Company Registration No. 10377159 (England and Wales)
THE WALSALL GOLF CLUB LIMITED
(LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
THE WALSALL GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE WALSALL GOLF CLUB LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
640,551
705,627
Current assets
Stocks
19,917
34,718
Debtors
4
50,261
62,952
Cash at bank and in hand
174,718
177,229
244,896
274,899
Creditors: amounts falling due within one year
5
(374,896)
(347,128)
Net current liabilities
(130,000)
(72,229)
Total assets less current liabilities
510,551
633,398
Creditors: amounts falling due after more than one year
6
(12,500)
(22,500)
Net assets
498,051
610,898
Capital and reserves
Income and expenditure account
498,051
610,898

The directors of the company have elected not to include a copy of the income and expenditure 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 11 October 2024 and are signed on its behalf by:
Mr G Parker
Director
Company Registration No. 10377159
THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

The Walsall Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Broadway, Walsall, West Midlands, WS1 3EY.

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 £1.

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

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.true

 

In assessing the going concern basis, the directors have considered the company’s business activities and its financial position. As at 30 June 2024, the company had cash reserves of £174,718, net current liabilities of £130,000 and net assets of £498,051. The directors also consider that future sources of income and continued cost management are adequate to ensure the business continues as a going concern along with ongoing support from members.

 

The directors continue to closely monitor the company's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.

 

1.3
Subscription income

Subscription income for the year represents members' annual subscriptions receivable and new members entrance fees. Subscriptions received in advance are shown in creditors due within one year.

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:

Freehold course
Nil to 8.33% straight line
Club house
2.5% to 10% straight line
Course plant and equipment
16.67% to 50% straight line
House fixtures and fittings
10% to 50% straight line
Computers
25% straight line

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 surplus or deficit.

THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments.

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

Short term trade debtors and other debtors are measured at transaction price, less any impairment.

Basic financial liabilities

Short term trade creditors and other creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.8
Taxation

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

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.10

Value added tax

VAT where recoverable has been excluded from these accounts. Irrecoverable VAT arises as a consequence of the company's partially exempt status.

2
Employees

The average monthly number of persons employed by the company during the year was 23 (2023 - 23).

THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
713,666
270,033
983,699
Additions
-
0
5,752
5,752
At 30 June 2024
713,666
275,785
989,451
Depreciation and impairment
At 1 July 2023
134,128
143,944
278,072
Depreciation charged in the year
22,818
48,010
70,828
At 30 June 2024
156,946
191,954
348,900
Carrying amount
At 30 June 2024
556,720
83,831
640,551
At 30 June 2023
579,538
126,089
705,627
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,776
11,584
Other debtors
32,485
51,368
50,261
62,952
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
10,000
10,000
Trade creditors
64,666
77,870
Corporation tax
1,318
1,150
Other taxation and social security
13,722
14,527
Other creditors
23,904
30,086
Accruals and deferred income
249,924
202,044
Members' card balances
11,362
11,451
374,896
347,128

During the year ended 30 June 2021, a bank loan of £50,000 was received by the company which has been aged in line with the proposed repayment schedule. The loan is to be repaid in equal instalments over 6 years with an interest rate applied of 2.5% per annum. The loan is secured by a government backed lender under the Coronavirus Bounce Back Loan scheme.

THE WALSALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
12,500
22,500

During the year ended 30 June 2021, a bank loan of £50,000 was received by the company which has been aged in line with the proposed repayment schedule. The loan is to be repaid in equal instalments over 6 years with an interest rate applied of 2.5% per annum. The loan is secured by a government backed lender under the Coronavirus Bounce Back Loan scheme.

7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8
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:
David Webb FCA
Statutory Auditor:
Edwards
Date of audit report:
15 October 2024
9
Operating lease commitments

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

2024
2023
£
£
Total commitment
145,202
203,971
2024-06-302023-07-01false15 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr D J PhillipsMr G ParkerMr M D CraddockMr P SpoonerMrs S HaynesMr T BehagueMrs E A A B ThomasMr P A Cooperfalsefalse103771592023-07-012024-06-30103771592024-06-30103771592023-06-3010377159core:LandBuildings2024-06-3010377159core:OtherPropertyPlantEquipment2024-06-3010377159core:LandBuildings2023-06-3010377159core:OtherPropertyPlantEquipment2023-06-3010377159core:CurrentFinancialInstruments2024-06-3010377159core:CurrentFinancialInstruments2023-06-3010377159core:Non-currentFinancialInstruments2024-06-3010377159core:Non-currentFinancialInstruments2023-06-3010377159bus:Director22023-07-012024-06-3010377159core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-012024-06-3010377159core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-012024-06-3010377159core:PlantMachinery2023-07-012024-06-3010377159core:FurnitureFittings2023-07-012024-06-3010377159core:ComputerEquipment2023-07-012024-06-3010377159core:LandBuildings2023-06-3010377159core:OtherPropertyPlantEquipment2023-06-30103771592023-06-3010377159core:LandBuildings2023-07-012024-06-3010377159core:OtherPropertyPlantEquipment2023-07-012024-06-3010377159bus:CompanyLimitedByGuarantee2023-07-012024-06-3010377159bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3010377159bus:FRS1022023-07-012024-06-3010377159bus:Audited2023-07-012024-06-3010377159bus:Director12023-07-012024-06-3010377159bus:Director32023-07-012024-06-3010377159bus:Director42023-07-012024-06-3010377159bus:Director52023-07-012024-06-3010377159bus:Director62023-07-012024-06-3010377159bus:Director72023-07-012024-06-3010377159bus:Director82023-07-012024-06-3010377159bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP