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REGISTERED NUMBER: 00579665 (England and Wales)


























FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

SELSEY COUNTRY CLUB LIMITED

SELSEY COUNTRY CLUB LIMITED (REGISTERED NUMBER: 00579665)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SELSEY COUNTRY CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr M J E Howard
Mr R J H Pickett
Mrs J Sargent
Mr R Tarrant



SECRETARY: Ms T C Gibbons



REGISTERED OFFICE: Golf Links Lane
Selsey
West Sussex
PO20 9DR



REGISTERED NUMBER: 00579665 (England and Wales)



SENIOR STATUTORY AUDITOR: Lee Clackett ACA FCCA



AUDITORS: Bromley Clackett Limited
Statutory Auditors
76 Aldwick Road
Bognor Regis
West Sussex
PO21 2PE

SELSEY COUNTRY CLUB LIMITED (REGISTERED NUMBER: 00579665)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 425,333 430,846

CURRENT ASSETS
Stocks 36,713 12,563
Debtors 5 180,020 160,308
Cash at bank and in hand 67,060 20,952
283,793 193,823
CREDITORS
Amounts falling due within one year 6 425,430 501,517
NET CURRENT LIABILITIES (141,637 ) (307,694 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

283,696

123,152

CREDITORS
Amounts falling due after more than one
year

7

15,000

25,000
NET ASSETS 268,696 98,152

RESERVES
Income and expenditure account 268,696 98,152
268,696 98,152

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th August 2024 and were signed on its behalf by:





Mrs J Sargent - Director


SELSEY COUNTRY CLUB LIMITED (REGISTERED NUMBER: 00579665)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Selsey Country Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Site fees
Site fees represents income from the chalets each year. Income is recorded in the period to which it relates, net of VAT.

Bar sales
Bar sales represents income from the two bars on site. Income is recorded when the sale takes place, net of VAT.

Membership income
Membership income represents income from the golf members each year. Income is recorded in the period to which it relates, net of VAT..

Utility charges and insurance reimbursed
Utility charges reimbursed represents electricity, water charges and insurance that have been reimbursed on to the chalet owners. Utility income is calculated based on the number of units utilised per the chalet meter reading. Income is recorded at the end of the season (October) after the meter readings have been taken..

Functions
Functions represents bookings of the bar for parties, events and weddings. Refundable deposits are taken for functions which are not included in turnover until the function takes place. Non refundable tickets for events are included in turnover at the time of purchasing the ticket. Food/drink sales are recorded in turnover as the items are sold..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 25% straight line, 5% straight line and 2% straight line
Improvements to property - 5% straight line
Plant and machinery - 25% straight line
Fixtures and fittings - 25% straight line

All fixed assets are initially recorded at cost.

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 Income Statement, 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.


SELSEY COUNTRY CLUB LIMITED (REGISTERED NUMBER: 00579665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 30 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST
At 1st January 2023 485,548 235,538 92,888 94,322 908,296
Additions - 6,638 23,604 9,318 39,560
Disposals - - (398 ) - (398 )
At 31st December 2023 485,548 242,176 116,094 103,640 947,458
DEPRECIATION
At 1st January 2023 194,363 128,811 80,414 73,862 477,450
Charge for year 11,591 10,838 14,069 8,177 44,675
At 31st December 2023 205,954 139,649 94,483 82,039 522,125
NET BOOK VALUE
At 31st December 2023 279,594 102,527 21,611 21,601 425,333
At 31st December 2022 291,185 106,727 12,474 20,460 430,846

SELSEY COUNTRY CLUB LIMITED (REGISTERED NUMBER: 00579665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 51,190 26,445
Other debtors 128,830 133,863
180,020 160,308

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 167,028 220,150
Taxation and social security 18,181 119,024
Other creditors 230,221 152,343
425,430 501,517

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,000 25,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 25,000 35,000

The bank loan was received under the Bounce Back Loan Scheme (BBLS). The loan has a fixed interest rate of 2.5%. The loan is repayable in 60 monthly repayments. A guarantee has been provided by the UK Government.

A bank facility is secured by way of a fixed charge over the assets of the company.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lee Clackett ACA FCCA (Senior Statutory Auditor)
for and on behalf of Bromley Clackett Limited

10. OTHER INCOME

The HMRC VAT error provision of £84,057.83 (which included potential penalties and interest (and other minor variances)) is released to other income as an exceptional item, this is a one-off, which results in a significant increase in reported profits and increase in the Club's Balance Sheet position.