Company Registration No. 04279097 (England and Wales)
RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,581,610
1,351,792
Current assets
Stocks
23,329
12,480
Debtors
5
600,924
456,535
Cash at bank and in hand
633,316
551,018
1,257,569
1,020,033
Creditors: amounts falling due within one year
6
(1,140,623)
(1,022,824)
Net current assets/(liabilities)
116,946
(2,791)
Total assets less current liabilities
1,698,556
1,349,001
Creditors: amounts falling due after more than one year
7
(578,056)
(369,460)
Net assets
1,120,500
979,541
Reserves
Income and expenditure account
1,120,500
979,541
Members' funds
1,120,500
979,541

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr T P S Wescombe
Director
Company registration number 04279097 (England and Wales)
RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Royal Ascot Golf Club is private company limited by guarantee and consequently does not hve 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 company (04279097) is domiciled in the UK. The registered office is Royal Ascot Golf Club, Winkfield Road, Ascot, SL5 7LJ.

1.1
Accounting convention

These financial statements have been prepared under the historical cost convention, unless otherwise specified within these accounting policies, and in accordance with section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006.

 

The following principal accounting policies have been applied:

1.2
Going concern

In their assessment of going concern the directors have considered the impact on the business from continued high inflationary pressures. Expenditure has been well controlled, and budgets have taken into account the continuing increased costs across all areas of the Club.true

 

Membership numbers remained at consistently positive levels throughout the 2023/24 year and we are continuing to see new members joining the Club. 

 

Income from the bar and catering continues to be robust, although again a very wet winter and spring resulted in a slight reduction in our bar income due to Course closures and postponed events. In February we changed our Catering arrangements and brought it in house, this had a positive impact on our member experience and the Profit and Loss account. We have further increased our green fee prices for visitors and societies and, as a result, have seen increased income in this area. The addition of course marshals during the year has also been beneficial for both member and visitor experience.

 

The Club’s financial position remains solid. We refinanced member bonds during the year and raised some additional finance through a new issue. We have a small COVID bounce back loan and also took advantage of a barrelage loan from the brewery to help finance a new patio area. The Club continues to benefit from the continued investments on the course and clubhouse and plans are in place for the third phase of the bunker refurbishment commencing in the autumn. We believe that continuing to invest in the Club will ensure our long term success.

 

Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is derived from the provision of golf and ancillary facilities and represents membership entrance fees and subscription income receivable in respect of the year. Turnover from membership fees is initially deferred and subsequently recognised over the period to which it relates.

 

Food, beverage and retail sales are made from the on-site restaurant and bar. The turnover is recognised as income at the time the sale is made, at invoice value excluding value added tax. Turnover also includes non-membership golf and leisure income (green fees, competition income and social income) which is also recognised at the time the sale is made.

 

1.4
Grants

Grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned.

RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in credits as deferred income.

 

Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

 

1.6
Interest income

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

1.7
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.

 

Tangible fixed assets costing more than £1,000 are capitalised and included at cost, including any incidental expenses on acquisition.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

 

Depreciation is provided on the following basis:

Long term leasehold property
over the term of the lease
Golf course improvements
over the remaining term of the lease
Plant and equipment
over 3-10 years
Fixtures and fittings
over 5-10 years
Computers
over 4 years
Motor vehicles
over 5 years

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the past reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.8
Taxation

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.

1.9
Debtors
Short term debtors are measured at transaction price, less any impairment.
RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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.
1.11
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stocks.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
26
22
RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
2,284,974
522,495
2,807,469
Additions
279,033
62,569
341,602
Disposals
-
0
(6,547)
(6,547)
At 31 May 2024
2,564,007
578,517
3,142,524
Depreciation and impairment
At 1 June 2023
1,044,205
411,472
1,455,677
Depreciation charged in the year
80,747
30,931
111,678
Eliminated in respect of disposals
-
0
(6,441)
(6,441)
At 31 May 2024
1,124,952
435,962
1,560,914
Carrying amount
At 31 May 2024
1,439,055
142,555
1,581,610
At 31 May 2023
1,240,769
111,023
1,351,792
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Subscriptions receivable
574,474
430,938
Other debtors
26,450
25,597
600,924
456,535
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,000
10,807
Trade creditors
117,298
64,972
Corporation tax
16,614
12,989
Other taxation and social security
8,445
2,304
Other creditors
980,266
931,752
1,140,623
1,022,824
RAGC LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,655
20,860
Other creditors
536,401
348,600
578,056
369,460
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Roger Dallas
Statutory Auditor:
IDS Chartered Accountants LLP
Date of audit report:
23 September 2024
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