2023-04-012024-03-312024-03-31false00554861Penn Golf Club 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Penn Golf Club Limited

Registered Number
00554861
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Penn Golf Club Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Leigh Church
Debbie Cosnett
Ian Foster
Kevin Gelder
Jo Hall
Julie Hinde
Lynn Hughes
Philip Anthony Jones
Melvyn Kirton
Robert Lane
Paul Stanyer
Robin Wagstaff
David Wilkes

Company Secretary

Ian Foster

Registered Address

Penn Golf Club,
Penn Common,
Penn,
WV4 5JN

Registered Number

00554861 (England and Wales)
Penn Golf Club Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3990,148859,235
990,148859,235
Current assets
Stocks48,0235,849
Debtors515,99231,721
Cash at bank and on hand112,784240,901
136,799278,471
Creditors amounts falling due within one year6(205,414)(251,756)
Net current assets (liabilities)(68,615)26,715
Total assets less current liabilities921,533885,950
Creditors amounts falling due after one year7(131,645)(101,977)
Net assets789,888783,973
Capital and reserves
Other reserves11,48811,488
Profit and loss account778,400772,485
Reserves789,888783,973
The financial statements were approved and authorised for issue by the Board of Directors on 4 October 2024, and are signed on its behalf by:
Ian Foster
Director
Robert Lane
Director

Registered Company No. 00554861
Penn Golf Club Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover represents amounts received in respect of goods and services supplied excluding value added tax. Income is recognised when received with the exception of subscriptions and club competition entry fees which are recognised in the year to which they relate.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter: Plant & Machinery: 10% Straight Line and 20% Straight Line. Fixtures, Fittings & Office Equipment: 10% Straight Line, 20% Straight Line and 33.33% Straight Line. No depreciation is charged on freehold property. It is the company's policy to maintain property in such condition that its value is not impaired with the passage of time. Such expenditure is charged to profits in the period in which it is incurred. The directors consider that the estimated residual value of the property is not materially different from its carrying value. Accordingly any element of depreciation would be immaterial and therefore no provision for depreciation has been made.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. The interest element of these obligations is charged to surplus or deficit over the relevant period. The capital element of the future payments is treated as a liability.
Stocks and work in progress
Bar stocks, which comprise beers, wines and spirits have been valued by a professional stocktaker, the basis of the valuation being cost price. Sundry stocks are valued at cost price.
2.Average number of employees

20242023
Average number of employees during the year1516
3.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 April 23660,888613,2171,274,105
Additions10,766180,694191,460
Disposals-(69,442)(69,442)
At 31 March 24671,654724,4691,396,123
Depreciation and impairment
At 01 April 23-414,870414,870
Charge for year-60,54560,545
On disposals-(69,440)(69,440)
At 31 March 24-405,975405,975
Net book value
At 31 March 24671,654318,494990,148
At 31 March 23660,888198,347859,235
Included in the net book value of £990,148 is £159,851 (2023 - £75,373) relating to assets held under finance agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £31,717 (2023 - £14,492).
4.Stocks

2024

2023

££
Raw materials and consumables8,0235,849
Total8,0235,849
5.Debtors: amounts due within one year

2024

2023

££
Other debtors4,46713,110
Prepayments and accrued income11,52518,611
Total15,99231,721
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables17,65533,805
Bank borrowings and overdrafts5,56717,720
Taxation and social security8,6405,688
Finance lease and HP contracts36,84916,848
Other creditors29,31028,719
Accrued liabilities and deferred income107,393148,976
Total205,414251,756
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts29,22940,424
Other creditors102,41661,553
Total131,645101,977
Other creditors after one year includes Finance leases £85,979 (2023 - £42,409), Barrelage loan £8,034 (2023 - £10,656) and Members' loans £8,488 (2023 - £8,488). The following secured debts are included within creditors: Bank loans £34,796 (2023 - £58,144) and Finance leases £122,827 (2023 - £59,258).
8.Creditors: amounts due after 5 years
The Bounceback loan due after 5 years is £6,960.
9.Guarantees provided on behalf of directors
The club is a company limited by guarantee. In accordance with clause 5 of the Memorandum of Association, in the case of a winding up of the club the liability of the members is restricted to an amount not exceeding £1 each. The maximum membership under article 2 is 2000 members.