Grimsby Golf Club Limited 04588346 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of a golf club Digita Accounts Production Advanced 6.30.9574.0 true false true false 04588346 2023-06-01 2024-05-31 04588346 2024-05-31 04588346 core:RetainedEarningsAccumulatedLosses 2024-05-31 04588346 core:CurrentFinancialInstruments 2024-05-31 04588346 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 04588346 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 04588346 core:FurnitureFittings 2024-05-31 04588346 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 04588346 core:OfficeEquipment 2024-05-31 04588346 core:PlantMachinery 2024-05-31 04588346 1 2024-05-31 04588346 2 2024-05-31 04588346 bus:SmallEntities 2023-06-01 2024-05-31 04588346 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04588346 bus:FilletedAccounts 2023-06-01 2024-05-31 04588346 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04588346 bus:RegisteredOffice 2023-06-01 2024-05-31 04588346 bus:Director16 2023-06-01 2024-05-31 04588346 bus:CompanyLimitedByGuarantee 2023-06-01 2024-05-31 04588346 core:FurnitureFittings 2023-06-01 2024-05-31 04588346 core:LandBuildings 2023-06-01 2024-05-31 04588346 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04588346 core:OfficeEquipment 2023-06-01 2024-05-31 04588346 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 04588346 core:PlantMachinery 2023-06-01 2024-05-31 04588346 core:Subsidiary1 2023-06-01 2024-05-31 04588346 core:Subsidiary1 1 2023-06-01 2024-05-31 04588346 core:Subsidiary1 countries:England 2023-06-01 2024-05-31 04588346 1 2023-06-01 2024-05-31 04588346 2 2023-06-01 2024-05-31 04588346 countries:UnitedKingdom 2023-06-01 2024-05-31 04588346 2023-05-31 04588346 core:FurnitureFittings 2023-05-31 04588346 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 04588346 core:OfficeEquipment 2023-05-31 04588346 core:PlantMachinery 2023-05-31 04588346 2022-06-01 2023-05-31 04588346 2023-05-31 04588346 core:RetainedEarningsAccumulatedLosses 2023-05-31 04588346 core:CurrentFinancialInstruments 2023-05-31 04588346 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04588346 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 04588346 core:CostValuation 2023-05-31 04588346 core:FurnitureFittings 2023-05-31 04588346 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 04588346 core:OfficeEquipment 2023-05-31 04588346 core:PlantMachinery 2023-05-31 04588346 1 2023-05-31 04588346 2 2023-05-31 04588346 core:Subsidiary1 1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 04588346

Grimsby Golf Club Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Grimsby Golf Club Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Grimsby Golf Club Limited

(Registration number: 04588346)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

460,279

429,803

Investments

6

1

1

 

460,280

429,804

Current assets

 

Stocks

7

7,292

4,037

Debtors

8

20,894

13,330

Cash at bank and in hand

 

107,407

104,705

 

135,593

122,072

Creditors: Amounts falling due within one year

9

(445,955)

(399,921)

Net current liabilities

 

(310,362)

(277,849)

Total assets less current liabilities

 

149,918

151,955

Creditors: Amounts falling due after more than one year

9

(131,284)

(120,828)

Net assets

 

18,634

31,127

Reserves

 

Retained earnings

18,634

31,127

Surplus

 

18,634

31,127

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

.........................................

R Flowers

Director

 

Grimsby Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The Company is a company limited by guarantee, incorporated in United Kingdom, 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 address of its registered office is:
Littlecoates Road
Grimsby
North East Lincolnshire
DN34 4LU

These financial statements were authorised for issue by the Board on 23 October 2024.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements cover the individual entity and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts have been prepared in pound sterling which is the functional currency of the company and have been rounded to the nearest pound.

Group accounts not prepared

The company is exempt from the requirement to prepare Group accounts as it is the parent of a small Group.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents annual subscriptions, green fees and sundry income exclusive of VAT.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Land and buildings expenditure, comprising the golf course and clubhouse are maintained to a very high standard, through regular maintenance and repair. Therefore with effect from 2013, depreciation has not provided as, in the Directors opinion, the residual value is at least equal to the carrying value disclosed in the accounts.

An annual review is completed by the Directors to ensure that the value has not been impaired, below the carrying value in the financial statements. Any permanent reduction in value would be written off to the Statement of Income and Retained Earnings.

This accounting treatment is not in accordance with FRS 102. However, the Directors believe that to comply with this requirement, the financial statements would not show a true and fair view of the company’s financial position.

 

Grimsby Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

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

Land and buildings

0% - see above

Furniture, fixtures and equipment

10% and 25% per annum on cost

Tractors and course equipment

10%, 14% & 20% per annum on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 the Statement of Income and Retained Earnings.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of income and retained earnings over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 30 (2023 - 30).

A number of staff employed by the Club work on behalf of Grimsby Golf Club Trading Limited and therefore costs of employment are reflected in that Company rather than Grimsby Golf Club Limited.

 

Grimsby Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,941

13,809

CASC rates rebate

(26,985)

(26,770)

Insurance claim proceeds

-

(3,309)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
£

Tractors and course equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

617,106

82,087

139,061

60,687

898,941

Additions

-

34,355

14,062

-

48,417

At 31 May 2024

617,106

116,442

153,123

60,687

947,358

Depreciation

At 1 June 2023

234,903

65,341

122,203

46,691

469,138

Charge for the year

-

7,075

8,417

2,449

17,941

At 31 May 2024

234,903

72,416

130,620

49,140

487,079

Carrying amount

At 31 May 2024

382,203

44,026

22,503

11,547

460,279

At 31 May 2023

382,203

16,746

16,858

13,996

429,803

Included within the net book value of land and buildings above is £382,203 (2023 - £382,203) in respect of freehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 June 2023

1

Carrying amount

At 31 May 2024

1

At 31 May 2023

1

 

Grimsby Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Grimsby Golf Club Trading Limited

England

Ordinary shares

100%

100%

7

Stocks

2024
£

2023
£

Stocks

7,292

4,037

8

Debtors

2024
£

2023
£

Prepayments

6,902

7,974

Other debtors

13,992

5,356

20,894

13,330

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

37,795

9,399

Trade creditors

 

58,256

11,841

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

19,287

38,945

Taxation and social security

 

6,430

6,028

Other creditors

 

279,322

311,333

Accruals and deferred income

 

44,865

22,375

 

445,955

399,921

Due after one year

 

Loans and borrowings

10

131,284

120,828

 

Grimsby Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after more than five years

After more than five years by instalments

89,998

96,028

-

-

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

114,798

120,828

Finance lease liabilities

16,486

-

131,284

120,828

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,200

6,200

Bank overdrafts

25,000

1,757

Finance lease liabilities

6,595

1,442

37,795

9,399

Secured creditors

Included within bank borrowings is a secured liability which is denominated in sterling. The carrying amount at the year end is £120,998 (2023 - £127,028).

This amount is secured by a fixed and floating charge over all land and buildings owned by the company.

Bank overdrafts are also secured in the same way and total £25,000 (2022: £1,757).

Finance lease liabilities are denominated in sterling. The carrying amount at the year end is £23,081 (2023 - £1,442).

Finance lease liabilities are secured against the assets to which they relate.

The total aggregate amount of secured liabilities is £169,079 (2023 - £130,227).

11

Related party transactions

The company has taken advantage of the exemption in relation to section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the Group in which any subsidiary which is a party to the transaction is wholly owned by the Group.