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COMPANY REGISTRATION NUMBER: 00219848
Canterbury Golf Club Limited
Company Limited by Guarantee
Filleted Financial Statements
31 March 2024
Canterbury Golf Club Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Canterbury Golf Club Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
6
1,902,583
1,830,291
Current assets
Stocks
108,207
108,322
Debtors
7
203,994
93,891
Cash at bank and in hand
84,521
468,498
---------
---------
396,722
670,711
Creditors: amounts falling due within one year
8
1,074,773
1,225,460
------------
------------
Net current liabilities
678,051
554,749
------------
------------
Total assets less current liabilities
1,224,532
1,275,542
Creditors: amounts falling due after more than one year
9
732,450
747,743
------------
------------
Net assets
492,082
527,799
------------
------------
Capital and reserves
Profit and loss account
492,082
527,799
---------
---------
Members funds
492,082
527,799
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 17 December 2024 , and are signed on behalf of the board by:
N Williams Director
Company registration number: 00219848
Canterbury Golf Club Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Scotland Hills, Littlebourne Road, Canterbury, CT1 1TW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
At the year end the company had net current liabilities of £673,151 of this £551,362 related to membership received in advance of the 2024/25 membership year and £248,100 related to member bonds. Since the year end £91,100 of the members bonds have been repaid and the remaining £157,000 were transferred to a new 2024 members bonds which has an initial 5 year term, there was also further investment from the members of £16,750. On the 17th of October 2024 the company received a bank loan of £295,000 to assist with cashflow. This loan is repayable on the 16th December 2025. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Non-recoverable VAT
VAT which is non-recoverable as a result of exempt supplies is treated as follows:
(i) On revenue expenditure - written off to the profit and loss accounts as cost of sales.
(II) On fixed assets - Irrecoverable VAT amounts are capitalised as part of the cost of acquisition for all assets where the net capital amount is greater than £10,000.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Course sprinkler system - 10% straight line Course machinery - 10% straight line Driving range equipment - 10% and 20% straight line Driving range building - 5% straight line Clubhouse improvements - 10% and 20% straight line dependent on the improvement. Expenditure on repairs, renovations and equipment is written off in the year which the expenditure is incurred. Expenditure on major improvements to facilities are capitalised. Tractor shed - 4% reducing balance Course improvements - 10% straight line Freehold property - The assets' residual value is considered to be the same value as the cost of the asset, therefore, no depreciation is charged.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Company limited by guarantee
The company is a private company limited by guarantee and consequently does not have any share capital. Each of its members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 31 ).
6. Tangible assets
Freehold prop, driving range buildings, clubhouse improvements and shed
Course sprinkler system
Course machinery and driving range equipment
Motor vehicles
Course improvements
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023 (as restated)
1,791,356
104,921
548,710
8,500
396,350
2,849,837
Additions
68,509
6,654
93,950
66,676
235,789
------------
---------
---------
-------
---------
------------
At 31 Mar 2024
1,859,865
111,575
642,660
8,500
463,026
3,085,626
------------
---------
---------
-------
---------
------------
Depreciation
At 1 Apr 2023
465,841
87,726
335,315
2,763
127,901
1,019,546
Charge for the year
61,393
7,032
50,840
850
43,382
163,497
------------
---------
---------
-------
---------
------------
At 31 Mar 2024
527,234
94,758
386,155
3,613
171,283
1,183,043
------------
---------
---------
-------
---------
------------
Carrying amount
At 31 Mar 2024
1,332,631
16,817
256,505
4,887
291,743
1,902,583
------------
---------
---------
-------
---------
------------
At 31 Mar 2023
1,325,515
17,195
213,395
5,737
268,449
1,830,291
------------
---------
---------
-------
---------
------------
7. Debtors
2024
2023
(restated)
£
£
Trade debtors
9,008
14,889
Other debtors
194,986
79,002
---------
--------
203,994
93,891
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
14,368
14,368
Trade creditors
85,396
43,985
Social security and other taxes
40,937
45,300
Payments received on account
551,362
532,433
Members Bond & Debenture Loans
290,600
479,600
Other creditors
92,110
109,774
------------
------------
1,074,773
1,225,460
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
442,672
457,040
Shepherd Neame and Members Bond
224,000
224,000
Other creditors
65,778
66,703
---------
---------
732,450
747,743
---------
---------
Debentures were issued on 1 April 2014. The annual return on the debentures are £35 per £1,000 invested and will be either credited against the annual subscription payment or placed on the swipe card of the debenture holder. The debentures become repayable on their 10th anniversary, upon written confirmation from the debenture holder. The debentures outstanding at the year end were £42,500.
The bank loan is secured by a charge over the land at Scotland Hills, Littlebourne Road, Canterbury. The loan of £475,000, drawn down in December 2022, is for a 3 year term, maturing on 16 December 2025. Interest is at 2.4% over the base rate. The balance outstanding at the year end was £457,040.
The 2014 members bonds were issued on 1st April 2014 and are subject to interest, which is paid annually, at the rate of 4% per annum, on its anniversary. The bonds outstanding at the year end were £248,100. The bonds are repayable on the tenth anniversary of the date of the bond. The 2014 bonds are secured by a charge over the land at Scotland Hills, Littlebourne Road, Canterbury.
The 2020 members bonds were issued on 1st April 2020 and are subject to interest at the rate of 3.25% per annum, payable on each anniversary. The bonds outstanding at the year end were £220,000. The bonds are repayable on the tenth anniversary of the date of the bond. The 2020 bonds are secured by a charge over the land at Scotland Hills, Littlebourne Road, Canterbury.
10. Prior period errors
The prior period has been adjusted to reflect a historic adjustment in respect of irrecoverable VAT. The impact of this adjustment is presented below:
Previously Stated Adjustment Re-stated
£ £ £
Creditors: amounts falling due within one year 1,205,266 20,194 1,225,460
Profit and Loss Account 547,983 (20,194) 527,789
11. Summary audit opinion
The auditor's report dated 19 December 2024 was unqualified , however, the auditor drew attention to the following by way of emphasis.
We draw attention to the going concern policy shown in note 3 of the financial statements, regarding the refinancing of member bonds and net current liability position. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Richard Stewart FCA , for and on behalf of Burgess Hodgson LLP .