REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE TURTON GOLF CLUB LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE TURTON GOLF CLUB LIMITED |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THE TURTON GOLF CLUB LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Grafton House |
81 Chorley Old Road |
Bolton |
Lancashire |
BL1 3AJ |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
The Turton 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 |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about The Turton Golf Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Freehold land and buildings | - |
Clubhouse development | - |
Greens equipment | - |
Fixtures fittings and equipment | - |
Access road | - |
With the exception of freehold property fixed assets are stated at cost less accumulated depreciation. Freehold property is stated in the balance sheet at revalued amounts, being the fair value on the date of revaluation less any subsequent depreciation and impairment losses. Due to the specialised nature of the asset, insurance replacement value is used as the fair value. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which could be determined using fair values at the reporting end date. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold |
land and | Clubhouse | Greens |
buildings | development | equipment |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
fittings |
and | Access |
equipment | road | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Freehold |
land and | Clubhouse | Greens |
buildings | development | equipment |
£ | £ | £ |
Valuation in 2007 | 1,193,525 | - | - |
Cost | 352,475 | 686,103 | 279,181 |
1,546,000 | 686,103 | 279,181 |
Fixtures |
fittings |
and | Access |
equipment | road | Totals |
£ | £ | £ |
Valuation in 2007 | - | - | 1,193,525 |
Cost | 165,134 | 31,173 | 1,514,066 |
165,134 | 31,173 | 2,707,591 |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
fittings |
and |
equipment |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts |
Trade creditors |
Subscriptions received in advance | 269,627 | 331,778 |
Amounts owed to group undertakings |
Social security and other taxes |
Members card balances | 11,615 | 10,777 |
Directors current account | 75,000 | 75,000 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Bank loans - over 5 years |
Hire purchase contracts |
Life membership subscriptions in advance |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans - over 5 years | 171,467 | 188,501 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 5,000 | 5,000 |
THE TURTON GOLF CLUB LIMITED (REGISTERED NUMBER: 00175343) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 1,555,929 |
Profit for the year |
At 31 March 2024 | 1,582,522 |
12. | RELATED PARTY DISCLOSURES |
During the previous year the company received loans amounting to £75,000 from directors. The loans are included in creditors due within one year. |
The company has received a loan from Woodend Catering Limited, a subsidiary company. At the balance sheet date £6,049 (2023 - £11,936) is included within creditors due within one year. |
13. | ULTIMATE CONTROLLING PARTY |
The trustees of the Deed of Trust dated 5 December 1966 are authorised to and actually hold all the shares in the company on behalf of the actual members of the Turton Golf Club Limited. The control of the Turton Golf Club Limited rests solely with the current actual members of the Club. |
14. | SUBSIDIARY COMPANIES |
The company owns 100% of the issued share capital of the following companies: |
Turton Golf Club Catering Limited - 100 ordinary £1 shares |
Woodend Catering Limited - 100 ordinary £1 shares |