Company registration number 00190709 (England and Wales)
Ealing Golf Club (1923) Limited
Financial Statements
for the Year Ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
WestMore Accounting Limited
Chartered Certified Accountants and Registered Auditors
Ryefield Court
81 Joel Street
Northwood Hills
Middlesex
HA6 1LL
EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,109,958
1,941,255
Current assets
Stocks
21,304
16,498
Debtors
5
82,619
60,297
Cash at bank and in hand
304,161
1,060,928
408,084
1,137,723
Creditors: amounts falling due within one year
7
(848,076)
(1,190,911)
Net current liabilities
(439,992)
(53,188)
Total assets less current liabilities
1,669,966
1,888,067
Creditors: amounts falling due after more than one year
8
(442,376)
(495,908)
Provisions for liabilities
(5,359)
(4,309)
Net assets
1,222,231
1,387,850
Capital and reserves
Called up share capital
645
651
Capital redemption reserve
468,705
468,705
Profit and loss reserves
752,881
918,494
Total equity
1,222,231
1,387,850

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 29 October 2024 and are signed on its behalf by:
................................................
Mr D Stiff
Director
Company Registration No. 00190709
EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Ealing Golf Club (1923) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Perivale Lane, Perivale, Greenford, Middlesex, UB6 8SS.

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 club 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.

 

In the year under review the club made a loss before tax of £159,678 compared to a profit in the previous year of £988,749. Last year the club sold a parcel of land as a one off transaction for £1,000,000 and as such if this exceptional item is removed from the figures the club made a loss before tax of £11,251.

 

The club has net current liabilities of £439,992 (2023 - £53,188), the main reason for this position relates to deferred income of £540,682 (2023 - £638,725). This deferred income relates to subscriptions being paid in advance.

 

The directors consider that the club is still able to continue as a going concern as the financial position of the club is reviewed on a regular basis.

1.3
Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover represents the total value of income from subscriptions, green fees, bar and catering sales, functions, rental income and other sundry items during the year. Subscriptions received for future periods have been included as deferred income on the balance sheet.

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:

Land and buildings Freehold
Over 25-50 years
Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

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.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

1.5
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 labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation and residual value

The directors have reviewed the asset lives and associated residual values of all fixed assets, and have concluded that asset lives and residual values are appropriate.

3
Employees

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

2024
2023
Number
Number
Total
30
32
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 April 2023
2,691,977
631,271
449,999
3,773,247
Additions
172,195
126,544
37,314
336,053
Disposals
-
0
(21,191)
-
0
(21,191)
At 31 March 2024
2,864,172
736,624
487,313
4,088,109
Depreciation and impairment
At 1 April 2023
1,114,732
375,804
341,456
1,831,992
Depreciation charged in the year
70,507
62,583
25,652
158,742
Eliminated in respect of disposals
-
0
(12,583)
-
0
(12,583)
At 31 March 2024
1,185,239
425,804
367,108
1,978,151
Carrying amount
At 31 March 2024
1,678,933
310,820
120,205
2,109,958
At 31 March 2023
1,577,245
255,467
108,543
1,941,255
EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,980
15,179
Other debtors
27,297
18,403
Prepayments and accrued income
41,342
26,715
82,619
60,297
6
Loans and overdrafts
2024
2023
£
£
Bank loans
495,907
549,439
Payable within one year
53,531
53,531
Payable after one year
442,376
495,908

The long-term loans are secured by fixed charges over the assets of the club and a legal charge over the freehold property.

 

7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6
53,531
53,531
Deposits held
25,969
25,436
Trade creditors
93,978
126,942
Member card balances
37,369
41,675
Corporation tax
4,885
197,095
Other taxation and social security
20,832
13,910
Deferred income
540,682
638,725
Other creditors
21,742
30,292
Accruals
49,088
63,305
848,076
1,190,911
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
6
442,376
495,908
EALING GOLF CLUB (1923) LIMITED
Ealing Golf Club (1923) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
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.

The senior statutory auditor was Simon Weston.
The auditor was Westmore Accounting Limited
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