Registered number
08908682
Seckford Golf Club (Woodbridge) Limited
Filleted Accounts
31 December 2023
Seckford Golf Club (Woodbridge) Limited
Registered number: 08908682
Balance Sheet
as at 31 December 2023
Notes 31/12/23 31/1/23
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 91,754 112,353
91,755 112,354
Current assets
Stocks 18,816 24,045
Debtors 5 21,913 15,446
Cash at bank and in hand 85,401 59,522
126,130 99,013
Creditors: amounts falling due within one year 6 (86,134) (70,557)
Net current assets 39,996 28,456
Total assets less current liabilities 131,751 140,810
Creditors: amounts falling due after more than one year 7 (30,551) (33,263)
Net assets 101,200 107,547
Capital and reserves
Profit and loss account 101,200 107,547
Shareholders' funds 101,200 107,547
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N J Bennett
Director
Approved by the board on 15 October 2024
Seckford Golf Club (Woodbridge) Limited
Notes to the Accounts
for the period from 1 February 2023 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 31/12/23 31/1/23
Number Number
Average number of persons employed by the company 19 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 15,872
At 31 December 2023 15,872
Amortisation
At 1 February 2023 15,871
At 31 December 2023 15,871
Net book value
At 31 December 2023 1
At 31 January 2023 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 6,886 176,582 183,468
At 31 December 2023 6,886 174,582 181,468
Depreciation
At 1 February 2023 3,105 68,010 71,115
Charge for the period 316 18,283 18,599
At 31 December 2023 3,421 86,293 89,714
Net book value
At 31 December 2023 3,465 88,289 91,754
At 31 January 2023 3,781 108,572 112,353
5 Debtors 31/12/23 31/1/23
£ £
Trade debtors - 1,260
Prepayments and accrued income 21,913 14,186
21,913 15,446
6 Creditors: amounts falling due within one year 31/12/23 31/1/23
£ £
Bank loans and overdrafts 5,560 6,480
Obligations under finance lease and hire purchase contracts 715 2,145
Trade creditors 22,671 15,906
Taxation and social security costs 25,474 20,737
Other creditors 31,714 25,289
86,134 70,557
7 Creditors: amounts falling due after one year 31/12/23 31/1/23
£ £
Bank loans 30,551 32,906
Obligations under finance lease and hire purchase contracts - 357
30,551 33,263
8 Other information
Seckford Golf Club (Woodbrdge) Limited is a private company limited by guarantee and incorporated in England. Its registered office is: Seckford Golf Club, Seckford Hall Road, Great Bealings, Woodbridge, Suffolk, IP13 6NT.
Seckford Golf Club
Seckford Hall Road
Woodbridge
Suffolk
IP13 6NT
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