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Registration number: 01485528

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Company Information

Directors

Mr M G Shinner

Mr G Allan

Mr R C Redfern

Mr S G Hall

Mr A D Evans

Registered office

Clubhouse
Wyaston Road
Ashbourne
Derbyshire
DE6 1NB

Accountants

Coates and Partners Limited
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

(Registration number: 01485528)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,347,413

1,253,506

Current assets

 

Stocks

20,251

23,556

Debtors

5

1,688

16,304

Cash at bank and in hand

 

77,339

114,553

 

99,278

154,413

Creditors: Amounts falling due within one year

6

(342,302)

(303,805)

Net current liabilities

 

(243,024)

(149,392)

Total assets less current liabilities

 

1,104,389

1,104,114

Creditors: Amounts falling due after more than one year

6

(726,569)

(716,347)

Net assets

 

377,820

387,767

Reserves

 

Retained earnings

377,820

387,767

Surplus

 

377,820

387,767

For the financial year ending 29 February 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.

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

(Registration number: 01485528)
Balance Sheet as at 29 February 2024 (continued)

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mr G Allan
Director

   
     
 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a company limited by guarantee incorporated in England and Wales registration number: 01485528.

The address of its registered office is:
Clubhouse
Wyaston Road
Ashbourne
Derbyshire
DE6 1NB

These financial statements were authorised for issue by the Board on 29 August 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 presentation currency is £ sterling.

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/value added tax, 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.

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land

Not depreciated

Buildings and course developments

Straight line between 5 and 50 years

Plant and machinery

straight line between 5 and 10 years

Office equipment, fixtures and fittings

straight line between 5 and 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

1,643,857

79,509

79,823

1,803,189

Additions

-

10,704

126,006

136,710

Disposals

-

-

(33,770)

(33,770)

At 29 February 2024

1,643,857

90,213

172,059

1,906,129

Depreciation

At 1 March 2023

420,458

67,203

62,022

549,683

Charge for the year

19,897

4,096

18,810

42,803

Eliminated on disposal

-

-

(33,770)

(33,770)

At 29 February 2024

440,355

71,299

47,062

558,716

Carrying amount

At 29 February 2024

1,203,502

18,914

124,997

1,347,413

At 28 February 2023

1,223,399

12,306

17,801

1,253,506

Included within the net book value of land and buildings above is £1,203,501 (2023 - £1,223,399) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

1,092

1,440

Other debtors

596

14,864

1,688

16,304

Other debtors include corporation tax refunds due of £Nil (2023 £14,465).

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

134,212

88,383

Trade creditors

 

19,920

16,746

Taxation and social security

 

4,934

6,849

Accruals and deferred income

 

34,696

18,702

Other creditors

 

148,540

173,125

 

342,302

303,805

Creditors include bank loans which are secured on the assets of the company and net obligations under finance lease and hire purchase contracts which are secured on the assets they relate to of £79,211 (2023 - £54,383).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

720,410

709,203

Deferred income

 

6,159

7,144

 

726,569

716,347

Creditors include bank loans which are secured on the assets of the company and net obligations under finance lease and hire purchase contracts which are secured on the assets they relate to of £153,861 (2023 - £121,000).

 

Ashbourne Golf Club Limited(The)

trading as Ashbourne Golf Club

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

52,544

50,575

Hire purchase contracts and finance leases

26,668

3,808

Other borrowings

55,000

34,000

134,212

88,383

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

60,187

112,703

Hire purchase contracts and finance leases

93,675

8,298

Other borrowings

566,548

588,202

720,410

709,203