Company registration number 00244093 (England and Wales)
KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 9
KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
ASSETS
Fixed assets
Tangible assets
3
1,591,956
1,632,875
Current assets
Stocks
11,454
9,942
Debtors
4
36,843
31,232
Cash at bank and in hand
71,289
72,893
119,586
114,067
Total assets
1,711,542
1,746,942
EQUITY
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
1,233,424
1,237,759
Total equity
1,233,424
1,237,759
LIABILITIES
Creditors: amounts falling due after more than one year
6
46,364
57,946
Creditors: amounts falling due within one year
5
431,754
451,237
Total equity and liabilities
1,711,542
1,746,942

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
A Stevens (Chairman)
Director
Company Registration No. 00244093
KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
-
1,357,627
1,357,627
Effect of prior year restatement
-
(49,025)
(49,025)
As restated
-
0
1,308,602
1,308,602
Year ended 30 April 2023:
Loss and total comprehensive income
-
(70,843)
(70,843)
Balance at 30 April 2023
-
0
1,237,759
1,237,759
Year ended 30 April 2024:
Loss and total comprehensive income
-
(4,335)
(4,335)
Balance at 30 April 2024
-
0
1,233,424
1,233,424
KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Knebworth Golf Club (The) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Clubhouse, Deards End Lane, Knebworth, Hertfordshire, SG3 6NL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax.

 

Turnover is generated from the ordinary trading activities of the entity.

 

The membership income is spread evenly over the term of the membership. The bar, catering, entrance fees, shop, society and other income are recognised when purchased.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the term of the lease
Leasehold improvements
Between 5 - 25 years
Plant and machinery
Over 5 years
Fixtures, fittings & equipment
Over 15 years
Computer equipment
Over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labor costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
38
38
KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
2,053,604
820,651
2,874,255
Additions
1,441
21,999
23,440
Disposals
-
0
(2,346)
(2,346)
At 30 April 2024
2,055,045
840,304
2,895,349
Depreciation and impairment
At 1 May 2023
550,620
690,760
1,241,380
Depreciation charged in the year
34,678
27,804
62,482
Eliminated in respect of disposals
-
0
(469)
(469)
At 30 April 2024
585,298
718,095
1,303,393
Carrying amount
At 30 April 2024
1,469,747
122,209
1,591,956
At 30 April 2023
1,502,984
129,891
1,632,875

During the year there was change to the accounting estimate for certain leasehold improvements, included within Land and buildings, where the useful economic life of the assets was between 5 and 25 years, as detailed in note 1.4 to the financial statements. In the current year this has the effect of increasing the depreciation cost in the year by £7,696 compared to that of the previous accounting estimate used. A prior period adjustment has also been made in relation to these assets, which is detailed in note 10 to the financial statements.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
36,843
31,232
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,822
26,107
Trade creditors
81,820
93,725
Taxation and social security
19,834
44,087
Other creditors
314,278
287,318
431,754
451,237
KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
40,127
57,265
Other creditors
6,237
681
46,364
57,946

Details of security held:

The bank loans are secured by way of a debenture over of the assets of the company, including a fixed charge over all present freehold and leasehold property, dated 09 February 2016.

 

Assets held under hire purchase included within other creditors are secured on the individual assets concerned.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

 

 

 

2024
2023
£
£
154,513
152,338
8
Control

The company is controlled by the directors acting on behalf of the members.

9
Limited by guarantee

The company has no share capital but is limited by guarantee from the Members. The liability of the Members is limited. Every Member of the entity undertakes to contribute to the assets of the entity in the event of it being wound up during the year in which they are a Member, or within one year afterwards, for payment of the debts and liabilities of the entity contracted before they ceased to be a Member, and the costs, charges and expenses of winding-up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding £1.

KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Cost of sales
(8,366)
(9,720)
Administrative expenses
(40,659)
(46,255)
Total adjustments
(49,025)
(55,975)
Equity as previously reported
1,357,627
1,293,734
Equity as adjusted
1,308,602
1,237,759
Analysis of the effect upon equity
Profit and loss reserves
(49,025)
(55,975)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Cost of sales
(1,354)
Administrative expenses
(5,596)
Total adjustments
(6,950)
Loss as previously reported
(63,893)
Loss as adjusted
(70,843)
Notes to reconciliation

A prior period adjustment has been made to Cash at bank and in hand in respect of cash held being misstated. This adjustment results in a decrease in the Cash at bank and in hand as at 30 April 2023 of £9,720, a decrease in profit of £1,354 against Cost of sales, as at 30 April 2023 and a decrease in Profit and loss reserves of £8,366 as at 30 April 2022.

 

A prior period adjustment has been made regarding a change in accounting estimate relating to the useful economic life of leasehold improvements, included in Land and buildings, at the balance sheet date. This results in a decrease in profit of £5,596 for the financial year ending 30 April 2023, an increase in accumulated depreciation on Land and buildings of £40,660 as at 30 April 2022 and a decrease in Profit and loss reserves of £40,660 as at 30 April 2022.

KNEBWORTH GOLF CLUB (THE) LIMITED
(LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Tucker
Statutory Auditor:
MRT Accountants Limited
Date of audit report:
6 November 2024
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