Company registration number 02735633 (England and Wales)
TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE 17 MONTHS ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,050,538
944,312
Investments
5
100
100
1,050,638
944,412
Current assets
Stocks
26,891
21,006
Debtors
6
15,417
22,808
Cash at bank and in hand
131,534
505,612
173,842
549,426
Creditors: amounts falling due within one year
7
(283,923)
(542,953)
Net current (liabilities)/assets
(110,081)
6,473
Total assets less current liabilities
940,557
950,885
Creditors: amounts falling due after more than one year
8
(18,410)
(78,942)
Net assets
922,147
871,943
Reserves
Income and expenditure account
922,147
871,943
Members' funds
922,147
871,943

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 July 2024 and are signed on its behalf by:
Mr Peter G Ward
Director
Company registration number 02735633 (England and Wales)
TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Teignmouth Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Teignmouth Golf Club, Haldon Moor, Teignmouth, Devon, TQ14 9NY.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The company extended its reporting year end from October to March in order to assist budgeting and financial reporting. These accounts represent the company's results for the seventeen months ended 31 March 2024.

1.4
Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received excluding discounts and VAT.

Where subscription income is received in advance, this is deferred on the balance sheet within creditors.

1.5
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 Leasehold
Premium over length of lease, other expenditure at 2% - 10% per annum on a straight-line basis
Plant and machinery
20% per annum on a reducing balance basis
Fixtures, fittings & equipment
20% per annum on a reducing balance basis

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.

TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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.

1.8
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.

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.

TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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.

1.11
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

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2
Exceptional item

Exceptional income of £69,100 consists of amounts received for an insurance claim following the collapse of a bore hole used to supply water to the golf course.

3
Employees

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

2024
2022
Number
Number
Total
27
25
TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
1,278,031
615,702
1,893,733
Additions
179,467
6,552
186,019
Disposals
-
0
(8,762)
(8,762)
At 31 March 2024
1,457,498
613,492
2,070,990
Depreciation and impairment
At 1 November 2022
462,072
487,349
949,421
Depreciation charged in the period
40,884
38,089
78,973
Eliminated in respect of disposals
-
0
(7,942)
(7,942)
At 31 March 2024
502,956
517,496
1,020,452
Carrying amount
At 31 March 2024
954,542
95,996
1,050,538
At 31 October 2022
815,959
128,353
944,312
5
Fixed asset investments
2024
2022
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2022 & 31 March 2024
100
Carrying amount
At 31 March 2024
100
At 31 October 2022
100
TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
3,448
-
0
Prepayments and accrued income
11,969
22,808
15,417
22,808
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
43,307
43,307
Obligations under finance leases
-
0
1,483
Other borrowings
-
0
830
Trade creditors
47,705
80,282
Amounts owed to group undertakings
1,052
5,556
Taxation and social security
15,628
24,276
Other creditors
2,396
1,783
Accruals and deferred income
173,835
385,436
283,923
542,953
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
18,410
77,954
Obligations under finance leases
-
0
988
18,410
78,942

The bank loans are secured by a fixed charge over the buildings owned by the company.

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 such amounts as may be required not exceeding £1.

10
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.

TEIGNMOUTH GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
10
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Paul Beard
Statutory Auditor:
Darnells Audit Limited
Date of audit report:
2 August 2024
2024-03-312022-11-01false02 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr R D CollierMr D J KingMr I CameronMrs I MundayMr T Stenner EvansMr  Andrew HurleyMr Mark DibbensMr Peter G WardMr N JamesMr R GateshillMrs M AndersonMr P WaggettMr M Hucklesbyfalsefalse027356332022-11-012024-03-31027356332024-03-31027356332022-10-3102735633core:LandBuildings2024-03-3102735633core:OtherPropertyPlantEquipment2024-03-3102735633core:LandBuildings2022-10-3102735633core:OtherPropertyPlantEquipment2022-10-3102735633core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102735633core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3102735633core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3102735633core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3102735633core:CurrentFinancialInstruments2024-03-3102735633core:CurrentFinancialInstruments2022-10-3102735633core:Non-currentFinancialInstruments2024-03-3102735633core:Non-currentFinancialInstruments2022-10-3102735633core:RetainedEarningsAccumulatedLosses2024-03-3102735633core:RetainedEarningsAccumulatedLosses2022-10-3102735633bus:Director82022-11-012024-03-3102735633core:LandBuildingscore:LongLeaseholdAssets2022-11-012024-03-3102735633core:PlantMachinery2022-11-012024-03-3102735633core:FurnitureFittings2022-11-012024-03-31027356332021-11-012022-10-3102735633core:LandBuildings2022-10-3102735633core:OtherPropertyPlantEquipment2022-10-31027356332022-10-3102735633core:LandBuildings2022-11-012024-03-3102735633core:OtherPropertyPlantEquipment2022-11-012024-03-3102735633bus:CompanyLimitedByGuarantee2022-11-012024-03-3102735633bus:SmallCompaniesRegimeForAccounts2022-11-012024-03-3102735633bus:FRS1022022-11-012024-03-3102735633bus:Audited2022-11-012024-03-3102735633bus:Director12022-11-012024-03-3102735633bus:Director22022-11-012024-03-3102735633bus:Director32022-11-012024-03-3102735633bus:Director42022-11-012024-03-3102735633bus:Director52022-11-012024-03-3102735633bus:Director62022-11-012024-03-3102735633bus:Director72022-11-012024-03-3102735633bus:Director92022-11-012024-03-3102735633bus:Director102022-11-012024-03-3102735633bus:Director112022-11-012024-03-3102735633bus:Director122022-11-012024-03-3102735633bus:CompanySecretary12022-11-012024-03-3102735633bus:FullAccounts2022-11-012024-03-31xbrli:purexbrli:sharesiso4217:GBP