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Registered number: 00102042










CHESTERFIELD GOLF CLUB LIMITED
(A Company Limited by Guarantee)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
CHESTERFIELD GOLF CLUB LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 00102042

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
305,777
299,587

Investment property
 6 
270,000
270,000

  
575,777
569,587

Current assets
  

Stocks
  
6,544
5,551

Debtors: amounts falling due within one year
 7 
83,055
77,848

Cash at bank and in hand
  
284,234
239,554

  
373,833
322,953

Creditors: amounts falling due within one year
 8 
(369,315)
(314,166)

Net current assets
  
 
 
4,518
 
 
8,787

Total assets less current liabilities
  
580,295
578,374

Creditors: amounts falling due after more than one year
 9 
(58,341)
(75,007)

Provisions for liabilities
  

Deferred tax
 10 
(32,444)
(32,444)

Net assets
  
489,510
470,923


Capital and reserves
  

Other reserves
 11 
750
750

Profit and loss account
 11 
488,760
470,173

  
489,510
470,923


Page 1

 
CHESTERFIELD GOLF CLUB LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 00102042
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 January 2025.



R J Trueman
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CHESTERFIELD GOLF CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Chesterfield Golf Club Limited is a private company limited by guarantee, incorporated in England and Wales (registered number: 00102042). Its registered office is The Club House, Walton, Matlock Road, Chesterfield, Derbyshire, S42 7LA. The principal activity of the Company throughout the year continued to be that of the operation of a Golf Club.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
CHESTERFIELD GOLF CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
5%
Straight Line
Greens equipment
-
20%
Straight Line
Fixtures and fittings
-
25%
Straight line
Course Improvements
-
5%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

Page 4

 
CHESTERFIELD GOLF CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.
The directors have made key assumptions in the determination of fair value of the investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.


4.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 26).

Page 5

 
CHESTERFIELD GOLF CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Freehold property
Greens  equipment
Fixtures and fittings
Course improvements
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
532,702
308,600
242,038
232,860
1,316,200


Additions
28,000
31,566
8,354
-
67,920


Disposals
-
-
(1,035)
-
(1,035)



At 30 September 2024

560,702
340,166
249,357
232,860
1,383,085



Depreciation


At 1 October 2023
459,975
231,473
214,556
110,609
1,016,613


Charge for the year on owned assets
11,779
26,314
11,994
11,643
61,730


Disposals
-
-
(1,035)
-
(1,035)



At 30 September 2024

471,754
257,787
225,515
122,252
1,077,308



Net book value



At 30 September 2024
88,948
82,379
23,842
110,608
305,777



At 30 September 2023
72,727
77,127
27,482
122,251
299,587

Page 6

 
CHESTERFIELD GOLF CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
270,000



At 30 September 2024
270,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
6,241
6,241


7.


Debtors

2024
2023
£
£


Other debtors
72,118
62,783

Prepayments and accrued income
10,937
15,065

83,055
77,848


Page 7

 
CHESTERFIELD GOLF CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
16,666
16,666

Payments received on account
180,658
168,335

Trade creditors
91,380
54,017

Corporation tax
-
2,802

Other taxation and social security
6,586
7,508

Other creditors
38,678
35,954

Accruals and deferred income
35,347
28,884

369,315
314,166



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
58,341
75,007



10.


Deferred taxation




2024


£






At beginning of year
32,444



At end of year
32,444

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on revaluation gain
32,444
32,444

Page 8

 
CHESTERFIELD GOLF CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Reserves

Other reserves

Other reserves comprise of capital reserves which arise out of the W E Wakerley Memorial Bequest, the
legacy of E D Swanwick and the bequest of Dr T R Evans.

Profit and loss account

Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in a revaluation reserve, which, being an unrealised surplus, did not form part of the company’s distributable reserves, FRS 102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account. Moreover, there is now a requirement that deferred tax should be provided against the amount of the revaluation surplus.
Consequently, the Profit and Loss Account reserve at 30 September 2024 includes a non-distributable amount of £231,315 (2023: £231,315).



12.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,941 (2023: £13,338). Contributions totalling £1,920 (2023: £124) were payable to the fund at the balance sheet date and are included in creditors.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 17 January 2025 by Howard Freeman (Senior Statutory Auditor) on behalf of Shorts.

 
Page 9