REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GATHURST GOLF CLUB LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GATHURST GOLF CLUB LIMITED |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
GATHURST GOLF CLUB LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
STATEMENT OF FINANCIAL POSITION |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Gathurst Golf Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 prior period reporting date was extended to eighteen months so as to fall in line with the golf subscription year. The comparative amounts in the financial statements (including the related notes) are therefore not entirely comparable with the previous year due to the extended period. |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
Turnover |
Turnover represents income from membership subscriptions, bar income, green fees, competition fees, room hire fees and sundry income such as that generated from buggy shed hire and snooker tables and is stated exclusive of VAT; where appropriate. |
Income from membership income is recognised evenly over the accounting period which it falls into. |
Income from bar sales is recognised at the point that the customer receives the goods. |
Income from green fees and competition fees are recognised at the point at which the customer receives the service. |
Room hire fees are recognised at the point at which the event is held. |
Competition income is recognised at the point at which the competition is held. |
Sponsorship income is recognised over the period of time to which the sponsorship relates. |
Sundry income mostly relates to the rental of golf buggies and lockers and is recognised over the period of time to which the rental relates. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation, less depreciation and impairment write downs. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold land & buildings - 2% straight line (excluding land) |
Improvements to property - 10% straight line |
Plant and machinery - 20% on reducing balance |
Fixtures and fittings - 20% on reducing balance |
Upon transition to FRS 102 the directors elected to treat the valuation of land and buildings, obtained in June 2015, which represents fair value, as deemed cost of land and buildings at the date of transition. |
Stocks |
Bar stocks have been stated at the lower of cost and net estimated selling price. |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, bank loans, hire purchase agreements, trade creditors and accruals |
Financial instruments that are payable or receivable within one year; typically bank account, trade debtors, trade creditors and accruals are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received. |
Financial instruments repayable in more than one year such as bank loans and hire purchase agreements are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the statement of financial position and are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to income statement as incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Grant income |
Grant income received for the purchase of fixed assets is classified within current liabilities and is recognised in the income statement over the useful economic life of the asset purchased. |
Grant income received in respect of revenue expenditure is recognised in the income statement in the year in which expenditure is incurred. |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Improvements | Fixtures |
land & | to | Plant and | and |
buildings | property | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 1,160,882 (2023 - £ 1,160,882 ) which is not depreciated. |
The following is a detailed breakdown of the capital expenditure incurred during the year; |
£ |
Changing room lockers | 20,970 |
20,970 |
Cost or valuation at 31 March 2024 is represented by: |
Freehold | Improvements | Fixtures |
land & | to | Plant and | and |
buildings | property | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
Cost | 1,672,395 | 51,976 | 405,889 | 339,049 | 2,469,309 |
The net book value of tangible fixed assets includes £ 22,504 (2023 - £ 28,130 ) in respect of assets held under finance leases. |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Called up share capital not paid |
Prepayments |
Called up share capital not paid relates to 275 (2023: 283) shareholders who paid £1 at the time of purchasing a £180 ordinary share and 6 (2023: 6) shareholders who, at the reporting date, had paid £nil towards their £180 ordinary share. The outstanding amounts are repayable at the request of the company. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Finance leases (see note 8) |
Trade creditors & accruals |
Tax |
Social security and other taxes |
Other creditors |
Deferred income | 363,575 | 391,763 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loan 1-2 years | 29,032 | 29,032 |
Bank loan 2-5 years | 61,211 | 71,132 |
Bank loan over 5 years | 64,974 | 81,883 |
Finance leases (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan over 5 years | 64,974 | 81,883 |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Finance leases | 23,800 | 33,651 |
Mortgage | 160,132 | 177,041 |
10. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary £180 shares | £180 | 83,880 | 87,300 |
(2023 - 485 ) |
23 ordinary shares of £180 were issued during the year. The company purchased 42 of its own ordinary shares during the year. Shares are purchased when shareholders, who are members of the golf club, wish to cease their membership. |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 1,380,590 |
Profit for the year |
At 31 March 2024 | 1,405,158 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | TURNOVER CONSISTS OF:- |
2024 | 2023 |
£ | £ | £ | £ |
Subscriptions | 479,297 | 449,656 |
Bar Sales | 155,306 | 161,420 |
Green Fees | - Visitors | 29,359 | 29,319 |
- Societies | 15,727 | 14,134 |
45,086 | 43,453 |
Competitions and opens | 32,020 | 43,993 |
Social events | 8,187 | 12,178 |
Buggy Shed | 7,306 | 7,769 |
Sponsorship | 7,347 | 7,968 |
Donations | - | 14,402 |
Other income | 12,440 | 13,092 |
746,989 | 759,931 |
GATHURST GOLF CLUB LIMITED (REGISTERED NUMBER: 00758628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
14. | OTHER OPERATING INCOME CONSISTS OF:- |
2024 | 2023 |
£ | £ |
Sports England Grant | 448 | 448 |
448 | 448 |
15. | CASH AT BANK AND IN HAND |
2024 | 2023 |
£ | £ |
Bank accounts - | - Current account | 42,983 | 40,500 |
- Reserve account | 15,506 | 86,187 |
- Liquidity Manager 95 Day | 36,844 | - |
- Matured GIA | - | 18,010 |
- 100 Club current account | 30 | - |
- Liquidity Manager 35 Day | 5,984 | - |
- Subscriptions account | 322,000 | 338.309 |
423,347 | 483,016 |
Cash and floats - | - Petty cash and cash floats | 3,157 | 4,586 |
- Credit card control account | 18,798 | 15,417 |
445,302 | 503,019 |