Company registration number 07963150 (England and Wales)
MARKET HARBOROUGH GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MARKET HARBOROUGH GOLF CLUB LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
MARKET HARBOROUGH GOLF CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,366,943
983,864
Current assets
Stocks
6,754
7,738
Debtors
5
84,272
11,290
Cash at bank and in hand
166,063
345,141
257,089
364,169
Creditors: amounts falling due within one year
Members' Loans
10,164
30,911
Obligations under finance leases
31,026
24,585
Taxation and social security
684
8,021
Other creditors
589,900
402,332
631,774
465,849
Net current liabilities
(374,685)
(101,680)
Total assets less current liabilities
992,258
882,184
Creditors: amounts falling due after more than one year
Loans and overdrafts
13,950
24,111
Obligations under finance leases
96,768
39,063
(110,718)
(63,174)
Net assets
881,540
819,010
Reserves
Capital redemption reserve
738,373
738,373
Income and expenditure account
7
143,167
80,637
Members' funds
881,540
819,010

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 30 April 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.

MARKET HARBOROUGH GOLF CLUB LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -

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 22 January 2025 and are signed on its behalf by:
Mr G Jameson
Mr P F Walsh
Director
Director
Company Registration No. 07963150
MARKET HARBOROUGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Market Harborough Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Great Oxendon Road, Market Harborough, Leicestershire, LE16 8NF.

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.

This company is a qualifying entity for the purposes of FRS 102. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

1.2
Going concern

Ttruehe directors continue to adopt the going concern basis of accounting in preparing the financial statements, they do not consider that material uncertainty about the company's going concern status currently exists. In making this assessment they have considered the likely trading conditions for a period of twelve months from the date of approval of these accounts.

 

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include irrecoverable VAT incurred where the company cannot reclaim it.

1.4
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.

MARKET HARBOROUGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

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
5% straight line
Plant and equipment
20% / 33.33% straight line
Fixtures and fittings
20 % straight line

Freehold land is not depreciated.

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
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.

 

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

Deferred tax liabilities are generally recognised for all timing differences. Deferred tax liabilities are offset when the company has a legally enforceable right to offset against current tax losses.

MARKET HARBOROUGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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
20
16
MARKET HARBOROUGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2023
975,000
385,437
56,805
1,417,242
Additions
-
0
462,604
375
462,979
Disposals
-
0
(16,133)
(300)
(16,433)
At 30 April 2024
975,000
831,908
56,880
1,863,788
Depreciation and impairment
At 1 May 2023
50,500
330,794
52,084
433,378
Depreciation charged in the year
5,000
72,739
2,161
79,900
Eliminated in respect of disposals
-
0
(16,133)
(300)
(16,433)
At 30 April 2024
55,500
387,400
53,945
496,845
Carrying amount
At 30 April 2024
919,500
444,508
2,935
1,366,943
At 30 April 2023
924,500
54,643
4,721
983,864

Plant and machinery with a carrying amount of £64,987 (2023 - £35,825) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13
-
0
Other debtors
62,858
448
Prepayments and accrued income
21,401
10,842
84,272
11,290
6
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.

MARKET HARBOROUGH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Income and expenditure account
2024
2023
£
£
At the beginning of the year
80,637
37,016
Surplus for the year
62,530
43,621
At the end of the year
143,167
80,637
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