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Registration number: 08838960

Cradoc Golf Club Limited (A company limited by guarantee)

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 January 2024

 

Cradoc Golf Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Cradoc Golf Club Limited

Company Information

Directors

Mr N J Morrell

Mr J B Jones

Mr S Williams

Mr G J Jenkins

Mr S Matthews

Mrs A Black

Registered office

Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Bankers

HSBC Bank plc
5 High Street
Brecon
Powys
LD3 7AH

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Cradoc Golf Club Limited

(Registration number: 08838960)

Balance Sheet
as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

653,844

688,638

Investments

5

1

1

 

653,845

688,639

Current assets

 

Stocks

3,702

6,838

Debtors

6

13,292

66,002

Cash at bank and in hand

 

85,857

84,520

 

102,851

157,360

Creditors: Amounts falling due within one year

7

(113,709)

(142,906)

Net current (liabilities)/assets

 

(10,858)

14,454

Total assets less current liabilities

 

642,987

703,093

Creditors: Amounts falling due after more than one year

7

(116,014)

(83,196)

Net assets

 

526,973

619,897

Reserves

 

Retained earnings

526,973

619,897

Surplus

 

526,973

619,897

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

 

Cradoc Golf Club Limited

(Registration number: 08838960)

Balance Sheet
as at 31 January 2024

.........................................
Mr N J Morrell
Director

 

Cradoc Golf Club Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
Wales

The principal place of business is:
Penoyre Park
Cradoc
Brecon
Powys
LD3 9LP
Wales

These financial statements were authorised for issue by the Board on 15 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.

Group accounts not prepared

The company and its wholly owned subsidiary, Cradoc Golf Club Trading Ltd, are both subject to the small companies regime. These financial statements contain information about Cradoc Golf Club Ltd as an individual company and do not contain consolidated information as the parent of a group. The company has taken advantage of the exemption under Section 399 of the Companies Act 2006 not to prepare consolidated financial statenments..

 

Cradoc Golf Club Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the members of Cradoc Golf Club for the provision of golfing facilities in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax where this applies.

The company recognises revenue when:
(a) The amount of revenue can be reliably measured;
(b) it is probable that future economic benefits will flow to the entity; and
(c) specific criteria have been met for each of the company's activities.

Government grants

Government grants received in connection with the coronavirus pandemic are recognised as income as received, except that grants under the Coronavirus Job Retention Scheme are recognised in accordance with the payroll period to which they relate.

Tax

The company is a registered Community Amateur Sports Club. As all the income generated by the company is from members, apart from rental income which is below the relevant threshold of £100,000, it qualifies for full relief from Corporation Tax.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

No depreciation charged

Freehold buildings

2% pa and 4% pa straight line

Range fencing

4% pa straight line

Plant and machinery

10% pa and 20% pa straight line

Fixtures and fittings

10% pa and 20% pa straight line

Bar and catering equipment

10% pa and 20% pa straight line

Office equipment

10% pa and 20% pa straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Cradoc Golf Club Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Investments

Investments in equity shares which are not publicly traded are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from members and other parties for facilities provided in the ordinary course of business. Trade debtors atre recognised at the transaction price.

Stocks

Stocks of consumables are stated at cost price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 18).

 

Cradoc Golf Club Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Range fencing
 £

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 February 2023

544,043

10,956

135,121

427,329

Additions

-

-

3,773

13,168

At 31 January 2024

544,043

10,956

138,894

440,497

Depreciation

At 1 February 2023

83,459

10,151

111,029

242,548

Charge for the year

6,250

438

3,982

39,795

At 31 January 2024

89,709

10,589

115,011

282,343

Carrying amount

At 31 January 2024

454,334

367

23,883

158,154

At 31 January 2023

460,584

805

24,092

184,781

Office equipment
£

Bar and catering equipment
 £

Total
£

Cost or valuation

At 1 February 2023

15,387

32,646

1,165,482

Additions

617

1,250

18,808

At 31 January 2024

16,004

33,896

1,184,290

Depreciation

At 1 February 2023

11,872

17,785

476,844

Charge for the year

869

2,268

53,602

At 31 January 2024

12,741

20,053

530,446

Carrying amount

At 31 January 2024

3,263

13,843

653,844

At 31 January 2023

3,515

14,861

688,638

Included within the net book value of land and buildings above is £454,334 (2023 - £460,584) in respect of freehold land and buildings.
 

 

Cradoc Golf Club Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 February 2023

1

Provision

Carrying amount

At 31 January 2024

1

At 31 January 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Cradoc Golf Club Trading Limited

Penoyre Park, Cradoc, Brecon, Powys, LD3 9LP

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Cradoc Golf Club Trading Limited

The principal activity of Cradoc Golf Club Trading Limited is acting as the trading subsidiary of Cradoc Golf Club Limited..

 

Cradoc Golf Club Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,723

19,180

Amounts owed by related parties

3,854

-

Prepayments

 

4,816

4,928

Other debtors

 

1,899

41,894

   

13,292

66,002

 

Cradoc Golf Club Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

61,013

57,599

Trade creditors

 

2,465

3,792

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

31,684

Taxation and social security

 

3,528

3,054

Accruals and deferred income

 

6,840

21,197

Other creditors

 

39,863

25,580

 

113,709

142,906

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

116,014

83,196

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,951

24,111

Other borrowings

102,063

59,085

116,014

83,196

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,165

9,916

Other borrowings

50,848

47,683

61,013

57,599