Tehidy Park Golf Club Ltd 13468529 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the operation of a members golf club. Digita Accounts Production Advanced 6.30.9574.0 true true 13468529 2023-04-01 2024-03-31 13468529 2024-03-31 13468529 core:OtherReservesSubtotal 2024-03-31 13468529 core:RetainedEarningsAccumulatedLosses 2024-03-31 13468529 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 13468529 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 13468529 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13468529 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 13468529 core:FurnitureFittingsToolsEquipment 2024-03-31 13468529 core:LandBuildings 2024-03-31 13468529 bus:SmallEntities 2023-04-01 2024-03-31 13468529 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13468529 bus:FilletedAccounts 2023-04-01 2024-03-31 13468529 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13468529 bus:RegisteredOffice 2023-04-01 2024-03-31 13468529 bus:Director3 2023-04-01 2024-03-31 13468529 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 13468529 core:Buildings 2023-04-01 2024-03-31 13468529 core:ComputerEquipment 2023-04-01 2024-03-31 13468529 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 13468529 core:LandBuildings 2023-04-01 2024-03-31 13468529 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13468529 core:PlantMachinery 2023-04-01 2024-03-31 13468529 countries:England 2023-04-01 2024-03-31 13468529 2023-03-31 13468529 core:FurnitureFittingsToolsEquipment 2023-03-31 13468529 core:LandBuildings 2023-03-31 13468529 2022-04-01 2023-03-31 13468529 2023-03-31 13468529 core:OtherReservesSubtotal 2023-03-31 13468529 core:RetainedEarningsAccumulatedLosses 2023-03-31 13468529 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 13468529 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 13468529 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13468529 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13468529 core:FurnitureFittingsToolsEquipment 2023-03-31 13468529 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13468529

Tehidy Park Golf Club Ltd

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Tehidy Park Golf Club Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Tehidy Park Golf Club Ltd

(Registration number: 13468529)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

922,660

878,788

Current assets

 

Stocks

5

17,976

21,745

Debtors

6

8,859

35,575

Cash at bank and in hand

 

125,296

190,934

 

152,131

248,254

Creditors: Amounts falling due within one year

7

(167,453)

(174,861)

Net current (liabilities)/assets

 

(15,322)

73,393

Total assets less current liabilities

 

907,338

952,181

Creditors: Amounts falling due after more than one year

7

(58,254)

(44,175)

Provisions for liabilities

(68,541)

(73,595)

Net assets

 

780,543

834,411

Capital and reserves

 

Other reserves

904,147

904,147

Profit and loss account

(123,604)

(69,736)

Total equity

 

780,543

834,411

 

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 24 September 2024 and signed on its behalf by:
 

.........................................

Mrs C Martin

Director

 

Tehidy Park Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

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:
Tehidy Park Golf Club
Cot Road
Camborne
Cornwall
TR14 0HH

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 15).

 

Tehidy Park Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

718,604

187,742

906,346

Additions

16,163

91,962

108,125

Disposals

-

(25,357)

(25,357)

At 31 March 2024

734,767

254,347

989,114

Depreciation

At 1 April 2023

-

27,557

27,557

Charge for the year

-

42,133

42,133

Eliminated on disposal

-

(3,236)

(3,236)

At 31 March 2024

-

66,454

66,454

Carrying amount

At 31 March 2024

734,767

187,893

922,660

At 31 March 2023

718,604

160,184

878,788

Included within the net book value of land and buildings above is £734,767 (2023 - £718,604) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

17,976

21,745

6

Debtors

2024
£

2023
£

Trade debtors

2,133

27,700

Prepayments

2,595

1,333

Other debtors

4,131

6,542

8,859

35,575

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

HP and Finance lease liabilities

8

26,593

17,889

Trade creditors

 

20,314

17,898

Taxation and social security

 

5,202

13,791

Other creditors

 

115,344

125,283

 

167,453

174,861

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

HP and Finance lease liabilities

8

58,254

44,175

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

58,254

44,175

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

26,593

17,889

9

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 £17,288 (2023 - £20,774). These relate to lease of equipment.