Company registration number 00107731 (England and Wales)
HEYSHAM GOLF CLUB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
HEYSHAM GOLF CLUB LTD
CONTENTS
Page
Accountants' report
1
Profit and loss account
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 7
HEYSHAM GOLF CLUB LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HEYSHAM GOLF CLUB LTD FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heysham Golf Club Ltd for the year ended 31 October 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Heysham Golf Club Ltd, as a body, in accordance with the terms of our engagement letter dated 16 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Heysham Golf Club Ltd and state those matters that we have agreed to state to the board of directors of Heysham Golf Club Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heysham Golf Club Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Heysham Golf Club Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Heysham Golf Club Ltd. You consider that Heysham Golf Club Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Heysham Golf Club Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Waters & Atkinson
10 February 2025
Chartered Accountants
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
HEYSHAM GOLF CLUB LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
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2024
2023
£
£
Gross profit
766,433
670,544
Administrative expenses
(698,141)
(562,798)
Operating profit
68,292
107,746
Interest receivable and similar income
2,505
1,494
Interest payable and similar expenses
(3,481)
(7,885)
Profit before taxation
67,316
101,355
Tax on profit
(6,751)
(4,155)
Profit for the financial year
60,565
97,200
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HEYSHAM GOLF CLUB LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
464,135
457,608
Investments
5,891
5,563
470,026
463,171
Current assets
Stocks
21,771
8,506
Debtors
33,472
30,624
Cash at bank and in hand
455,853
329,761
511,096
368,891
Creditors: amounts falling due within one year
(276,340)
(137,440)
Net current assets
234,756
231,451
Total assets less current liabilities
704,782
694,622
Creditors: amounts falling due after more than one year
(44,853)
(72,292)
Net assets
659,929
622,330
Capital and reserves
Fair value reserve
5,418
5,418
200 Club reserve
14,196
11,611
Income and expenditure account
640,315
605,301
Total equity
659,929
622,330
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
For the financial year ended 31 October 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.
HEYSHAM GOLF CLUB LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 10 February 2025 and are signed on its behalf by:
A Wilkinson (President)
Director
Company Registration No. 00107731
HEYSHAM GOLF CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
1
Accounting policies
Company information
Heysham Golf Club Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Trumacar Park, Middleton Road, Higher Heysham, Heysham, Lancashire, LA3 3JH.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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% and 10% on cost
Plant and equipment
10% on cost
Fixtures and fittings
10% on cost
Irrigation system
10% on cost
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 profit or loss.
1.4
Fixed asset investments
Interests are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
HEYSHAM GOLF CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
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.
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
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
Corporation Tax is payable on the company's interest receivable, investment income, capital gains and a proportion of visitors fees, deemed to be taxable income.
1.10
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.
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.
HEYSHAM GOLF CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
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2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
17
3
Tangible fixed assets
Total
£
Cost
At 1 November 2023
1,201,367
Additions
103,669
Disposals
(399,231)
At 31 October 2024
905,805
Depreciation and impairment
At 1 November 2023
743,759
Depreciation charged in the year
58,632
Eliminated in respect of disposals
(360,721)
At 31 October 2024
441,670
Carrying amount
At 31 October 2024
464,135
At 31 October 2023
457,608
4
Secured debts
Included within creditors are hire purchase and finance leases contracts £71,317 (2023 £105,811).