REGISTERED NUMBER: |
WOKING GOLF CLUB ESTATES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
WOKING GOLF CLUB ESTATES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
WOKING GOLF CLUB ESTATES LIMITED (REGISTERED NUMBER: 00071601) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WOKING GOLF CLUB ESTATES LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
264 Banbury Road |
Oxford |
Oxfordshire |
OX2 7DY |
WOKING GOLF CLUB ESTATES LIMITED (REGISTERED NUMBER: 00071601) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) |
NET ASSETS |
RESERVES |
Capital redemption reserve | 9 |
Income and expenditure account | 9 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WOKING GOLF CLUB ESTATES LIMITED (REGISTERED NUMBER: 00071601) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Woking Golf Club Estates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents net invoiced sales of services, excluding value added tax. Where the service is provided gradually over time, income is recognised as the right to consideration as it falls due. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Financial instruments |
Interest free loans received from members of Woking Golf Club, which have been passed on in full and loaned to Woking Golf Club, and are effectively linked transactions - with all repayments from Woking Golf Club mirrored by repayments to the individual loan note holders - are initially accounted for at transaction value. This, being the sum advanced with no fair value adjustment made for the time value of money. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
WOKING GOLF CLUB ESTATES LIMITED (REGISTERED NUMBER: 00071601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Woking Golf Club Loan | 184,179 | 266,738 |
The loan to Woking Golf Club has a repayment date of not later than 31 December 2027 but is repayable on demand. For this reason the loan is shown as due after more than one year. |
This loan balance is made up of the total of the balances due to the the individual loan note holders as referred to it in note 9, which have been passed on in full to Woking Golf Club in the form of a loan. The two balances will always be equal and therefore both the debtor and creditor balances are shown at the amount of the original advance less all subsequent repayments, and not at fair value because each year fair value adjustments will cancel out. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Members Loans | 184,179 | 266,738 |
Loan Stock | 174,070 | 174,070 |
WOKING GOLF CLUB ESTATES LIMITED (REGISTERED NUMBER: 00071601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Members Loans are held interest free and are unsecured and are repayable by 2027 unless an individual creditor dies before that date when the amount will be repaid in full, if sufficient funds are available. These loans have been lent to Woking Golf Club for improvements to the golf course. In the event of any of these loans requiring to be repaid funds will be made available from Woking Golf Club to enable repayment. |
The loan stock is owned by Woking golf Club. No interest is paid (2022: £Nil). |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | - | 215 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Utilised during year | ( |
) |
Balance at 31 December 2023 |
9. | RESERVES |
Income |
and | Capital |
expenditure | redemption |
account | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 130,889 |
Surplus for the year |
At 31 December 2023 | 135,558 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
for and on behalf of |
11. | COMPANY LIMITED BY GUARANTEE |
The company is limited by guarantee and has no share capital. |
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £5. |