Company Registration No. 00193531 (England and Wales)
OXLEY PARK GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
OXLEY PARK GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OXLEY PARK GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
454,658
466,664
Current assets
Stocks
19,223
15,034
Debtors
5
5,922
13,173
Cash at bank and in hand
139,261
172,638
164,406
200,845
Creditors: amounts falling due within one year
6
(223,707)
(201,750)
Net current liabilities
(59,301)
(905)
Total assets less current liabilities
395,357
465,759
Creditors: amounts falling due after more than one year
7
(57,410)
(85,053)
Net assets
337,947
380,706
Reserves
Income and expenditure account
337,947
380,706
Members' funds
337,947
380,706

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

For the financial year ended 31 March 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.

The financial statements were approved by the board of directors and authorised for issue on 11 June 2024 and are signed on its behalf by:
Mr T D Reynolds
Mr G Palmer
Director
Director
Company registration number 00193531 (England and Wales)
OXLEY PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Oxley Park Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Club House, BUSHBURY, Wolverhampton, WV10 6DE.

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. The principal accounting policies adopted are set out below.

1.2
Revenue

 

Subscription income

 

Subscription income is recognised in the year to which they relate. Subscriptions received in advance are deferred to the following year and are included in the balance sheet.

 

Subscriptions for life membership are spread over the anticipated period of usage based on the age profiles of the participants in such schemes.

 

Green fee and bar income

 

Green fee, bar and other material income is recognised in the year to which it relates.

 

1.3
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:

Freehold land and buildings
2% straight line
Plant and equipment
10%-20% straight line
Fixtures and fittings
20% straight line
Course works and irrigation
2%-20% straight line

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 surplus or deficit.

1.4
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.

OXLEY PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

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.

1.5
Financial instruments

 

Debtors

 

Short term debtors are measured at transaction price, less any impairment

 

Creditors

 

Short term creditors are measured at transaction price.

 

Cash

 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 

There are no complex financial instruments.

 

1.6

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.7

Provisions

Provisions are made to reflect estimated future obligations of a legal or constructive nature.

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
13
13
OXLEY PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Course works and irrigation
Total
£
£
£
£
£
Cost
At 1 April 2023
536,802
260,013
77,641
165,242
1,039,698
Additions
-
0
3,800
6,531
-
0
10,331
At 31 March 2024
536,802
263,813
84,172
165,242
1,050,029
Depreciation and impairment
At 1 April 2023
168,064
210,508
63,266
131,196
573,034
Depreciation charged in the year
6,830
9,689
5,137
681
22,337
At 31 March 2024
174,894
220,197
68,403
131,877
595,371
Carrying amount
At 31 March 2024
361,908
43,616
15,769
33,365
454,658
At 31 March 2023
368,738
49,505
14,375
34,046
466,664
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,922
13,173
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
14,617
21,436
Taxation and social security
4,625
5,904
Other creditors
194,465
164,410
223,707
201,750
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Other creditors
44,910
62,553
57,410
85,053
OXLEY PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Constitution

The company is limited by guarantee not having a share capital. Every member undertakes to contribute to the assets of the Club, in the event of it being wound up while he is a Member, or within one year afterwards, for the payment of debts and liabilities of the Club contracted before he ceases to be a Member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding One Pound.

9
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
£
£
78,740
58,679
10
Ultimate Controlling Party

The ultimate controlling party of the club is its members.

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