Registration number:
Grimsby Golf Club Limited
(A company limited by guarantee)
for the Year Ended 31 May 2024
Grimsby Golf Club Limited
(Registration number: 04588346)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Reserves |
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Retained earnings |
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Surplus |
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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:
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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.
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
.........................................
R Flowers
Director
Grimsby Golf Club Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
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:
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 - '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
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
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
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
17,941 |
13,809 |
CASC rates rebate |
(26,985) |
(26,770) |
Insurance claim proceeds |
- |
(3,309) |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Tractors and course equipment |
Office equipment |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
- |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Included within the net book value of land and buildings above is £382,203 (2023 - £382,203) in respect of freehold land and buildings.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2023 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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England |
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Stocks |
2024 |
2023 |
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Stocks |
7,292 |
4,037 |
Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
37,795 |
9,399 |
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Trade creditors |
58,256 |
11,841 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
19,287 |
38,945 |
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Taxation and social security |
6,430 |
6,028 |
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Other creditors |
279,322 |
311,333 |
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Accruals and deferred income |
44,865 |
22,375 |
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445,955 |
399,921 |
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Due after one year |
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Loans and borrowings |
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 |
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Due after more than five years |
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After more than five years by instalments |
89,998 |
96,028 |
- |
- |
Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
114,798 |
120,828 |
Finance lease liabilities |
16,486 |
- |
131,284 |
120,828 |
2024 |
2023 |
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Current loans and borrowings |
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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
This amount is secured by a fixed and floating charge over all land and buildings owned by the company.
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Finance lease liabilities are secured against the assets to which they relate.
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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.