REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BALMORAL GOLF CLUB LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BALMORAL GOLF CLUB LIMITED |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
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 | to | 9 |
BALMORAL GOLF CLUB LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
RESERVES |
Retained earnings |
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 |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Balmoral Golf Club Limited is a private company, limited by guarantee, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company made a loss in the year of £47,504 and at year end has net current liabilities of £1,206,751. The company has a bank loan of £1,003,409 which was due for repayment in September 2023 and the facility has not been renewed by the bank. The bank loan is secured by a charge on the land and premises of the club. The directors are currently looking at options to repay this loan or to refinance the loan however at the time of approval of the financial statements none of the options had been completed or confirmed. The directors are satisfied that the value of the land far exceeds the value of the loan and that they will be in a position to repay the loan when the various options have been considered and decision made as to what is best for the club and its members. |
The directors believe that due to the above circumstances there is a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern and therefore it might not be possible to realise its assets and liabilities in the normal course of business. |
The financial statements have been prepared on a going concern basis. |
Significant judgements and estimates |
The following judgements including those involving estimates have been made in the process of applying the accounting policies below that have the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year. |
(i) Depreciation method and asset useful lives |
The estimates and assumptions are reviewed on a regular basis considering the current and future market conditions. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixed assets are shown at cost of acquisition less depreciation to date. The cost of assets comprises purchase price and any installation charges. |
Depreciation |
Depreciation is calculated to write off the cost of fixed assets on the following basis: |
Land | Nil |
Course Construction | Nil |
Fixtures and fittings | 20% reducing balance |
Course Buildings | 20% straight line |
Plant and machinery | 20% straight line |
Clubhouse and Professional Shop | 2% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities from club members, the club's bank and other third parties. |
Debt instruments that are payable or receivable within one year are measured initially and subsequently at the undiscounted amount of the cash expected to be received or paid. |
Debt instruments like loans and other accounts receivable are initially measured at present value of future payments and subsequently measured at amortised cost using the effective interest method. If arrangements of a short term instrument constitute a financing transaction, like a debt financed at a rate of interest which is not a market rate, the financial asset or liability is measured initially and subsequently at the present value of future payments discounted at a market rate of interest for similar debt instrument. |
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. |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Finance leases and hire purchase contracts |
Assets held under finance leases and hire purchase contracts are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring the surplus or deficit. Assets held under finance leases and hire purchase contracts are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. |
Operating leases |
The company classifies the lease of golf carts and office equipment as operating leases. The title to the equipment remains with the lessor and the equipment is replaced periodically. Operating lease rentals are charged to the surplus or deficit on a straight-line basis over the term of the lease. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the club's pension scheme are charged to the surplus or deficit in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Course under construction | Land | Course buildings | Proshop |
COST |
At 1 January 2023 | 2,488,928 | 7,125 | 45,300 | 69,663 |
Additions | - | - | - | 1,133 |
At 31 December 2023 | 2,488,928 | 7,125 | 45,300 | 70,796 |
DEPRECIATION |
At 1 January 2023 | - | - | 45,235 | 33,198 |
Charge for year | - | - | 33 | 1,416 |
At 31 December 2023 | - | - | 45,268 | 34,614 |
NET BOOK VALUE |
At 31 December 2023 | 2,488,929 | 7,125 | 32 | 36,182 |
At 31 December 2022 | 2,488,929 | 7,125 | 65 | 36,465 |
Club house | Machinery | Fixtures | Totals |
COST |
At 1 January 2023 | 815,041 | 241,632 | 463,742 | 4,131,433 |
Additions | 2,865 | 138,184 | 1,031 | 143,213 |
Eliminated on disposal | (10,280 | ) | (10,280 | ) |
At 31 December 2023 | 817,906 | 369,536 | 464,773 | 4,264,366 |
DEPRECIATION |
At 1 January 2023 | 541,647 | 220,050 | 372,217 | 1,212,347 |
Charge for the year | 16,358 | 33,015 | 18,511 | 69,333 |
Eliminated on disposal | (10,280 | ) | (10,280 | ) |
At 31 December 2023 | 558,005 | 242,785 | 390,728 | 1,271,400 |
NET BOOK VALUE |
At 31 December 2023 | 259,901 | 126,751 | 74,045 | 2,992,966 |
At 31 December 2022 | 273,395 | 21,582 | 91,525 | 2,919,084 |
FINANCE LEASES AND HIRE PURCHASE CONTRACTS |
Included in the net book value of fixed assets are the following amounts relating to assets held under finance leases or hire purchase contracts: |
Machinery |
£ |
At 31 December 2023 | 109,398 |
At 31 December 2022 | 16,656 |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
VAT | 3,477 | 1,432 |
Other creditors |
Smart Card Balances | 71,613 | 69,963 |
Subs in Advance (playing) | 263,879 | 151,876 |
Bank loans < 1 year |
Accrued expenses |
The bank loan is a demand loan which expired on 30th September 2023. The bank loan is secured by a charge on the land and premises of the club. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts (see note 8) |
Bank Loans >1 year |
8. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to note 2 of the financial statements, which indicates that the company incurred a loss of £47,504 during the year ended 31 December 2023 and that the company's current liabilities exceeded its current assets by £1,206,751. As stated in note 2 the company has a loan balance of £1,003,409 which was due for repayment in September 2023 and the facility has not been renewed. As stated in note 2, these events or conditions along with other matters set out in note 2 indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. |
Our opinion is not modified in respect of this matter. |
for and on behalf of |
10. | CAPITAL COMMITMENTS |
At 31 December 2023 there were no capital commitments. |
11. | RELATED PARTY DISCLOSURES |
There were no related party transactions during the year except for the payment of normal membership subscriptions by the Directors and the award of Honoraria to a number of Club Officials. |
12. | 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. |
13. | PAYE REFERENCE |
The PAYE reference number of the Club is 92588470. |
14. | VAT REFERENCE |
The VAT registration number of the Club is 251804673 |
BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | SUBSCRIPTIONS |
The main categories of membership and numbers of subscriptions are: |
Category | Men | Women |
2023 | 2022 | 2023 | 2022 |
Life | 21 | 20 | 5 | 7 |
Full Playing | 346 | 323 | 38 | 33 |
Associate | 13 | 12 | 73 | 58 |
Reduced Rate | 24 | 26 | 5 | 5 |
Student Associate | 10 | 11 | - | - |
Young Adults | 23 | 18 | - | 1 |
Juvenile Associate | 40 | 33 | 4 | 5 |
New to Golf | - | - | 1 | - |
Social | 67 | 81 | 29 | 31 |
Honorary | 1 | 2 | 1 | 1 |
Total | 545 | 526 | 156 | 141 |
16. | REGISTRATION OF CLUBS (ACCOUNTS) REGULATIONS (NORTHERN IRELAND) 1997 |
Schedules prepared in accordance with the Clubs Regulations are shown in the appendix to the financial statements. |
17. | INSURANCE |
The Club maintains insurance cover in the following areas; buildings, fixtures and fittings, stock, cash, other assets and employment liability. |
18. | FUNCTIONS |
No functions in the period incurred a deficit greater than £250. |
19. | DONATIONS |
During the year the council made charitable donations over £50 to the following charities; Taughmonagh £1,000. |