Company registration number 11011669 (England and Wales)
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
COMPANY INFORMATION
Directors
Mrs R J Murrant
Mr W G Baylis
Mrs S Cartwright
(Appointed 14 March 2023)
Mr F P Concannon
(Appointed 14 March 2023)
Mr P Good
(Appointed 14 March 2023)
Mr R P Tolley
(Appointed 14 March 2023)
Company number
11011669
Registered office
The Club House
Russell Road
Kidderminster
Worcestershire
England
DY10 3HT
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 9
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company in the year under review was that of a members golf club.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Emms
(Resigned 14 March 2023)
Ms W Ray
(Resigned 14 March 2023)
Mr S Parkes
(Resigned 14 March 2023)
Mrs R J Murrant
Mr W G Baylis
Mr A Cleaton
(Resigned 9 January 2023)
Mrs S Cartwright
(Appointed 14 March 2023)
Mr F P Concannon
(Appointed 14 March 2023)
Mr P Good
(Appointed 14 March 2023)
Mr R P Tolley
(Appointed 14 March 2023)
Mr A R G Cook
(Appointed 14 March 2023 and resigned 31 August 2023)
Auditor

The auditor, Ormerod Rutter Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mrs R J Murrant
Director
29 February 2024
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
201,052
150,372
Investments
4
60,711
60,711
261,763
211,083
Current assets
Stocks
9,672
8,095
Debtors
5
48,645
40,630
Cash at bank and in hand
275,484
47,636
333,801
96,361
Creditors: amounts falling due within one year
6
(594,557)
(221,845)
Net current liabilities
(260,756)
(125,484)
Total assets less current liabilities
1,007
85,599
Creditors: amounts falling due after more than one year
7
(9,334)
(38,253)
Net (liabilities)/assets
(8,327)
47,346
Reserves
Income and expenditure account
(8,327)
47,346
Members' funds
(8,327)
47,346

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 29 February 2024 and are signed on its behalf by:
Mrs R J Murrant
Director
Company registration number 11011669 (England and Wales)
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

The Kidderminster Golf Club (2017) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Club House, Russell Road, Kidderminster, Worcestershire, England, DY10 3HT.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

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 of assets less their residual values over their useful lives.

 

Depreciation is recognised in the month that an assets is purchased and not recognised in the month that an asset is sold.

 

Depreciation is recognised on the following bases:

Course, clubhouse & improvements
10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% straight line
Irrigation and draining system
10% straight line and 5% straight line

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.

Expenditure of less than £1,000 is not capitalised but is written off in the year which it is incurred.

 

THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
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.

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.

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, on a first in, first out basis. 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.

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.

1.7
Cash at bank and in hand

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.

THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.

 

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Retirement benefits

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

1.10
Leases

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.

1.11

Mast lease premium

The mast lease premium income is recognised annually, net of capital gains tax, on a straight line basis over 10 years, with 2 years left.

1.12

Irrecoverable VAT

Irrecoverable VAT relating to capital expenditure is written off to income and expenditure account as incurred.

2
Employees

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

 

2023
2022
Number
Number
Total
22
22
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Course, clubhouse & improvements
Plant and equipment
Fixtures and fittings
Irrigation and draining system
Total
£
£
£
£
£
Cost
At 1 January 2023
136,484
22,957
17,732
61,512
238,685
Additions
29,264
44,921
1,755
-
0
75,940
At 31 December 2023
165,748
67,878
19,487
61,512
314,625
Depreciation and impairment
At 1 January 2023
22,360
15,649
13,327
36,977
88,313
Depreciation charged in the year
8,721
7,254
1,890
7,395
25,260
At 31 December 2023
31,081
22,903
15,217
44,372
113,573
Carrying amount
At 31 December 2023
134,667
44,975
4,270
17,140
201,052
At 31 December 2022
114,124
7,308
4,405
24,535
150,372
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,341
5,341
Loans to group undertakings and participating interests
55,370
55,370
60,711
60,711
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,216
25,058
Other debtors
12,429
15,572
48,645
40,630
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
54,718
39,549
Amounts owed to group undertakings
327,945
270
Other taxation and social security
14,197
4,762
Deferred Income
126,499
119,271
Other creditors
49,179
41,050
Accruals
22,019
16,943
594,557
221,845
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
9,334
38,253

Included within the prior year other creditors is a Covid bounce back loan.

8
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 £10.

9
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:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
29 February 2024
10
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
£
£
57,925
102,272
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

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