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Registered number: 01270039









WEST MIDDLESEX CLUB LIMITED (THE)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WEST MIDDLESEX CLUB LIMITED (THE)
REGISTERED NUMBER: 01270039

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,531,248
2,523,651

Investments
 5 
2
2

  
2,531,250
2,523,653

Current assets
  

Stocks
 6 
15,192
19,253

Debtors: amounts falling due within one year
 7 
8,165
67,267

Cash at bank and in hand
 8 
229,707
183,124

  
253,064
269,644

Creditors: amounts falling due within one year
 9 
(1,840,680)
(134,629)

Net current (liabilities)/assets
  
 
 
(1,587,616)
 
 
135,015

Total assets less current liabilities
  
943,634
2,658,668

Creditors: amounts falling due after more than one year
 10 
(39,049)
(1,517,406)

  

Net assets
  
904,585
1,141,262


Capital and reserves
  

Revaluation reserve
  
1,130,037
1,130,037

Profit and loss account
  
(225,452)
11,225

  
904,585
1,141,262


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
WEST MIDDLESEX CLUB LIMITED (THE)
REGISTERED NUMBER: 01270039
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Steven Holgate
Director

Date: 10 March 2025

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

West Middlesex Club Limited (The) is a private company limited by guarantee without share capital  incorporated in England and Wales. The address of the registered office is West Middlesex Golf Club, Greenford Road, Southall, Middlesex, UB1 3EE. 
The company's principal activity is that of a golf club. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis as deemed appropriate by the Directors as they believe the loan situation will be resolved. However, if the loan balance of £1,517,406 held in creditors less than 1 year was demanded to be repaid, the company may not be able to continue. As the terms of the loan repayment are yet to be resolved there is a material uncertainty in relation to the going concern of the company. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.



Depreciation is provided on the following basis:

Long-term leasehold property
-
1%
straight line
Improvements to leasehold property
-
2%
straight line
Plant and machinery
-
25%
reducing balance

 
2.8

Revaluation of tangible fixed assets

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 balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 4

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff
12
14

Page 5

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Improvements to leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,186,715
672,742
856,576
3,716,033


Additions
-
-
145,392
145,392



At 31 December 2023

2,186,715
672,742
1,001,968
3,861,425



Depreciation


At 1 January 2023
220,982
398,959
572,441
1,192,382


Charge for the year on owned assets
25,202
13,455
99,138
137,795



At 31 December 2023

246,184
412,414
671,579
1,330,177



Net book value



At 31 December 2023
1,940,531
260,328
330,389
2,531,248



At 31 December 2022
1,965,733
273,783
284,135
2,523,651




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
1,940,531
1,965,733

Improvements to leasehold properties
260,328
273,783

2,200,859
2,239,516


Page 6

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2





6.


Stocks

2023
2022
£
£

Bar closing stock
15,192
19,253

15,192
19,253



7.


Debtors

2023
2022
£
£


Trade debtors
5,832
-

Other debtors
1,183
64,462

Prepayments and accrued income
1,150
2,805

8,165
67,267



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
229,707
183,124

229,707
183,124


Page 7

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
1,704,609
-

Trade creditors
3,531
39,323

Amounts owed to group undertakings
2
2

Other taxation and social security
4,694
1,485

Obligations under finance lease and hire purchase contracts
31,834
48,599

Other creditors
336
-

Accruals and deferred income
95,674
45,220

1,840,680
134,629



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
-
1,517,406

Net obligations under finance leases and hire purchase contracts
39,049
-

39,049
1,517,406


Page 8

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
1,704,609
-


1,704,609
-


Amounts falling due 2-5 years

Other loans
-
1,517,406


-
1,517,406


1,704,609
1,517,406


The other loans balance of £1,704,609 was due on the 5th June 2024. Post year end, this repayment was not met and hence interest at 8% is being charged monthly to the company. 


12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
33,454
48,599

Between 1-5 years
39,049
-

72,503
48,599


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,984 (2022 - £3,571) . Contributions totalling £336 (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 9

 
WEST MIDDLESEX CLUB LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Contingent assets and liabilities

With effect from the 2nd April 2001, the company entered into a new 99 year lease of the course and the club premises. One of the terms of the agreement is that the company are obligated to maintain the course throughout the term of the lease in accordance with a management plan. 
In the year ended 31st December 2021, the Directors revalued the clubhouse from £1,056,678 up to £2,186,715, an increase of £1,130,037. Deferred tax on the revaluation of the property has not been included on the basis the club are unlikely to ever sell the property so no timing difference will occur. 






 
Page 10