Company registration number 13696543 (England and Wales)
THE LINKS GOLF CLUB (NEWMARKET) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE LINKS GOLF CLUB (NEWMARKET) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 8
THE LINKS GOLF CLUB (NEWMARKET) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,161,511
882,113
Current assets
Stocks
12,863
13,301
Debtors
5
3,127
3,998
Cash at bank and in hand
572,484
695,564
588,474
712,863
Creditors: amounts falling due within one year
6
(416,800)
(210,579)
Net current assets
171,674
502,284
Net assets
1,333,185
1,384,397
Reserves
Other reserves
8
1,352,788
1,381,153
Income and expenditure account
(19,603)
3,244
Members' funds
1,333,185
1,384,397

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 23 September 2024 and are signed on its behalf by:
P Brown
Director
Company registration number 13696543 (England and Wales)
THE LINKS GOLF CLUB (NEWMARKET) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Capital reserve
Capital replacement reserve
Income and expenditure
Total
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 21 October 2021
-
-
-
0
-
Period ended 31 December 2022:
Surplus and total comprehensive income
-
-
36,004
36,004
Transfer of reserves from Links Golf Club
572,126
776,267
-
0
1,348,393
Transfers
-
32,760
(32,760)
-
Balance at 31 December 2022
572,126
809,027
3,244
1,384,397
Year ended 31 December 2023:
Deficit and total comprehensive income
-
-
(51,212)
(51,212)
Transfers
-
(28,365)
28,365
-
Balance at 31 December 2023
572,126
780,662
(19,603)
1,333,185
THE LINKS GOLF CLUB (NEWMARKET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

The Links Golf Club (Newmarket) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Links Golf Club, Cambridge Road, Newmarket, Suffolk, CB8 0TG.

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.

1.2
Turnover

Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Turnover is generated from the ordinary trading activities of the entity.

 

The membership revenue is recognised when the yearly subscription becomes due from the members. The bar, catering, entrance fees, shop, society and other income are recognised when purchased.

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 or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Buildings are depreciated over the term of lease. Land is not depreciated.
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line

Assets in the course of construction are not depreciated.

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.

1.4
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).

THE LINKS GOLF CLUB (NEWMARKET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.6
Cash and cash equivalents

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.

1.7
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no more complex financial instruments that require measurement at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on the non-mutual taxable surplus for the year. Taxable surplus differs from net surplus as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
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.

1.10
Retirement benefits

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

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
32
29
THE LINKS GOLF CLUB (NEWMARKET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 January 2023
757,203
-
0
120,023
35,033
7,313
919,572
Additions
14,348
59,875
250,440
52,085
4,905
381,653
Disposals
-
0
-
0
(3,938)
-
0
(679)
(4,617)
At 31 December 2023
771,551
59,875
366,525
87,118
11,539
1,296,608
Depreciation and impairment
At 1 January 2023
4,009
-
0
24,005
7,007
2,438
37,459
Depreciation charged in the year
4,077
-
0
73,305
17,424
3,846
98,652
Eliminated in respect of disposals
-
0
-
0
(788)
-
0
(226)
(1,014)
At 31 December 2023
8,086
-
0
96,522
24,431
6,058
135,097
Carrying amount
At 31 December 2023
763,465
59,875
270,003
62,687
5,481
1,161,511
At 31 December 2022
753,194
-
0
96,018
28,026
4,875
882,113
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,127
3,998
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
120,648
18,185
Corporation tax
3,699
-
0
Other taxation and social security
15,794
12,264
Other creditors
276,659
180,130
416,800
210,579
7
Members' liability

The company is limited by guarantee, not having 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.

THE LINKS GOLF CLUB (NEWMARKET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Other reserves
2023
2022
as restated
£
£
Capital funds
572,126
572,126
Capital replacement reserve
780,662
809,027
At the end of the year
1,352,788
1,381,153

Capital funds are comprised of the accumulated trading reserves transferred in on incorporation and the market value uplift of assets, based on the valuation performed by Savills on 12 May 2021. They exclude the capital replacement reserves which are also reserves transferred in on incorporation but have been allocated to the replacement of capital items as they become due.

 

During the year a transfer of £28,365 has been made from the capital replacement reserve to the income and expenditure reserve, as shown on the Statement Of Changes In Equity. The transfer of these ring-fenced costs is reflective of the increase in capital expenditure and depreciation costs in the year.

10
Ultimate controlling party

The company is controlled by the directors acting on behalf of the members.

11
Prior period adjustment
Reconciliation of changes in equity
21 October
31 December
2021
2022
£
£
Adjustments to prior year
Capital reserve
-
(12,558)
Income and expenditure account
-
(3,742)
Total adjustments
-
(16,300)
Equity as previously reported
-
1,400,697
Equity as adjusted
-
1,384,397
Analysis of the effect upon equity
Other reserves
-
(12,558)
Income and expenditure account
-
(3,742)
-
(16,300)
THE LINKS GOLF CLUB (NEWMARKET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in surplus for the previous financial period
2022
£
Adjustments to prior year
VAT irrecoverable
(3,742)
Surplus as previously reported
39,746
Surplus as adjusted
36,004
Notes to reconciliation

A prior period adjustment has been made in respect of a misstatement of the VAT balance. The comparative figures have been restated and the result is a decrease of other debtors of £4,036, an increase in other taxation and social security of £12,264, a decrease in capital funds of £12,558 and a decrease in the income and expenditure account of £3,742.

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