Registration number:
Tehidy Park Golf Club Ltd
(A company limited by guarantee)
for the Year Ended 31 March 2024
Tehidy Park Golf Club Ltd
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Tehidy Park Golf Club Ltd
(Registration number: 13468529)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Other reserves |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
Tehidy Park Golf Club Ltd
(Registration number: 13468529)
Balance Sheet as at 31 March 2024
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised for issue by the
.........................................
Mrs C Martin
Director
Tehidy Park Golf Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
At the Balance Sheet date the company's net current liabilities were £15,322 (2023 - net current assets of £73,393). The company also made an operating deficit (2023 - operating surplus).
There was a combination of material one off and increased costs during the year, and it is anticipated trading conditions will continue to be challenging.
The Board is anticipating there will be a smaller operating deficit in the current year and, as well as addressing costs at this time, is formulating a five-year turnaround plan.
As part of the Board’s turnaround plan every aspect of the Company’s revenue and cost streams continues to be reviewed and monitored. The Board aims to protect, sustain and grow a viable members’ club for the future but believes that the current challenging financial position will, along with the continued ongoing support of the members, probably require significant operational changes.
Based on the above, the Board are confident that viability can be maintained, and the accounts are prepared on a going concern basis accordingly.
Tehidy Park Golf Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Changes in accounting estimate
Depreciation
The company has reviewed its depreciation policies and increased the depreciation rates of certain assets.
The effect of the change on assets, liabilities, income and expense in the current year is as follows:
£ | |
Tangible Assets (Balance Sheet) | (14,866) |
Depreciation (Profit and Loss Account) | (14,866) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Club's activities. Turnover is shown net of value added tax, returns, rebates and discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods, including beverages, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Club and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually at the point of sale.
Rendering of services and use of facilities
Turnover from the provision of services and use of facilities is recognised as services are provided and facilities are used.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Tehidy Park Golf Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Asset class |
Depreciation method and rate |
Freehold property |
Not depreciated due to high residual value |
Plant and machinery |
10% / 15% / 20% straight line basis |
Solar panels |
4% straight line basis |
Computer equipment |
25% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for goods provided or services performed in the ordinary course of business.
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Tehidy Park Golf Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tehidy Park Golf Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 April 2023 |
|
|
|
Additions |
|
|
|
Disposals |
- |
( |
( |
At 31 March 2024 |
|
|
|
Depreciation |
|||
At 1 April 2023 |
- |
|
|
Charge for the year |
- |
|
|
Eliminated on disposal |
- |
( |
( |
At 31 March 2024 |
- |
|
|
Carrying amount |
|||
At 31 March 2024 |
|
|
|
At 31 March 2023 |
|
|
|
Included within the net book value of land and buildings above is £734,767 (2023 - £718,604) in respect of freehold land and buildings.
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Other Debtors includes £Nil (2023 - £2,557) due after more than one year.
Tehidy Park Golf Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
HP and Finance lease liabilities |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
HP and Finance lease liabilities |
|
|
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|
Current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £