REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
WIGAN GOLF CLUB LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
WIGAN GOLF CLUB LIMITED |
WIGAN GOLF CLUB LIMITED (REGISTERED NUMBER: 00413370) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
WIGAN GOLF CLUB LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
WIGAN GOLF CLUB LIMITED (REGISTERED NUMBER: 00413370) |
STATEMENT OF FINANCIAL POSITION |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WIGAN GOLF CLUB LIMITED (REGISTERED NUMBER: 00413370) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Wigan Golf Club Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The Directors recognise that the balance sheet shown net current liabilities however they have reviewed the budget, cash flows and cost saving initiatives to be implemented and have concluded that the club will have sufficient resources to remain in operation for at least 12 months following the signing of the accounts. |
They are therefore of the opinion that the going concern basis for the preparation of these accounts remains appropriate. |
Turnover |
Turnover represents income from membership subscriptions, bar income, green fees, competition fees, room hire fees and sundry income and is stated exclusive of VAT, where appropriate. |
Income from membership income is recognised evenly over the accounting period into which it falls due. |
Income from bar sales is recognised at the point of sale. |
Income from green fees and competition fees are recognised at the point at which the customer receives the service. |
Room hire fees are recognised at the point at which the event is held. |
Sundry income is usually recognised at the point at which the service is provided. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
No depreciation has been provided on freehold property and long leasehold property on the grounds that the depreciation charge and accumulated depreciation are not material. This is due to the high residual value of the land and building. The company performs an annual maintenance review and has a policy and practice of regular maintenance and repair, such that the asset is kept at its previously assessed standard of performance, and it is unlikely to suffer from economic or technological obsolescence. |
Stocks |
Bar stocks have been valued independently by professional stock takers and have been stated at the lower of cost and net estimated selling price. |
WIGAN GOLF CLUB LIMITED (REGISTERED NUMBER: 00413370) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the statement of financial position and are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to income statement as incurred. |
Pension costs and other post-retirement benefits |
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 the Statement of Income and Retained Earnings 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. |
Financial instruments |
The company only uses basic financial instruments. The following assets and liabilities are classified as financial instruments; trade debtors, bank loans, hire purchase agreements, trade creditors and accruals. |
Financial instruments that are payable or receivable within one year; typically trade debtors, trade creditors and accruals are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received. |
Financial instruments repayable in more than one year such as bank loans and hire purchase agreements are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WIGAN GOLF CLUB LIMITED (REGISTERED NUMBER: 00413370) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
WIGAN GOLF CLUB LIMITED (REGISTERED NUMBER: 00413370) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,704 | 9,260 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 490 | 578 |
(2023 - 578 ) |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OBLIGATIONS UNDER OPERATING LEASES |
Lessee |
At the reporting end date the company had outstanding commitments for future minimum lease |
payments under non-cancellable operating leases, which fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year | 66,303 | 68,524 |
Between two and five years | 72,500 | 126,302 |
138,803 | 194,826 |
WIGAN GOLF CLUB LIMITED (REGISTERED NUMBER: 00413370) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The club is controlled by its management committee acting in the interests of the members. |