Company registration number 02600035 (England and Wales)
EATON GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EATON GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
EATON GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,702,105
1,555,096
Investments
5
375
330
1,702,480
1,555,426
Current assets
Stocks
3,477
3,239
Debtors
6
19,607
9,421
Cash at bank and in hand
564,265
648,467
587,349
661,127
Creditors: amounts falling due within one year
7
(340,409)
(325,886)
Net current assets
246,940
335,241
Net assets
1,949,420
1,890,667
Capital and reserves
Called up share capital
8
1,505,000
1,505,000
Share premium account
88,250
88,250
Other reserves
375
330
Profit and loss reserves
9
355,795
297,087
Total equity
1,949,420
1,890,667
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 profit and loss 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:
L Underhill
Director
Company registration number 02600035 (England and Wales)
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Eaton Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Guy Lane, Waverton, Chester, Cheshire, CH3 7PH.
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 represents member subscriptions, green fees, bar sales and other related income and is shown net of value added tax and other sales related taxes where applicable.
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:
Golf Course (long leasehold)
Between 1 and 2% on cost allowing for residual value
Clubhouse (long leasehold)
Between 1 and 2% on cost allowing for residual value
Plant & machinery
between 10% & 16% on cost
Fixtures and fittings
between 10% & 33% 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
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
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.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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
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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Determining residual values and useful economic lives of tangible fixed assets
The company depreciates tangible fixed assets over their estimated useful lives based on historic performance. The actual lives can vary. Judgement is applied also in the residual values of tangible fixed assets. When determining the residual value the directors aim to assess the amount that the asset would currently obtain if the asset were disposed, using market prices where possible.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Golf Course (long leasehold)
Clubhouse (long leasehold)
Plant & machinery
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2024
1,259,238
500,116
654,199
382,179
2,795,732
Additions
27,690
122,698
94,071
244,459
Disposals
(61,826)
(21,025)
(82,851)
At 31 December 2024
1,286,928
500,116
715,071
455,225
2,957,340
Depreciation and impairment
At 1 January 2024
348,646
152,582
517,332
222,076
1,240,636
Depreciation charged in the year
13,961
5,001
49,219
29,269
97,450
Eliminated in respect of disposals
(61,826)
(21,025)
(82,851)
At 31 December 2024
362,607
157,583
504,725
230,320
1,255,235
Carrying amount
At 31 December 2024
924,321
342,533
210,346
224,905
1,702,105
At 31 December 2023
910,592
347,534
136,867
160,103
1,555,096
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
375
330
Fixed asset investments revalued
The company owns 691 shares in the Lloyds Bank Group which were acquired at a cost of £0.25. These listed investments are non-convertible ordinary shares, listed on the London Stock Exchange and measured at fair value, the quoted market price amounted to £375 at 31 December 2024 (2023: £330).
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
330
Valuation changes
45
At 31 December 2024
375
Carrying amount
At 31 December 2024
375
At 31 December 2023
330
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
19,607
9,421
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,864
21,775
Gross amounts owed to contract customers
199,089
192,915
Taxation and social security
10,125
10,546
Other creditors
40,171
42,745
Accruals and deferred income
58,160
57,905
340,409
325,886
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1000 each
1,505
1,505
1,505,000
1,505,000
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
297,087
217,792
Profit for the year
58,708
79,295
At the end of the year
355,795
297,087
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 is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Robert Pearl BSc BEng ACA
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
24 February 2025
11
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
4,415
4,415
12
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
£
£
15,872
31,801
In August 1991 the company entered into a 105 year lease for the land on the south side of Guy Lane, Waverton, Chester (CH3 7PH).
13
Related party transactions
Due to the wide range of membership it is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving such organisations are conducted at arms length.
14
Ultimate controlling party
There is no ultimate controlling party. All members who hold shares within the company have one voting right.