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Registration number: 01377030

Filton Golf Club (1979) Limited

Annual Report and Abridged Financial Statements

for the Year Ended 31 May 2024

 

Filton Golf Club (1979) Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 7

 

Filton Golf Club (1979) Limited

Company Information

Directors

Mr M Ford

G Henderson

A Halloran

M Wallbridge

B Langenberg

M Barrowman

Registered office

Golf Course Lane
Filton
Bristol
BS34 7QS

Auditors

Xeinadin Audit Limited
Registered Auditors
Office 1 The Coach House
24-26 Station Road
Shirehampton
Bristol
BS11 9TX

 

Filton Golf Club (1979) Limited

(Registration number: 01377030)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,129,567

1,112,654

Current assets

 

Stocks

5

9,618

10,329

Debtors

6

-

5,084

Cash at bank and in hand

 

430,077

703,364

 

439,695

718,777

Prepayments and accrued income

 

15,868

20,562

Creditors: Amounts falling due within one year

7

(90,720)

(262,500)

Net current assets

 

364,843

476,839

Total assets less current liabilities

 

1,494,410

1,589,493

Creditors: Amounts falling due after more than one year

8

(113,797)

(152,835)

Accruals and deferred income

 

(408,126)

(384,414)

Net assets

 

972,487

1,052,244

Capital and reserves

 

Called up share capital

9

5

5

Other reserves

115,135

115,285

Retained earnings

857,347

936,954

Shareholders' funds

 

972,487

1,052,244

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
M Wallbridge
Director

 

Filton Golf Club (1979) Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Golf Course Lane
Filton
Bristol
BS34 7QS

These financial statements were authorised for issue by the Board on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 24 October 2024 was A W Jones BA (Hons) FCCA, who signed for and on behalf of Xeinadin Audit Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Filton Golf Club (1979) Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not deprciated

Equipment and fittings

10% to 25% straight line

Course improvements

20% straight line

Clubhouse

2% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Filton Golf Club (1979) Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Filton Golf Club (1979) Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

715,304

11,117

157,565

467,238

1,351,224

Additions

-

3,975

-

86,320

90,295

Disposals

-

-

-

(7,500)

(7,500)

At 31 May 2024

715,304

15,092

157,565

546,058

1,434,019

Depreciation

At 1 June 2023

-

1,668

20,761

216,141

238,570

Charge for the year

-

2,289

3,940

67,153

73,382

Eliminated on disposal

-

-

-

(7,500)

(7,500)

At 31 May 2024

-

3,957

24,701

275,794

304,452

Carrying amount

At 31 May 2024

715,304

11,135

132,864

270,264

1,129,567

At 31 May 2023

715,304

9,449

136,804

251,097

1,112,654

Included within the net book value of land and buildings above is £715,304 (2023 - £715,304) in respect of freehold land and buildings.
 

 

Filton Golf Club (1979) Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

5,065

4,533

Other inventories

4,553

5,796

9,618

10,329

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £39,088 (2023 - £41,002).

8

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £113,797 (2023 - £152,835).

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

5

5

5

5

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Other reserves
£

Total
£

Other comprehensive income

(150)

(150)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Other reserves
£

Total
£

Other comprehensive income

(350)

(350)