Company registration number 11011669 (England and Wales)
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
COMPANY INFORMATION
Directors
Mrs S Cartwright
Mr R P Tolley
Mr S R Green
(Appointed 28 March 2024)
Mr A J Penny
(Appointed 28 March 2024)
Company number
11011669
Registered office
The Club House
Russell Road
Kidderminster
Worcestershire
England
DY10 3HT
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 10
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company in the year under review was that of a members golf club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs R J Murrant
(Retired 19 September 2024)
Mr W G Baylis
(Retired 28 March 2024)
Mrs S Cartwright
Mr F P Concannon
(Retired 31 August 2024)
Mr P Good
(Retired 30 May 2024)
Mr R P Tolley
Mr S R Green
(Appointed 28 March 2024)
Mr A J Penny
(Appointed 28 March 2024)
Auditor
The auditor, Ormerod Rutter Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S R Green
Director
24 February 2025
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
233,609
201,052
Investments
5
60,711
60,711
294,320
261,763
Current assets
Stocks
23,582
9,672
Debtors
6
65,428
48,645
Cash at bank and in hand
215,390
275,484
304,400
333,801
Creditors: amounts falling due within one year
7
(644,516)
(594,557)
Net current liabilities
(340,116)
(260,756)
Total assets less current liabilities
(45,796)
1,007
Creditors: amounts falling due after more than one year
8
(9,185)
(9,334)
Net liabilities
(54,981)
(8,327)
Reserves
Income and expenditure account
(54,981)
(8,327)
Members' funds
(54,981)
(8,327)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
Mr S R Green
Director
Company registration number 11011669 (England and Wales)
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
The Kidderminster Golf Club (2017) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Club House, Russell Road, Kidderminster, Worcestershire, England, DY10 3HT.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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.
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 of assets less their residual values over their useful lives.
Depreciation is recognised in the month that an assets is purchased and not recognised in the month that an asset is sold.
Depreciation is recognised on the following bases:
Course, clubhouse & improvements
10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% straight line
Irrigation and draining system
10% straight line and 5% straight line
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 surplus or deficit.
Expenditure of less than £1,000 is not capitalised but is written off in the year which it is incurred.
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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 surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, on a first in, first out basis. 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.
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.
1.7
Cash at bank and in hand
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
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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.
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.12
The mast lease premium income is recognised annually, net of capital gains tax, on a straight line basis over 10 years, with 1 year left.
1.13
Irrecoverable VAT relating to capital expenditure is written off to income and expenditure account as incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year were:
2024
2023
Number
Number
Total
25
22
3
Exceptional item
During the year, the company received one off donations totalling £68,049. These donations were provided to fund the redevelopment of the land and new terrace area outside the clubhouse, known as "The Mound." The associated costs for this project have been capitalised within the course, clubhouse & improvements class of fixed assets.
As this income is considered non-recurring and outside the ordinary course of business, it has been classified as exceptional income and presented separately in the profit and loss account, below the operating deficit.
Other donations that are not deemed to be exceptional in nature were received in the current year (£459) and prior year (£36,254) and are presented within other operating income. These donations are included within the operating deficit each year.
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Tangible fixed assets
Course, clubhouse & improvements
Plant and equipment
Fixtures and fittings
Irrigation and draining system
Total
£
£
£
£
£
Cost
At 1 January 2024
165,748
67,878
19,487
61,512
314,625
Additions
68,361
2,471
423
71,255
Disposals
(15,000)
(15,000)
Transfers
2,575
(2,575)
At 31 December 2024
236,684
52,774
19,910
61,512
370,880
Depreciation and impairment
At 1 January 2024
31,081
22,903
15,217
44,372
113,573
Depreciation charged in the year
18,779
11,164
1,360
7,395
38,698
Eliminated in respect of disposals
(15,000)
(15,000)
Transfers
129
(129)
At 31 December 2024
49,989
18,938
16,577
51,767
137,271
Carrying amount
At 31 December 2024
186,695
33,836
3,333
9,745
233,609
At 31 December 2023
134,667
44,975
4,270
17,140
201,052
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
5,341
5,341
Loans to group undertakings and participating interests
55,370
55,370
60,711
60,711
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,763
36,216
Other debtors
20,665
12,429
65,428
48,645
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,705
54,718
Amounts owed to group undertakings
327,945
327,945
Corporation tax
3,230
Other taxation and social security
42,779
14,197
Deferred Income
128,635
126,499
Other creditors
60,863
49,179
Accruals
21,359
22,019
644,516
594,557
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,185
9,334
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
24 February 2025
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
27,920
57,925
THE KIDDERMINSTER GOLF CLUB (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
12
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
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