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Registration number: 02676183

Naunton Downs Golf Club Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2022 to 30 June 2023

 

Naunton Downs Golf Club Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Naunton Downs Golf Club Limited

(Registration number: 02676183)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,860,440

1,860,040

Current assets

 

Debtors

5

730,455

40,631

Cash at bank and in hand

 

22,830

307

 

753,285

40,938

Creditors: Amounts falling due within one year

6

(119,356)

(352,602)

Net current assets/(liabilities)

 

633,929

(311,664)

Total assets less current liabilities

 

2,494,369

1,548,376

Creditors: Amounts falling due after more than one year

6

(1,975,974)

(933,201)

Provisions for liabilities

-

(12,098)

Net assets

 

518,395

603,077

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

418,395

503,077

Shareholders' funds

 

518,395

603,077

For the financial period ending 30 June 2023 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 period 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.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

Naunton Downs Golf Club Limited

(Registration number: 02676183)
Balance Sheet as at 30 June 2023

.........................................
B P Pauling
Director

 

Naunton Downs Golf Club Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 June 2023

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:
Naunton Downs Estate
Naunton
Cheltenham
Gloucestershire
GL54 3AE

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.

Summary of disclosure exemptions

The compnay has taken advantage of exemptions conferred by Financial Reporting Standard 102 - Related Party Disclosures not to disclose transactions between wholly owned members of the same group.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Naunton Downs Golf Club Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 June 2023

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

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Land and buildings

Not depreciated

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.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

Naunton Downs Golf Club Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 period, was 6 (2022 - 7).

 

Naunton Downs Golf Club Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 June 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Other equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,796,365

169,326

208,599

70,360

2,150

2,246,800

Additions

-

15,127

10,001

1,446

-

26,574

Disposals

-

-

(36,375)

(160)

-

(36,535)

At 30 June 2023

1,796,365

184,453

182,225

71,646

2,150

2,236,839

Depreciation

At 1 April 2022

-

154,676

165,786

64,149

2,149

386,760

Charge for the period

-

7,000

15,697

2,402

1

25,100

Eliminated on disposal

-

-

(35,421)

(40)

-

(35,461)

At 30 June 2023

-

161,676

146,062

66,511

2,150

376,399

Carrying amount

At 30 June 2023

1,796,365

22,777

36,163

5,135

-

1,860,440

At 31 March 2022

1,796,365

14,650

42,813

6,211

1

1,860,040

Included within the net book value of land and buildings above is £1,796,365 (2022 - £1,796,365) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

17,248

343

Prepayments

688,378

13,696

Other debtors

24,829

26,592

 

730,455

40,631

 

Naunton Downs Golf Club Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

13,825

61,616

Trade creditors

 

1,766

34,183

Taxation and social security

 

17,569

1,907

Other creditors

 

86,196

254,896

 

119,356

352,602

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

469,674

917,446

Other non-current financial liabilities

 

1,506,300

15,755

 

1,975,974

933,201

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

37,837

Bank overdrafts

-

14,659

Hire purchase contracts

13,825

9,120

13,825

61,616

Non-current loans and borrowings

 

Naunton Downs Golf Club Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 June 2023

2023
£

2022
£

Bank borrowings

-

440,068

Hire purchase contracts

13,174

20,878

Debentures

456,500

456,500

469,674

917,446

The amount of £456,500 (2022: £456,500) in respect of debentures relates to 50 year debentures, the first of which falls for repayment on 31st July 2043. The holders of these are entitled to unlimited golf for 50 years, at the end of which the principal only is repayable and the debentures may be re-issued by the Company.
 

8

Related party transactions

Other transactions with directors

B P and S A Pauling (directors) had a loan account with the company. At the balance sheet date the amount due to B P and S A Pauling was £83,196 (2022 - £205,183).