Registered number
SC165230
Silverstone Golf Club Limited
Filleted Accounts
31 March 2024
Silverstone Golf Club Limited
Registered number: SC165230
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,774,064 1,746,938
Current assets
Stocks 6,283 6,283
Debtors 4 83,334 69,782
Cash at bank and in hand 1,298,540 981,670
1,388,157 1,057,735
Creditors: amounts falling due within one year 5 (748,585) (1,111,669)
Net current assets/(liabilities) 639,572 (53,934)
Net assets 2,413,636 1,693,004
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 2,412,636 1,692,004
Shareholders' funds 2,413,636 1,693,004
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.
J J Gallant
Director
Approved by the board on 14 October 2024
Silverstone Golf Club Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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:
Plant and machinery at 20% reducing balance
Fixtures, fittings, tools and equipment at 20% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 31 22
3 Tangible fixed assets
Land and buildings Plant and machinery etc Fixture and fittings Total
£ £ £ £
Cost
At 1 April 2023 1,651,306 946,992 103,105 2,701,403
Additions 43,644 25,897 - 69,541
At 31 March 2024 1,694,950 972,889 103,105 2,770,944
Depreciation
At 1 April 2023 90,547 769,841 94,077 954,465
Charge for the year - 40,610 1,805 42,415
At 31 March 2024 90,547 810,451 95,882 996,880
Net book value
At 31 March 2024 1,604,403 162,438 7,223 1,774,064
At 31 March 2023 1,560,759 177,151 9,028 1,746,938
4 Debtors 2024 2023
£ £
Trade debtors 57,049 41,149
Other debtors 9,177 7,292
Prepayments and accrued income 17,108 21,341
83,334 69,782
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 999 1,359
Trade creditors 26,300 50,981
Taxation and social security costs 288,577 125,183
Other creditors 432,709 934,146
748,585 1,111,669
6 Other information
Silverstone Golf Club Limited is a private company limited by shares and incorporated in England. Its registered office is:
100 Queen Street
Glasgow
Scotland
G1 3DN
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