations under finance leases
16,713
20,235
Other loans
9
-
0
927
Government grants and life memberships
14,952
17,119
54,944
71,491

Assets acquired under hire purchase or finance lease are secured on the asset to which they relate.

9
Loans and overdrafts
2023
2022
£
£
Bank loans
33,211
42,897
Other loans
669
3,534
33,880
46,431
Payable within one year
10,601
12,294
Payable after one year
23,279
34,137

Other loans relate to monies advanced by Molson Coors Brewery Company (UK) Limited as a listing fee which will be earned out over a five year term in accordance with the terms of the agreement.

 

Bank loans relates to a Bounce Back loan that was taken out on 11 March 2021.

CLYNE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- Page 8 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
391
420
391
420

During the year 35 new shares were issued and 64 shares were formally cancelled.

11
Capital redemption reserve
2023
2022
£
£
At beginning of year
9,023
9,023
Transferred during the year
64
-
At end of year
9,087
9,023
12
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
487,406
447,921
Profit for the year
32,590
39,485
At the end of the year
519,996
487,406
13
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:
Matthew Woolway
Statutory Auditor:
Butterfield Morgan Limited
14
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Land, buildings and equipment
35,750
52,600
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