REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WOOLTON GOLF CLUB LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WOOLTON GOLF CLUB LIMITED |
WOOLTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00151621) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WOOLTON GOLF CLUB LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
17 George Street |
St Helens |
Merseyside |
WA10 1DB |
WOOLTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00151621) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WOOLTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00151621) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Woolton Golf Club Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Subscriptions |
Subscriptions are derived from members paying their annual fee either in a lump sum or over terms of 6 or 11 months. There is also income from annual locker rental. |
Visitor/Green Fees |
These are fees paid by external customers. They can be paid either online or through the Pro-Shop. The fees collected in the Pro Shop are paid over to the office on a weekly basis. Entrance money is also collected from external competitions (i.e Opens). |
Bar income |
Members and visitors pay for drinks at the bar. Members pay using a pre-paid bar card for which they are allowed a discount on their drinks. Visitors can pay by cash or card. |
Functions and Other Income |
Income is derived from food sales for specific events. This is usually paid in advance for large events (eg weddings, large parties) or can be on the day of the event (eg funerals, lunches). A commission is paid from the Chef in relation to the number of meals/cost of meals served or cost per head. |
Room Hire |
Rent for the upstairs rooms is invoiced and received in April and October. Room hire for functions is paid at the time of booking (and is also used as a deposit). |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Land and buildings | - | 2% on cost of buildings |
Course plant and equipment | - | 5% to 33% on cost |
House fixtures & fittings | - | 10% to 33% on cost |
Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
WOOLTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00151621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Grants |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
Irrecoverable VAT |
The company is partially exempt for VAT. Irrecoverable VAT on revenue expenditure is written off in the period in which it is incurred. Irrecoverable VAT on capital expenditure is capitalised within the cost of the asset. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in the cost of course plant and equipment are assets held under finance leases and hire purchase contracts amounting to £29,950 (2022 - £29,950). Accumulated depreciation on these assets amounts to £16,043 (2022 - £11,948). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
WOOLTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00151621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdraft |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Included above are bank and other loans repayable by instalments after more than a five year period of £9,259 (2022 - £22,998). |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase | 4,721 | 10,332 |
Other loan | 75,926 | 87,037 |
The bank loans and overdraft are secured by a fixed charge over the freehold and leasehold property, first fixed charge over book and other debts and first floating charge over all assets and undertaking both present and future. |
The hire purchase contracts are secured against the assets to which they relate. |
The other loan secured by a fixed charge over the company's freehold property. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
WOOLTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00151621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, for routine payroll services, for routine bookkeeping services and assist with the preparation of the financial statements. |