17 false false false false false false false false false false true false false false false true false 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 129,077 42,790 8,558 51,348 77,729 86,287 343,928 24,549 368,477 151,893 62,525 214,418 154,059 192,035 161 161 161 xbrli:pure xbrli:shares iso4217:GBP 10688628 2023-04-01 2024-03-31 10688628 2024-03-31 10688628 2023-03-31 10688628 2022-04-01 2023-03-31 10688628 2023-03-31 10688628 2022-03-31 10688628 bus:Director4 2023-04-01 2024-03-31 10688628 bus:Director5 2023-04-01 2024-03-31 10688628 bus:Director10 2023-04-01 2024-03-31 10688628 bus:Director12 2023-04-01 2024-03-31 10688628 bus:Director13 2023-04-01 2024-03-31 10688628 bus:Director14 2023-04-01 2024-03-31 10688628 bus:Director2 2023-04-01 2024-03-31 10688628 bus:Director6 2023-04-01 2024-03-31 10688628 bus:Director8 2023-04-01 2024-03-31 10688628 bus:Director11 2023-04-01 2024-03-31 10688628 bus:Director3 2023-04-01 2024-03-31 10688628 bus:Director15 2023-04-01 2024-03-31 10688628 bus:Director13 2024-03-31 10688628 bus:Director14 2024-03-31 10688628 bus:Director2 2024-03-31 10688628 bus:Director6 2024-03-31 10688628 bus:Director8 2024-03-31 10688628 bus:Director11 2024-03-31 10688628 core:WithinOneYear 2024-03-31 10688628 core:WithinOneYear 2023-03-31 10688628 core:PlantMachinery 2023-03-31 10688628 core:PlantMachinery 2024-03-31 10688628 core:PlantMachinery 2023-04-01 2024-03-31 10688628 core:AfterOneYear 2024-03-31 10688628 core:AfterOneYear 2023-03-31 10688628 core:RetainedEarningsAccumulatedLosses 2024-03-31 10688628 core:RetainedEarningsAccumulatedLosses 2023-03-31 10688628 core:BetweenOneFiveYears 2024-03-31 10688628 core:BetweenOneFiveYears 2023-03-31 10688628 core:UKTax 2023-04-01 2024-03-31 10688628 core:UKTax 2022-04-01 2023-03-31 10688628 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 10688628 core:Non-currentFinancialInstruments 2024-03-31 10688628 core:Non-currentFinancialInstruments 2023-03-31 10688628 core:PlantMachinery 2023-03-31 10688628 bus:SmallEntities 2023-04-01 2024-03-31 10688628 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10688628 bus:SmallCompaniesRegimeForDirectorsReport 2023-04-01 2024-03-31 10688628 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 10688628 bus:FullAccounts 2023-04-01 2024-03-31 10688628 core:CustomerRelationships 2024-03-31 10688628 core:CustomerRelationships 2023-03-31 10688628 core:CustomerRelationships 2023-04-01 2024-03-31 10688628 core:CustomerRelationships core:InternallyGeneratedIntangibleAssets core:IntangibleAssetsWithFiniteLives core:ContinuingOperations 1 2023-04-01 2024-03-31 10688628 core:AfterOneYear 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 10688628
Chorlton Cum Hardy Golf Club (2017) Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2024
Chorlton Cum Hardy Golf Club (2017) Limited
Company Limited by Guarantee
Directors' Report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Principal activity and business review
The principal activity of the company is the golf and other social activities of Chorlton Cum Hardy Golf Club. This business was formerly an unincorporated entity and was acquired by the company for nil consideration at close of business on 31 March 2018 at which time it had net liabilities of £129,077. On acquisition an intangible asset of this amount was recognised for the value attributed to the club membership income, which is being amortised over 15 years. The company made an operating loss of £21,268 (2023: £21,437) which includes £8,558 (2023: £8,558) of non-cash amortisation of intangible assets, so the underlying loss was £12,710 (2023: loss of £12,879). The directors are encouraged with the growth of the business and the level of recurring membership income which was required in a period of high inflation in the UK, resulting in many cost increases across the business. Golf activities are performed on a 79 acre site in Chortlton Cum Hardy, Manchester, which incorporates the Grade 2 listed building Barlow Hall. This site is owned by Barlow Hall Manor Ltd, in which the company owns approximately 33% (2023: 33%) of the share capital at the balance sheet date, having acquired a minority interest in May 2019. The company is responsible for the maintenance and repair of Barlow Hall, for which the provision in these accounts is £20,700 (2023: £18,038). In addition to funding provided by operations the company has a Government bounce back loan of £35,057 repayable over 10 years and an overdraft facility of £30,000 which was unutilised at 31 March 2024.
Company incorporation
The company was incorporated as a company limited by Guarantee on 24 March 2017 .
Directors
The directors who served the company during the year were as follows:
Jeremy Lowery
Scott Meakin
David Mackinnon
Tony Kenny
Karen Brody
(Appointed 21 September 2023)
Conor McDonnell
(Appointed 24 October 2023)
Terry O'Brien
(Resigned 25 October 2023)
Brian Davis
(Resigned 25 September 2023)
Geraldine Gee
(Resigned 8 February 2024)
Daniel Castille
(Resigned 31 March 2024)
Martin Karran
(Served from 6 April 2023 to 10 April 2023)
David Mackinnon resigned 25 April 2024 Daniel James Tate appointed 21 May 2024 William Appleton appointed 21 May 2024 Kurt Stephens appointed 21 May 2024 Karen Brody resigned 13 July 2024 Conor McDonnell resigned 14 July 2024 Benjamin John Sullivan appointed 22 July 2024 Scott Meakin resigned 3 September 2024
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
Directors' indemnity cover
All directors benefit from qualifying third-party indemnity provisions in place during the financial period and at the date of this report.
Statement of directors' responsibilities for the financial statements
The directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Financial Reporting Standard 102 in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether they have been prepared in accordance with FRS 102 subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 4 September 2024 and signed on behalf of the board by:
Daniel James Tate
Director
Chorlton Cum Hardy Golf Club (2017) Limited
Company Limited by Guarantee
Income Statement
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
5
758,469
725,491
Cost of sales
481,961
463,328
---------
---------
Gross profit
276,508
262,163
Administrative expenses
297,776
283,600
---------
---------
Operating loss
6
( 21,268)
( 21,437)
Interest payable and similar expenses
8
4,585
5,661
---------
---------
Loss before taxation
( 25,853)
( 27,098)
Tax on loss
9
( 1,022)
( 343)
--------
--------
Loss for the financial year
( 24,831)
( 26,755)
--------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Chorlton Cum Hardy Golf Club (2017) Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
10
77,729
86,287
Tangible assets
11
154,059
192,035
Investments
13
161
161
---------
---------
231,949
278,483
Current assets
Inventories
14
8,250
9,076
Debtors
15
401
Cash at bank and in hand
7,230
24,052
--------
--------
15,480
33,529
Creditors: amounts falling due within one year
16
( 203,921)
( 197,786)
---------
---------
Net current liabilities
( 188,441)
( 164,257)
---------
---------
Total assets less current liabilities
43,508
114,226
Creditors: amounts falling due after more than one year
17
( 93,213)
( 139,100)
--------
---------
Net liabilities
( 49,705)
( 24,874)
--------
---------
Capital and reserves
Profit and loss account
( 49,705)
( 24,874)
--------
--------
Members deficit
( 49,705)
( 24,874)
--------
--------
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Chorlton Cum Hardy Golf Club (2017) Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Daniel James Tate
Director
Company registration number: 10688628
Chorlton Cum Hardy Golf Club (2017) Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The address of the registered office is Barlow Hall, Barlow Hall Road, Chorlton Cum Hardy, Manchester M21 7JJ. The principal activity of the company is that of a golf club
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102. There were no material departures from that standard in the current financial period. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. Business combinations All business combinations are accounted for by applying the purchase method. On acquisition, the assets and liabilities that exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. The results of businesses acquired in the period are included in the income statement from the date on which control is obtained.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Intangible assets
Intangible assets represents the excess of the fair value of the consideration paid on acquisition of Chorlton Cum Hardy Golf Club over the fair value of the assets, liabilities and contingent liabilities acquired and is attributable to the club membership. The intangible has an estimated useful life of 15 years based on the average life of membership at the date of acquisition.
Investment in associates
The investment is recognised at cost in the company statement of financial position.
Impairment of fixed assets and intangibles
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Property, plant and equipment - depreciation and amortisation
Property, plant and equipment is stated at cost or valuation, less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over the expected useful life as follows:
Leasehold improvements 40 years (straight line)
Plant and Machinery 10 years (reducing balance)
Furniture and fittings 10 years (reducing balance)
Leasing
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. All other leases are regarded as operating leases and the payments made under them are charged to the income statement on a straight-line basis over the lease term.
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.
Income recognition
Revenue is recognised to the extent that it is probable that the economic benefits associated with a transaction will flow into the Company. Revenue comprises the value of members' subscriptions, visitors green fees and equipment hire, bar revenues and catering. It is stated exclusive of value added tax and net of trade discounts and rebates.
Employee benefits
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred.
Taxation
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement 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 date
Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:
Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
4. Company limited by guarantee
The Company is limited by guarantee and incorporated in England.
5. Turnover
Turnover arises from:
2024
2023
£
£
Members subscriptions and competitions
391,333
378,557
Bar and catering income
192,496
184,008
Visitor green fees and associated revenue
152,958
151,059
Other revenues
21,682
11,867
---------
---------
758,469
725,491
---------
---------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
6. Operating loss
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
8,558
8,558
Depreciation of tangible assets
62,525
54,183
Maintenance and repairs to leased building
14,051
16,543
--------
--------
Included in depreciation charge above, the amount that relates to assets held under finance and hire purchase is £46,393 (2023:£45,399).
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Staff
17
22
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
325,954
301,488
Social security costs
26,840
25,080
Other pension costs
5,978
5,314
---------
---------
358,772
331,882
---------
---------
The company operates a stakeholder defined contribution pension scheme for the benefit of the employees . The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the year amount to £5,978 (2023:£5,314).
8. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
947
957
Interest on obligations under finance leases and hire purchase contracts
3,638
4,704
-------
-------
4,585
5,661
-------
-------
9. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
Adjustments in respect of prior periods
( 1,022)
( 343)
-------
----
Tax on loss
( 1,022)
( 343)
-------
----
10. Intangible assets
Intangible assets
£
Cost
At 1 April 2023 and 31 March 2024
129,077
---------
Amortisation
At 1 April 2023
42,790
Charge for the year
8,558
---------
At 31 March 2024
51,348
---------
Carrying amount
At 31 March 2024
77,729
---------
At 31 March 2023
86,287
---------
Intangible assets comprises the estimated value of fees due from members as at acquisition in March 2018. This is being amortised over 15 years, which is the average membership duration at that date. The number of members and fees derived therefrom has not changed significantly in the current year and the directors consider that there is no impairment at the balance sheet date.
11. Tangible assets
Plant, fixtures and equipment
£
Cost
At 1 April 2023
343,928
Additions
24,549
---------
At 31 March 2024
368,477
---------
Depreciation
At 1 April 2023
151,893
Charge for the year
62,525
---------
At 31 March 2024
214,418
---------
Carrying amount
At 31 March 2024
154,059
---------
At 31 March 2023
192,035
---------
The net carrying amount of plant and equipment includes £ 79,763 (2023: £126,156) in respect of assets held under finance leases. The depreciation charge for the year of £62,525 includes £46,393 in respect of assets held under finance leases.
12. Investment in associates
The investment in associates comprises an investment in the share capital of Barlow Hall Manor Ltd over which it has significant influence. The company holds the shares until such time as a full member of the club is entitled to a share at which time it is transferred at a value of £1. Shareholders are obliged to transfer their share to (2017) Limited if they leave the club. The land owned by Barlow Hall Manor Ltd is of such a nature and used for such purpose it makes it difficult to place a value thereon, so the share investment in that company is now recognised at cost. Barlow Hall was valued in 2013 for insurance purposes at £3.4m.
13. Investments
Shares in participating interests
£
Cost
At 1 April 2023 and 31 March 2024
161
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
161
----
At 31 March 2023
161
----
14. Inventories
2024
2023
£
£
Bar stocks
8,250
9,076
-------
-------
15. Debtors
2024
2023
£
£
Prepayments and accrued income
401
----
----
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,911
3,911
Trade creditors
18,950
30,746
Accruals and deferred income
89,377
88,033
Social security and other taxes
610
650
Obligations under finance leases and hire purchase contracts
38,628
42,236
Other loans
15,454
21,536
Other creditors
36,991
10,674
---------
---------
203,921
197,786
---------
---------
Bank loans and overdrafts are unsecured. The company has committed borrowing facilities available from National Westminster Bank at 31 March 2024 of £30,000 for which all conditions have been met but are undrawn at that date. Interest is charged at a floating rate linked to LIBOR. The balance outstanding is the amount repayable within one year on a Government secured Bounce Back Loan which is repayable over 10 years. The brewery loan amortises in line with consumption of products provided by the brewery. Finance lease creditors are secured on the assets to which they relate. Other creditors includes £3,636 in respect of the members development fund which was established in 2020 to fund additional work of interest to the members. The company accruals and deferred income was £89,377 (2023:£88,033) and includes money received from members which is repayable on demand, but can be converted on an annual basis at the fee rate applicable at the date of receipt of the money by the club.
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,146
37,280
Obligations under finance leases and hire purchase contracts
42,067
81,820
Loan from associated company
20,000
20,000
--------
---------
93,213
139,100
--------
---------
The loan from the associated company is interest free and has no fixed repayment date. The bank loan comprises the over one year element of the bounce back loan. Deferred income relates to memberships paid in advance which have a period of up to 3 years.
18. Maturity of debt finance
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
38,628
42,236
Later than 1 year and not later than 5 years
42,067
81,820
--------
---------
80,695
124,056
--------
---------
The maturity of debt financing is as follows: As at 31 March 2024
Loans HP and finance leases Total
£ £ £
In one year or less or on demand (19,365) (38,628) (57,993)
In more than one year but not more than two years (6,912) (30,731) (37,643)
Between two years and five years (17,323) (11,336) (28,659)
Over 5 years (6,911) (6,911)
-------- -------- ---------
(50,511) (80,695) (131,206)
-------- -------- ---------
As at 31 March 2023
Loans HP finance leases Total
£ £ £
In one year or less or on demand (25,447) (42,236) (67,683)
In more than one year but not more than two years (5,339) (36,326) (41,665)
Between two years and five years (16,883) (45,494) (62,377)
Over five years (15,058) (15,058)
-------- --------- ---------
(62,727) (124,056) (186,783)
-------- --------- ---------
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 5,978 (2023: £ 5,314 ).
20. Capital commitments
As at 31 March 2024 capital commitments of the club totalled £nil (2023: £nil). There were no other guarantees or contingencies at the balance sheet date.