Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-04-01falseGolf club1918truetrue 00201899 2023-04-01 2024-03-31 00201899 2022-04-01 2023-03-31 00201899 2024-03-31 00201899 2023-03-31 00201899 2022-04-01 00201899 c:Director17 2023-04-01 2024-03-31 00201899 d:Buildings 2023-04-01 2024-03-31 00201899 d:Buildings 2024-03-31 00201899 d:Buildings 2023-03-31 00201899 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00201899 d:PlantMachinery 2023-04-01 2024-03-31 00201899 d:PlantMachinery 2024-03-31 00201899 d:PlantMachinery 2023-03-31 00201899 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00201899 d:FurnitureFittings 2023-04-01 2024-03-31 00201899 d:OfficeEquipment 2023-04-01 2024-03-31 00201899 d:ComputerEquipment 2023-04-01 2024-03-31 00201899 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 00201899 d:OtherPropertyPlantEquipment 2024-03-31 00201899 d:OtherPropertyPlantEquipment 2023-03-31 00201899 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00201899 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00201899 d:CurrentFinancialInstruments 2024-03-31 00201899 d:CurrentFinancialInstruments 2023-03-31 00201899 d:Non-currentFinancialInstruments 2024-03-31 00201899 d:Non-currentFinancialInstruments 2023-03-31 00201899 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00201899 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00201899 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00201899 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00201899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 00201899 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 00201899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 00201899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 00201899 d:ShareCapital 2024-03-31 00201899 d:ShareCapital 2023-03-31 00201899 d:RetainedEarningsAccumulatedLosses 2024-03-31 00201899 d:RetainedEarningsAccumulatedLosses 2023-03-31 00201899 c:FRS102 2023-04-01 2024-03-31 00201899 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00201899 c:FullAccounts 2023-04-01 2024-03-31 00201899 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00201899 2 2023-04-01 2024-03-31 00201899 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00201899 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00201899 d:OtherDeferredTax 2024-03-31 00201899 d:OtherDeferredTax 2023-03-31 00201899 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00201899










SEASALTER GOLF CLUB LIMITED (THE)








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SEASALTER GOLF CLUB LIMITED (THE)
REGISTERED NUMBER:00201899

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,516,216
1,535,580

  
1,516,216
1,535,580

Current assets
  

Stocks
  
7,305
9,122

Debtors: amounts falling due within one year
 6 
16,161
13,154

Cash at bank and in hand
  
159,947
123,015

  
183,413
145,291

Creditors: amounts falling due within one year
 7 
(172,120)
(76,843)

Net current assets
  
 
 
11,293
 
 
68,448

Total assets less current liabilities
  
1,527,509
1,604,028

Creditors: amounts falling due after more than one year
 8 
-
(88,929)

Provisions for liabilities
  

Deferred tax
 10 
(296,750)
(300,439)

  
 
 
(296,750)
 
 
(300,439)

Net assets
  
1,230,759
1,214,660


Capital and reserves
  

Called up share capital 
  
58,976
58,876

Profit and loss account
  
1,171,783
1,155,784

  
1,230,759
1,214,660


Page 1

 
SEASALTER GOLF CLUB LIMITED (THE)
REGISTERED NUMBER:00201899
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D. Bates
Director

Date: 4 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Seasalter Golf Club Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is The Clubhouse, Collingwood Road, Whitstable, Kent, CT5 1EB.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the directors believe that no material uncertainties exist.  The directors have considered the level of reserves and the expected level of future income and expenditure from the date of authorising these financial statements, and anticipate sufficient levels of reserves for the company to be able to continue as a going concern.

Page 3

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives range as follows:

Depreciation is provided on the following basis:

Freehold buildings
-
2% per annum of cost
Mowers & equipment
-
20% per annum of net book value
Fixtures and fittings
-
10% per annum of net book value
Drainage
-
15 year straight line basis
Sprinkler systems and bore hole
-
10-15 year straight line basis
Clubhouse
-
1% per annum of cost

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the 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.

Page 6

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgments have been made by management in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 18).


5.


Tangible fixed assets





Land and buildings
Plant and machinery
Club House
Total

£
£
£
£



Cost or valuation


At 1 April 2023
87,198
157,227
1,496,305
1,740,730


Additions
-
1,803
-
1,803



At 31 March 2024

87,198
159,030
1,496,305
1,742,533



Depreciation


At 1 April 2023
30,821
116,672
57,657
205,150


Charge for the year on owned assets
1,335
5,452
14,380
21,167



At 31 March 2024

32,156
122,124
72,037
226,317



Net book value



At 31 March 2024
55,042
36,906
1,424,268
1,516,216



At 31 March 2023
56,377
40,555
1,438,648
1,535,580

Page 8

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
3,327
1,351

Prepayments and accrued income
12,834
11,803

16,161
13,154



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
88,929
3,839

Trade creditors
12,918
10,551

Corporation tax
8,923
4,864

Other taxation and social security
6,911
5,443

Other creditors
44,843
43,173

Accruals and deferred income
9,596
8,973

172,120
76,843


There are charges held by Handelsbanken over 47 West Cliff, Whitstable, Kent, CT5 1DN.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
-
88,929

-
88,929


Page 9

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
88,929
3,839

Amounts falling due 1-2 years

Bank loans
-
3,994

Amounts falling due 2-5 years

Bank loans
-
84,935


88,929
92,768



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(300,439)
(303,990)


Charged to profit or loss
3,689
3,551



At end of year
(296,750)
(300,439)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,021)
(1,114)

Clubhouse provision
(295,729)
(299,325)

(296,750)
(300,439)


11.


Deferred Tax on New Club House

As the new clubhouse is now in use, a claim has been made to roll over the capital gain arising from the sale of the land during the year ended 31 March 2018, into the investment in the new clubhouse.  For tax purposes the base cost of the new clubhouse will be reduced by the rollover claim and the deferred tax in respect of this totals £295,729. This has been included in the deferred tax provision above.

Page 10

 
SEASALTER GOLF CLUB LIMITED (THE)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,870 (2023 - £2,873).  Contributions totalling £618 (2023 - £613) were payable to the fund at the balance sheet date and are included in other creditors.


13.


Related party transactions

During the year the following transactions took place with members of the club:
£200 for hedge trimming was paid to Clear & Tidy Services (a company of which Ronald Rumball (a member of the Club) is a director). 

 
Page 11