Registration number:
Cheshire Golf Limited
(formerly
(A company limited by guarantee)
for the Year Ended 31 October 2024
Cheshire Golf Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Cheshire Golf Limited
Company Information
Chairman |
Mr C W McCurdy |
Directors |
Mr D A Kimpton Mr M De Vos Ms C Hornsby Ms T McGregor Mr S M Neil Mr J Sims Ms J C Payne |
Company secretary |
Mr S J Doughty |
Registered office |
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Accountants |
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Cheshire Golf Limited
(Registration number: 08166406)
Balance Sheet as at 31 October 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
23,713 |
22,967 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Reserves |
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Revaluation reserve |
87,532 |
3,686 |
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Retained earnings |
328,638 |
227,691 |
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Surplus |
416,170 |
231,377 |
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
......................................... |
Cheshire Golf Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have 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 was formerly known as The Cheshire Union of Golf Clubs Limited.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
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 returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Income from affiliation fees is recognised when a return has been received by a club and included on the English Golf return.
Tax
The company is a mutual trading entity. Corporation tax is chargeable on investment income only.
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.
Cheshire Golf Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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 |
Fixtures and fittings |
20% straight line |
Trophies |
2% Straight line basis |
Computer equipment |
33% straight line |
Investments
Investments are stated at valuation.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Cheshire Golf Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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.
Staff numbers |
The average number of persons employed by the company (including directors with service contracts) during the year, was
Tangible assets |
Fixtures and fittings |
Trophies |
Computer equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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- |
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Revaluations |
- |
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- |
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Additions |
- |
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- |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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- |
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Charge for the year |
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- |
- |
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At 31 October 2024 |
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- |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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- |
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Revaluation
The fair value of the company's Trophies was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £Nil). The cost of the trophies was written off to the profit and loss account and therefore there is no record of the historical cost.
Cheshire Golf Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
Other financial assets (current and non-current) |
Listed investments |
Total |
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Cost or valuation |
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At 1 November 2023 |
22,967 |
22,967 |
Revaluations |
746 |
746 |
At 31 October 2024 |
23,713 |
23,713 |
Carrying amount |
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At 31 October 2024 |
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23,713 |
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
Current |
2024 |
2023 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Cheshire Golf Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/(deficit) on revaluation of other assets |
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|
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Tangible assets |
Investments |
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Amount of revaluation for the year |
83,100 |
746 |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Surplus/(deficit) on revaluation of other assets |
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|
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Related party transactions |
Summary of transactions with other related parties
On 23rd September 2024 Cheshire County Ladies Golf Association Limited merged with Cheshire Golf Limited and assets totalling £71,423 were introduced into the company. Assets acquired were Cash £61,923 and Trophies formally valued by CM Palmer, Sporting Antiques Advisors at £9,500.