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Sittingbourne & Milton Regis
Golf Club Limited

Financial Statements for the Year Ended 30 June 2024






Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Sittingbourne & Milton Regis
Golf Club Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R S Kalsi
A Blundy
M B Johansen
J Lovell
D J Coulls





REGISTERED OFFICE: The Club House
Wormdale
Newington
Sittingbourne
Kent
ME9 7PX





REGISTERED NUMBER: 00240392 (England and Wales)





AUDITORS: Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 978,314 980,664

CURRENT ASSETS
Inventories 47,010 38,352
Debtors 5 15,629 20,994
Cash at bank and in hand 1,046,314 968,786
1,108,953 1,028,132
CREDITORS
Amounts falling due within one year 6 498,693 612,552
NET CURRENT ASSETS 610,260 415,580
TOTAL ASSETS LESS CURRENT LIABILITIES 1,588,574 1,396,244

CREDITORS
Amounts falling due after more than one
year

7

139,958

36,929
NET ASSETS 1,448,616 1,359,315

RESERVES
Income and expenditure account 1,448,616 1,359,315
1,448,616 1,359,315

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 1 October 2024 and were signed on its behalf by:




M B Johansen - Director



R S Kalsi - Director


Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Sittingbourne & Milton Regis Golf 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Income recognition
Turnover comprises members subscriptions receivable and entrance fees received, receipts from temporary members green fees and bar sales, exclusive of Value Added Tax.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - Straight line over 50 years
Plant and machinery etc - Straight line over 5, 7, 10 and 15 years

Inventories
Inventories are measured at the lower of cost and estimated selling price.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from members. Basic financial instruments are recognised at amortised cost.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
Rentals paid under operating leases are charged to the income and expenditure account on a straight line basis over the period of the lease.

Pensions
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administrated fund. Contributions payable for the year are charged in the income and expenditure account.

Grants, donations and bonus ball income
Grants and donations earmarked for specific projects are recognised as income over the expected life of related assets. Bonus Ball income is recognised as part of the juniors' fund and is disbursed for their benefit when any junior related expenditure arises. Government grants in relation to COVID-19 are recognised on the accruals basis and treated as income and any related expenditure is charged to the Income Statement.

Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 17 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 670,853 1,626,178 2,297,031
Additions - 105,146 105,146
At 30 June 2024 670,853 1,731,324 2,402,177
DEPRECIATION
At 1 July 2023 300,552 1,015,815 1,316,367
Charge for year 14,697 92,799 107,496
At 30 June 2024 315,249 1,108,614 1,423,863
NET BOOK VALUE
At 30 June 2024 355,604 622,710 978,314
At 30 June 2023 370,301 610,363 980,664

Included in cost of land and buildings is freehold land of £ 28,590 (2023 - £ 28,590 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,084 11,835
Other debtors 8,545 9,159
15,629 20,994

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 12,755 5,787
Trade creditors 34,902 62,979
Taxation and social security 17,667 18,741
Other creditors 423,369 515,045
498,693 612,552

Sittingbourne & Milton Regis
Golf Club Limited (Registered number: 00240392)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 15,000 25,000
Hire purchase contracts 44,958 1,929
Members bonds 80,000 10,000
139,958 36,929

Bonds of £5,000 each have been issued to members and these are repayable in equal annual instalments by 30 June 2024. Early repayment of these bonds is permitted at the discretion of the directors. During the year the amount of bonds repaid totalled £10,500.
Creditors falling due within one year include bonds of £9,500. Also included are advances of £80,000 relating to the new Bond issue.

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 57,713 7,716

The hire purchase contracts are secured on the particular financed assets.

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

The Report of the Auditors was unqualified.

Jonathan Spurling FCCA (Senior Statutory Auditor)
for and on behalf of Spurling Cannon Audit Limited

10. FINANCIAL COMMITMENTS

The company had total commitments at the balance sheet date of £437,348 (2023 - £108,906).