Company Registration No. 03919873 (England and Wales)
Three Locks Golf Club Ltd
Unaudited accounts
for the year ended 31 March 2024
Three Locks Golf Club Ltd
Unaudited accounts
Contents
Three Locks Golf Club Ltd
Company Information
for the year ended 31 March 2024
Directors
Patrice Critchley
Peter Critchley
Company Number
03919873 (England and Wales)
Registered Office
Partridge Hill
Great Brickhill
Milton Keynes
Buckinghamshire
MK17 9BH
United Kingdom
Accountants
Anthistle Craven
Moreton House
31 High Street
Buckingham
Bucks
MK18 1NU
Three Locks Golf Club Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
1,512,995
1,421,001
Cash at bank and in hand
38,071
49,380
Creditors: amounts falling due within one year
(242,344)
(217,515)
Net current liabilities
(163,253)
(22,865)
Total assets less current liabilities
1,390,042
1,444,936
Creditors: amounts falling due after more than one year
(241,325)
(280,195)
Provisions for liabilities
Deferred tax
(12,470)
(6,669)
Net assets
1,136,247
1,158,072
Called up share capital
45,246
45,246
Profit and loss account
1,091,001
1,112,826
Shareholders' funds
1,136,247
1,158,072
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
Peter Critchley
Director
Company Registration No. 03919873
Three Locks Golf Club Ltd
Notes to the Accounts
for the year ended 31 March 2024
Three Locks Golf Club Ltd is a private company, limited by shares, registered in England and Wales, registration number 03919873. The registered office is Partridge Hill, Great Brickhill, Milton Keynes , Buckinghamshire , MK17 9BH, United Kingdom .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight Line
Plant & machinery
25% Straight Line
Motor vehicles
25% Straight Line
Computer equipment
25% Straight Line
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Three Locks Golf Club Ltd
Notes to the Accounts
for the year ended 31 March 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
1,498,652
383,367
698
10,398
1,893,115
Additions
76,521
57,499
-
13,793
147,813
At 31 March 2024
1,575,173
440,866
698
24,191
2,040,928
At 1 April 2023
112,749
351,094
95
8,176
472,114
Charge for the year
15,057
36,251
175
4,336
55,819
At 31 March 2024
127,806
387,345
270
12,512
527,933
At 31 March 2024
1,447,367
53,521
428
11,679
1,512,995
At 31 March 2023
1,385,903
32,273
603
2,222
1,421,001
5
Investments
Other investments
Valuation at 1 April 2023
46,800
Fair value adjustments
(6,500)
Valuation at 31 March 2024
40,300
The Investment has been revalued to a carrying value of £48,600 as at 31 March 2023. Had the Investment not been revalued, it would have been held at a historic cost of £450,000.
Amounts falling due within one year
Accrued income and prepayments
7,145
7,269
Other debtors
21,645
132,445
Three Locks Golf Club Ltd
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
40,756
42,643
Obligations under finance leases and hire purchase contracts
48,344
14,264
Trade creditors
30,670
24,113
Taxes and social security
23,685
37,401
Other creditors
12,369
16,944
Deferred income
83,108
78,738
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
241,325
280,195
Of the creditors falling due within and after more than one year the following amounts are secured.
The bank loan is secured by
-a legal change over assets of the company
-an unlimited debenture from Three Locks Golf Club Ltd
-personal guarantee by P E Critchley
9
Average number of employees
During the year the average number of employees was 9 (2023: 9).