Company registration number 13793047 (England and Wales)
ALDEBURGH GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ALDEBURGH GOLF CLUB LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 9
ALDEBURGH GOLF CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
1,024,963
890,096
Investment property
5
1,745,750
2,155,750
2,770,713
3,045,846
Current assets
Inventories
50,758
55,922
Trade and other receivables
7
31,160
32,329
Cash and cash equivalents
6
3,025,152
1,289,952
3,107,070
1,378,203
Current liabilities
8
(1,017,377)
(781,199)
Net current assets
2,089,693
597,004
Total assets less current liabilities
4,860,406
3,642,850
Non-current liabilities
9
(731,246)
(5,970)
Provisions for liabilities
(402,294)
(472,205)
Net assets
3,726,866
3,164,675
Reserves
Course reserve
216,840
Income and expenditure account
3,510,026
3,164,675
Members' funds
3,726,866
3,164,675
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
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 28 February 2024 and are signed on its behalf by:
Mr D J Elms
Director
Company registration number 13793047 (England and Wales)
ALDEBURGH GOLF CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
612,073
303,078
Income taxes paid
(20)
(1,876)
Net cash inflow from operating activities
612,053
301,202
Investing activities
Purchase of property, plant and equipment
(279,163)
(21,515)
Proceeds from disposal of property, plant and equipment
23,000
Proceeds from disposal of investment property
379,225
Interest received
30,934
259
Net cash generated from/(used in) investing activities
153,996
(21,256)
Financing activities
Capital contribution - loan notes
161,562
Capital contribution - members gifts
216,840
Issue of loan notes
596,590
Payment of finance leases obligations
(5,841)
(20,541)
Net cash generated from/(used in) financing activities
969,151
(20,541)
Net increase in cash and cash equivalents
1,735,200
259,405
Cash and cash equivalents at beginning of year
1,289,952
1,030,547
Cash and cash equivalents at end of year
3,025,152
1,289,952
ALDEBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Aldeburgh Golf Club Limited (Company Registration Number 13793047) is a private company limited by guarantee incorporated in England and Wales. The registered office is Saxmundham Road, Aldeburgh, IP15 5PE.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight Line
Course machinery
10% Straight Line
Fixtures and fittings
20% Straight Line
Computer equipment
33% Straight Line
Irrigation
5% Straight Line
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
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of non-current 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ALDEBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Inventories
Inventories 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 inventories to their present location and condition.
Inventories 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 inventories 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.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
ALDEBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
The member's loan notes are classified as a basic financial instrument and initially measured at transaction price. It is subsequently measured at amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.10
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 non-current 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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 statement of financial position 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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ALDEBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
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.
Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Fair value of investment property
Investment properties are recognised at fair value. Fair value has been estimated based on a report by an independent firm of professional valuers. In preparing this report, a number of judgements are made with respect to local market factors that could influence the valuation of the properties.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
24
23
ALDEBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Property, plant and equipment
Freehold land and buildings
Course machinery
Fixtures and fittings
Computer equipment
Irrigation
Total
£
£
£
£
£
£
Cost
At 1 January 2023
882,206
803,907
186,756
54,418
449,480
2,376,767
Additions
278,964
57
34
108
279,163
Disposals
(112,484)
(112,484)
At 31 December 2023
882,206
970,387
186,813
54,452
449,588
2,543,446
Depreciation and impairment
At 1 January 2023
354,884
685,776
71,705
36,086
338,220
1,486,671
Depreciation charged in the year
29,408
89,364
13,187
3,994
8,343
144,296
Eliminated in respect of disposals
(112,484)
(112,484)
At 31 December 2023
384,292
662,656
84,892
40,080
346,563
1,518,483
Carrying amount
At 31 December 2023
497,914
307,731
101,921
14,372
103,025
1,024,963
At 31 December 2022
527,322
118,131
115,051
18,332
111,260
890,096
5
Investment property
2023
£
Fair value
At 1 January 2023
2,155,750
Disposals
(410,000)
At 31 December 2023
1,745,750
Investment properties reflect the directors' valuation based on current property market conditions. The last professional valuation of investment land and buildings was carried out as at 31st December 2021 by Flick and Son.
6
Cash and cash equivalents
Cash and cash equivalents are made up of the course review fund £1,511,014 (2022: £0) and other cash and cash equivalents £1,514,138 (2022: £1,289,952).
ALDEBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Service charges due
1,857
797
Other receivables
29,303
31,532
31,160
32,329
8
Current liabilities
2023
2022
£
£
Trade payables
48,817
30,134
Corporation tax
47,593
Other taxation and social security
85,000
20,024
Subscriptions received in advance
723,447
640,827
Other payables
112,520
90,214
1,017,377
781,199
Life memberships due within 1 year of £7,344 are included within subscriptions received in advance.
9
Non-current liabilities
2023
2022
£
£
Members loans
596,590
Obligations under finance leases
5,970
Deferred income - life memberships
134,656
-
731,246
5,970
Members’ loan notes of £752,000 were raised during the year. These are split between those that are interest bearing at a coupon of 2.5%, and those that are non-interest bearing. The loan notes are due to mature in 2043 but the company’s intention is to repay the loan notes within 10 years from their date of issue. In the event of the death of a noteholder, the company will repay the loan notes as soon as reasonably practicable. The loan notes are unsecured.
The loan notes have been measured using the amortised cost method and the liability represents the carrying value of the loan.
10
Members' liability
The company is limited by guarantee, not having a 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.
ALDEBURGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Malcolm McGready
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
28 February 2024
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
940
543
2023-12-312023-01-01false28 February 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMs J AlmondThe Right Honourable A C E Baron Morse of AldeburghMr D C CoubroughMs J J DeardenMr C R DentonMr D J ElmsLady L B MorseAir Vice Marshal T W RimmerMr T N RowntreeMr R J WhartonMr C J WilkinsonMr H S WolleyMr J R ShorrockMr F G FoxMs H R LaneMr J M Scowsillfalsefalse137930472023-01-012023-12-31137930472023-12-31137930472022-12-3113793047core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3113793047core:PlantMachinery2023-12-3113793047core:FurnitureFittings2023-12-3113793047core:ComputerEquipment2023-12-3113793047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3113793047core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3113793047core:PlantMachinery2022-12-3113793047core:FurnitureFittings2022-12-3113793047core:ComputerEquipment2022-12-3113793047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3113793047core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113793047core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113793047core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3113793047core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3113793047core:Non-currentFinancialInstruments2023-12-3113793047core:Non-currentFinancialInstruments2022-12-3113793047core:CapitalRedemptionReserve2023-12-3113793047core:CapitalRedemptionReserve2022-12-3113793047core:RetainedEarningsAccumulatedLosses2023-12-3113793047core:RetainedEarningsAccumulatedLosses2022-12-3113793047bus:Director62023-01-012023-12-31137930472022-01-012022-12-311379304712023-01-012023-12-311379304712022-01-012022-12-31137930472022-12-31137930472021-12-3113793047core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3113793047core:PlantMachinery2023-01-012023-12-3113793047core:FurnitureFittings2023-01-012023-12-3113793047core:ComputerEquipment2023-01-012023-12-3113793047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3113793047core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3113793047core:PlantMachinery2022-12-3113793047core:FurnitureFittings2022-12-3113793047core:ComputerEquipment2022-12-3113793047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3113793047core:CurrentFinancialInstruments2023-12-3113793047core:CurrentFinancialInstruments2022-12-3113793047core:WithinOneYear2023-12-3113793047core:WithinOneYear2022-12-3113793047bus:CompanyLimitedByGuarantee2023-01-012023-12-3113793047bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3113793047bus:FRS1022023-01-012023-12-3113793047bus:Audited2023-01-012023-12-3113793047bus:Director12023-01-012023-12-3113793047bus:Director22023-01-012023-12-3113793047bus:Director32023-01-012023-12-3113793047bus:Director42023-01-012023-12-3113793047bus:Director52023-01-012023-12-3113793047bus:Director72023-01-012023-12-3113793047bus:Director82023-01-012023-12-3113793047bus:Director92023-01-012023-12-3113793047bus:Director102023-01-012023-12-3113793047bus:Director112023-01-012023-12-3113793047bus:Director122023-01-012023-12-3113793047bus:Director132023-01-012023-12-3113793047bus:Director142023-01-012023-12-3113793047bus:Director152023-01-012023-12-3113793047bus:Director162023-01-012023-12-3113793047bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP