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Registration number: 12220182

Sidmouth Golf Club Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Sidmouth Golf Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sidmouth Golf Club Limited

Company Information

Chairman

N J Faulkner

Directors

D Mills

M Anderton

B Davies

R Andrews

N Sharp

J Anderton

Registered office

Sidmouth Golf Club
Cotmaton Road
Sidmouth
Devon
EX10 8SX

Accountants

River Accounting Limited
Chartered Certified
28 Gerbera Way
Cullompton
Devon
EX15 1UW

 

Sidmouth Golf Club Limited

(Registration number: 12220182)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

279,380

293,994

Current assets

 

Stocks

5

21,197

43,500

Debtors

6

4,180

17,891

Cash at bank and in hand

 

110,212

16,833

 

135,589

78,224

Creditors: Amounts falling due within one year

7

(161,555)

(76,122)

Net current (liabilities)/assets

 

(25,966)

2,102

Total assets less current liabilities

 

253,414

296,096

Creditors: Amounts falling due after more than one year

7

(14,502)

(23,165)

Provisions for liabilities

(50,000)

(95,000)

Net assets

 

188,912

177,931

Reserves

 

Other reserves

1,810

1,810

Retained earnings

187,102

176,121

Surplus

 

188,912

177,931

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Sidmouth Golf Club Limited

(Registration number: 12220182)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................
N J Faulkner
Chairman

.........................................
M Anderton
Director

 

Sidmouth Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Sidmouth Golf Club
Cotmaton Road
Sidmouth
Devon
EX10 8SX

These financial statements were authorised for issue by the Board on 25 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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Sidmouth Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Leasehold Property Improvements

Straight line basis over 99 years

House Equipment

15% p.a reducing balance basis

Course Equipment

15% p.a reducing balance basis

Shop Equipment

15% p.a reducing balance basis

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.

 

Sidmouth Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Sidmouth Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

11,962

205,060

104,803

321,825

Additions

-

2,356

824

3,180

At 31 March 2024

11,962

207,416

105,627

325,005

Depreciation

At 1 April 2023

-

2,250

25,581

27,831

Charge for the year

-

2,074

15,720

17,794

At 31 March 2024

-

4,324

41,301

45,625

Carrying amount

At 31 March 2024

11,962

203,092

64,326

279,380

At 31 March 2023

11,962

202,810

79,222

293,994

Included within the net book value of land and buildings above is £11,962 (2023 - £11,962) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

21,197

43,500

 

Sidmouth Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,457

7,003

Prepayments

2,723

7,927

Other debtors

-

2,961

 

4,180

17,891

 

Sidmouth Golf Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,662

8,278

Taxation and social security

 

3,748

-

Accruals and deferred income

 

1,500

1,500

Other creditors

 

147,645

66,344

 

161,555

76,122

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

14,502

23,165

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

14,502

23,165

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

8,662

8,278

9

Related party transactions

There are no related party transactions to disclose.