Sittingbourne & Milton Regis |
Golf Club Limited |
Financial Statements for the Year Ended 30 June 2024 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
RESERVES |
Income and expenditure account |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Hire purchase contracts |
Members bonds |
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. |
for and on behalf of |
10. | FINANCIAL COMMITMENTS |
The company had total commitments at the balance sheet date of £437,348 (2023 - £108,906). |