Silverfin false false 30/11/2024 01/12/2023 30/11/2024 Mr T Beer 10/01/2022 Mr I M Coutts 22/03/2024 23/03/2018 Mrs G A Davies 24/04/2023 Mr A Dickinson 22/03/2024 Mr B Easterling 07/01/2024 Mr P Horsell 22/03/2024 Mr R Jenkin 07/01/2024 Mr L M Pickhaver 22/03/2024 31/05/2023 Mr A Price 01/01/2024 07/10/2021 Mr A Richards 27/03/2020 24 February 2025 The principal activity of the Company during the financial year was the operation of a golf course and club house. 00173698 2024-11-30 00173698 bus:Director1 2024-11-30 00173698 bus:Director2 2024-11-30 00173698 bus:Director3 2024-11-30 00173698 bus:Director4 2024-11-30 00173698 bus:Director5 2024-11-30 00173698 bus:Director6 2024-11-30 00173698 bus:Director7 2024-11-30 00173698 bus:Director8 2024-11-30 00173698 bus:Director9 2024-11-30 00173698 bus:Director10 2024-11-30 00173698 2023-11-30 00173698 core:CurrentFinancialInstruments 2024-11-30 00173698 core:CurrentFinancialInstruments 2023-11-30 00173698 core:Non-currentFinancialInstruments 2024-11-30 00173698 core:Non-currentFinancialInstruments 2023-11-30 00173698 core:ShareCapital 2024-11-30 00173698 core:ShareCapital 2023-11-30 00173698 core:OtherCapitalReserve 2024-11-30 00173698 core:OtherCapitalReserve 2023-11-30 00173698 core:RetainedEarningsAccumulatedLosses 2024-11-30 00173698 core:RetainedEarningsAccumulatedLosses 2023-11-30 00173698 core:LandBuildings 2023-11-30 00173698 core:PlantMachinery 2023-11-30 00173698 core:FurnitureFittings 2023-11-30 00173698 core:ToolsEquipment 2023-11-30 00173698 core:OfficeEquipment 2023-11-30 00173698 core:OtherPropertyPlantEquipment 2023-11-30 00173698 core:LandBuildings 2024-11-30 00173698 core:PlantMachinery 2024-11-30 00173698 core:FurnitureFittings 2024-11-30 00173698 core:ToolsEquipment 2024-11-30 00173698 core:OfficeEquipment 2024-11-30 00173698 core:OtherPropertyPlantEquipment 2024-11-30 00173698 core:CurrentFinancialInstruments core:Secured 2024-11-30 00173698 core:Non-currentFinancialInstruments core:Secured 2024-11-30 00173698 core:WithinOneYear 2024-11-30 00173698 core:WithinOneYear 2023-11-30 00173698 core:BetweenOneFiveYears 2024-11-30 00173698 core:BetweenOneFiveYears 2023-11-30 00173698 2023-12-01 2024-11-30 00173698 bus:FilletedAccounts 2023-12-01 2024-11-30 00173698 bus:SmallEntities 2023-12-01 2024-11-30 00173698 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 00173698 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 00173698 bus:Director1 2023-12-01 2024-11-30 00173698 bus:Director2 2023-12-01 2024-11-30 00173698 bus:Director3 2023-12-01 2024-11-30 00173698 bus:Director4 2023-12-01 2024-11-30 00173698 bus:Director5 2023-12-01 2024-11-30 00173698 bus:Director6 2023-12-01 2024-11-30 00173698 bus:Director7 2023-12-01 2024-11-30 00173698 bus:Director8 2023-12-01 2024-11-30 00173698 bus:Director9 2023-12-01 2024-11-30 00173698 bus:Director10 2023-12-01 2024-11-30 00173698 core:LandBuildings core:BottomRangeValue 2023-12-01 2024-11-30 00173698 core:LandBuildings core:TopRangeValue 2023-12-01 2024-11-30 00173698 core:PlantMachinery core:TopRangeValue 2023-12-01 2024-11-30 00173698 core:FurnitureFittings core:TopRangeValue 2023-12-01 2024-11-30 00173698 core:ToolsEquipment core:TopRangeValue 2023-12-01 2024-11-30 00173698 core:OfficeEquipment core:TopRangeValue 2023-12-01 2024-11-30 00173698 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-12-01 2024-11-30 00173698 2022-12-01 2023-11-30 00173698 core:LandBuildings 2023-12-01 2024-11-30 00173698 core:PlantMachinery 2023-12-01 2024-11-30 00173698 core:FurnitureFittings 2023-12-01 2024-11-30 00173698 core:ToolsEquipment 2023-12-01 2024-11-30 00173698 core:OfficeEquipment 2023-12-01 2024-11-30 00173698 core:OtherPropertyPlantEquipment 2023-12-01 2024-11-30 00173698 core:CurrentFinancialInstruments 2023-12-01 2024-11-30 00173698 core:Non-currentFinancialInstruments 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Company No: 00173698 (England and Wales)

WEST CORNWALL GOLF CLUB LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

WEST CORNWALL GOLF CLUB LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

WEST CORNWALL GOLF CLUB LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2024
WEST CORNWALL GOLF CLUB LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,549,744 1,507,015
1,549,744 1,507,015
Current assets
Stocks 1,372 1,152
Debtors 4 6,629 5,906
Cash at bank and in hand 406,725 431,484
414,726 438,542
Creditors: amounts falling due within one year 5 ( 332,591) ( 319,757)
Net current assets 82,135 118,785
Total assets less current liabilities 1,631,879 1,625,800
Creditors: amounts falling due after more than one year 6 ( 104,811) ( 164,263)
Provision for liabilities ( 29,872) ( 23,288)
Net assets 1,497,196 1,438,249
Capital and reserves
Called-up share capital 0 0
Other reserves 735 735
Profit and loss account 1,496,461 1,437,514
Total shareholders' funds 1,497,196 1,438,249

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of West Cornwall Golf Club Limited (registered number: 00173698) were approved and authorised for issue by the Board of Directors on 24 February 2025. They were signed on its behalf by:

Mr A Richards
Director
Mr T Beer
Director
WEST CORNWALL GOLF CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
WEST CORNWALL GOLF CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

West Cornwall Golf Club Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is West Cornwall Golf Club, Lelant,, Cornwall, TR26 3DZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 0 - 50 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Tools and equipment 5 years straight line
Office equipment 5 years straight line
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date. These assets included in freehold and leasehold properties are not depreciated.

The element of cost in freehold property which is attributable to upkeep is depreciated over a term of 50 years.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 6

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Tools and equipment Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 December 2023 1,396,118 318,794 125,050 49,254 11,015 6,000 1,906,231
Additions 39,803 64,965 15,610 3,737 1,683 0 125,798
At 30 November 2024 1,435,921 383,759 140,660 52,991 12,698 6,000 2,032,029
Accumulated depreciation
At 01 December 2023 0 262,913 86,858 40,919 8,526 0 399,216
Charge for the financial year 8,235 47,886 20,802 4,494 1,652 0 83,069
At 30 November 2024 8,235 310,799 107,660 45,413 10,178 0 482,285
Net book value
At 30 November 2024 1,427,686 72,960 33,000 7,578 2,520 6,000 1,549,744
At 30 November 2023 1,396,118 55,881 38,192 8,335 2,489 6,000 1,507,015

4. Debtors

2024 2023
£ £
Prepayments 6,629 5,906

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 22,573) 32,573 27,614
Trade creditors 57,943 66,251
Accruals 3,325 3,193
Other taxation and social security 7,988 5,550
Obligations under finance leases and hire purchase contracts (secured) 21,210 11,995
Other creditors 209,552 205,154
332,591 319,757

The net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank loan is secured via a fixed and floating charge over the company's assets.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 50,429) 57,096 142,715
Obligations under finance leases and hire purchase contracts (secured) 47,715 21,548
104,811 164,263

The net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank loan is secured via a fixed and floating charge over the company's assets.

7. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Tangible fixed assets 96,000 0

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 5,041 11,995
between one and five years 6,657 0
11,698 11,995