Louth Golf Club (1992) Limited 02675750 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of the operation of a golf course and club house for the benefit of its members Digita Accounts Production Advanced 6.30.9574.0 true true 02675750 2023-05-01 2024-04-30 02675750 2024-04-30 02675750 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-04-30 02675750 core:CurrentFinancialInstruments 2024-04-30 02675750 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 02675750 core:Non-currentFinancialInstruments 2024-04-30 02675750 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 02675750 core:Goodwill 2024-04-30 02675750 core:BetweenTwoFiveYears 2024-04-30 02675750 core:MoreThanFiveYears 1 2024-04-30 02675750 core:WithinOneYear 2024-04-30 02675750 core:ConstructionInProgressAssetsUnderConstruction 2024-04-30 02675750 core:FurnitureFittingsToolsEquipment 2024-04-30 02675750 core:LandBuildings 2024-04-30 02675750 core:OtherRelatedParties 2024-04-30 02675750 1 2024-04-30 02675750 2 2024-04-30 02675750 bus:SmallEntities 2023-05-01 2024-04-30 02675750 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02675750 bus:FilletedAccounts 2023-05-01 2024-04-30 02675750 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02675750 bus:RegisteredOffice 2023-05-01 2024-04-30 02675750 bus:Chairman 2023-05-01 2024-04-30 02675750 bus:Director22 2023-05-01 2024-04-30 02675750 bus:Director24 2023-05-01 2024-04-30 02675750 bus:Director25 2023-05-01 2024-04-30 02675750 bus:Director32 2023-05-01 2024-04-30 02675750 bus:Director37 2023-05-01 2024-04-30 02675750 bus:Director38 2023-05-01 2024-04-30 02675750 bus:Director4 2023-05-01 2024-04-30 02675750 bus:Director5 2023-05-01 2024-04-30 02675750 bus:Director6 2023-05-01 2024-04-30 02675750 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-05-01 2024-04-30 02675750 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02675750 bus:Agent1 2023-05-01 2024-04-30 02675750 1 2023-05-01 2024-04-30 02675750 core:Goodwill 2023-05-01 2024-04-30 02675750 core:Buildings 2023-05-01 2024-04-30 02675750 core:ConstructionInProgressAssetsUnderConstruction 2023-05-01 2024-04-30 02675750 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 02675750 core:Land 2023-05-01 2024-04-30 02675750 core:LandBuildings 2023-05-01 2024-04-30 02675750 core:PlantMachinery 2023-05-01 2024-04-30 02675750 core:OtherRelatedParties 2023-05-01 2024-04-30 02675750 1 2023-05-01 2024-04-30 02675750 2 2023-05-01 2024-04-30 02675750 countries:AllCountries 2023-05-01 2024-04-30 02675750 2023-04-30 02675750 core:Goodwill 2023-04-30 02675750 core:ConstructionInProgressAssetsUnderConstruction 2023-04-30 02675750 core:FurnitureFittingsToolsEquipment 2023-04-30 02675750 core:LandBuildings 2023-04-30 02675750 core:OtherRelatedParties 2023-04-30 02675750 2022-05-01 2023-04-30 02675750 2023-04-30 02675750 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-04-30 02675750 core:CurrentFinancialInstruments 2023-04-30 02675750 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 02675750 core:Non-currentFinancialInstruments 2023-04-30 02675750 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 02675750 core:Goodwill 2023-04-30 02675750 core:BetweenTwoFiveYears 2023-04-30 02675750 core:MoreThanFiveYears 1 2023-04-30 02675750 core:WithinOneYear 2023-04-30 02675750 core:ConstructionInProgressAssetsUnderConstruction 2023-04-30 02675750 core:FurnitureFittingsToolsEquipment 2023-04-30 02675750 core:LandBuildings 2023-04-30 02675750 core:OtherRelatedParties 2023-04-30 02675750 1 2023-04-30 02675750 2 2023-04-30 02675750 2022-04-30 02675750 core:OtherRelatedParties 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02675750

Louth Golf Club (1992) Limited


Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

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

Crowtree Lane
Louth
Lincolnshire
LN11 9LJ

Bankers

National Westminster Bank plc
Market Place
Louth
Lincolnshire
LN11 9NX

 

Louth Golf Club (1992) Limited
(Registration number: 02675750)

(Registration number: 02675750)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,243,204

1,261,598

Current assets

 

Stocks

6

8,097

10,555

Debtors

7

20,332

13,843

Cash at bank and in hand

 

132,627

182,856

 

161,056

207,254

Creditors: Amounts falling due within one year

8

(195,901)

(218,070)

Net current liabilities

 

(34,845)

(10,816)

Total assets less current liabilities

 

1,208,359

1,250,782

Creditors: Amounts falling due after more than one year

8

(88,834)

(101,738)

Net assets

 

1,119,525

1,149,044

Capital and reserves

 

Called up share capital

10

1,050,000

1,050,000

Capital redemption reserve

1,500

1,500

Other reserves

17,500

17,500

Retained earnings

50,525

80,044

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:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 14 September 2024 and signed on its behalf by:
 

.........................................
R Haynes
Chairman

 

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Crowtree Lane
Louth
Lincolnshire
LN11 9LJ

These financial statements were authorised for issue by the Board on 14 September 2024.

2

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

50,000

50,000

At 30 April 2024

50,000

50,000

Amortisation

At 1 May 2023

50,000

50,000

At 30 April 2024

50,000

50,000

Carrying amount

At 30 April 2024

-

-

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 May 2023

1,466,441

198,787

302,240

1,967,468

At 30 April 2024

1,466,441

198,787

302,240

1,967,468

Depreciation

At 1 May 2023

233,243

188,864

283,763

705,870

Charge for the year

8,959

3,314

6,121

18,394

At 30 April 2024

242,202

192,178

289,884

724,264

Carrying amount

At 30 April 2024

1,224,239

6,609

12,356

1,243,204

At 30 April 2023

1,233,198

9,923

18,477

1,261,598

6

Stocks

2024
£

2023
£

Raw materials and consumables

8,097

10,555

7

Debtors

Current

2024
£

2023
£

Trade debtors

4,768

2,256

Prepayments

4,395

2,387

Other debtors

11,169

9,200

 

20,332

13,843

 

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

78,544

80,468

Trade creditors

 

15,885

12,759

Taxation and social security

 

934

607

Accruals and deferred income

 

98,045

121,743

Other creditors

 

2,493

2,493

 

195,901

218,070

Due after one year

 

Loans and borrowings

 

88,834

101,738

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after more than five years

After more than five years by instalments

49,830

52,800

-

-

 

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

88,834

101,738

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,544

17,468

Other borrowings

63,000

63,000

78,544

80,468

Bank borrowings

Bounce Back Loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 8 June 2026. The carrying amount at year end is £22,372 (2023 - £32,306).

NatWest Bank Loan is denominated in sterling with a nominal interest rate of 4.25% over base %, and the final instalment is due on 11 August 2027. The carrying amount at year end is £82,005 (2023 - £86,900).

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.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1,500 each

700

1,050,000

700

1,050,000

       

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

27,202

27,202

Later than one year and not later than five years

59,337

86,538

86,539

113,740

 

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

12

Related party transactions

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

63,000

63,000

At end of period

63,000

63,000

2023

Other related parties
£

Total
£

At start of period

63,000

63,000

At end of period

63,000

63,000

Terms of loans from related parties

Three current directors, loaned the company a total of £16,500 and five former directors/shareholders loaned the company a total of £46,500. There are no formal repayment terms in respect of these loans and interest is charged at 0%.