Company registration number 05846344 (England and Wales)
STURMINSTER MARSHALL GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
STURMINSTER MARSHALL GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STURMINSTER MARSHALL GOLF CLUB LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
132,160
90,601
Current assets
Stocks
3,559
12,464
Debtors
5
264,255
260,073
Cash at bank and in hand
8,336
49,049
276,150
321,586
Creditors: amounts falling due within one year
6
(205,427)
(138,642)
Net current assets
70,723
182,944
Total assets less current liabilities
202,883
273,545
Creditors: amounts falling due after more than one year
7
(36,909)
(40,000)
Provisions for liabilities
(7,313)
(22,148)
Net assets
158,661
211,397
Capital and reserves
Called up share capital
1,380
1,380
Share premium account
107,770
107,770
Profit and loss reserves
49,511
102,247
Total equity
158,661
211,397
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STURMINSTER MARSHALL GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
Mr A Read
Mr M Dodd
Director
Director
Company registration number 05846344 (England and Wales)
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Sturminster Marshall Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sturminster Marshall Golf Club, Moor Lane, Sturminster Marshall, Wimborne, Dorset, BH21 4BD.
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 £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Leasehold land and buildings
Over the term of the lease
Plant and equipment
18% reducing balance
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 profit or loss.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
30,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
30,000
Carrying amount
At 30 June 2024
At 30 June 2023
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 July 2023
86,609
269,646
356,255
Additions
25,000
40,085
65,085
At 30 June 2024
111,609
309,731
421,340
Depreciation and impairment
At 1 July 2023
86,609
179,045
265,654
Depreciation charged in the year
23,526
23,526
At 30 June 2024
86,609
202,571
289,180
Carrying amount
At 30 June 2024
25,000
107,160
132,160
At 30 June 2023
90,601
90,601
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,137
7,959
Corporation tax recoverable
9,295
Other debtors
249,823
252,114
264,255
260,073
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
59,748
49,304
Trade creditors
50,594
21,593
Corporation tax
9,295
Other taxation and social security
17,343
22,325
Other creditors
77,742
36,125
205,427
138,642
National Westminster Bank PLC have a fixed and floating charge covering all the property and undertakings of the company dated April 2018.
Lloyds Bank PLC have a fixed and floating charge covering all the property and undertakings of the company dated November 2020.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,182
40,000
Other creditors
18,727
36,909
40,000
8
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
£
£
Within one year
48,000
48,000
Between two and five years
136,000
184,000
184,000
232,000
STURMINSTER MARSHALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Related party transactions
Marshalls Land Holdings Limited (company number 11224693) is a related party due to common directorships. Land and buildings have been leased to the company and with rent of £48,000 (2023: £34,667) payable to Marshalls Land Holdings Limited.
At the year end date, Marshalls Land Holdings Limited owed the company £249,810 (2023: £249,810).
Sturminster GC Holdings Limited (company number 13117913) is the parent undertaking and controlling party of the company by virtue of its ownership of the company.
10
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan due from M Dodd
-
176
(176)
-
176
(176)
-