Registration number:
Louth Golf Club (1992) Limited
for the Year Ended 30 April 2024
Louth Golf Club (1992) Limited
(Registration number: 02675750)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Louth Golf Club (1992) Limited
(Registration number: 02675750)
Company Information
Chairman |
R Haynes |
Directors |
J Kettle A Craven S L Atkinson P Wilson E Ballard P R Laking T Winter J Atkinson S Carpenter |
Registered office |
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Bankers |
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Louth Golf Club (1992) Limited
(Registration number: 02675750)
(Registration number: 02675750)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,050,000 |
1,050,000 |
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Capital redemption reserve |
1,500 |
1,500 |
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Other reserves |
17,500 |
17,500 |
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Retained earnings |
50,525 |
80,044 |
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Shareholders' funds |
1,119,525 |
1,149,044 |
For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Louth Golf Club (1992) Limited
(Registration number: 02675750)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The Company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Going concern
The company has once again reported a loss this year. Cash flow is being carefully monitored by the directors and is forecast to be sufficient for at least the next 12 months. However, the margin of income over expenditure remains slim with a breakeven position forecast for the year ending 30th April, 2025.
The directors continue to look for ways to increase income and reduce expenditure in order to reduce forecast losses, improve cash flow and are also investigating alternate funding resources to allow the company to continue to trade in the longer term.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Louth Golf Club (1992) Limited
(Registration number: 02675750)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The company trades as a mutual society and accordingly no corporation tax is chargeable on profits arising from its activites with its members. Corporation tax is charged on other income at rates current during the year.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land |
No depreciation |
Freehold buildings |
2% straight line |
Plant and machinery |
10% straight line |
Fixtures, fittings and equipment |
10% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Louth Golf Club (1992) Limited
(Registration number: 02675750)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
- |
- |
Louth Golf Club (1992) Limited
(Registration number: 02675750)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Stocks |
2024 |
2023 |
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Raw materials and consumables |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Louth Golf Club (1992) Limited
(Registration number: 02675750)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Due after one year |
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Loans and borrowings |
88,834 |
101,738 |
Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Louth Golf Club (1992) Limited
(Registration number: 02675750)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Bank borrowings
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The bank loan is secured by a fixed and floating charge covering all property or undertaking of the company dated 6th May, 2016 and a fixed charge over freehold property known as Louth Golf Club, Crowtree Lane, Louth, Lincolnshire dated 12th August, 2016. |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,050,000 |
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1,050,000 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Louth Golf Club (1992) Limited
(Registration number: 02675750)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Loans from related parties
2024 |
Other related parties |
Total |
At start of period |
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At end of period |
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2023 |
Other related parties |
Total |
At start of period |
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At end of period |
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Terms of loans from related parties