Company registration number 00184559 (England and Wales)
LILLEY BROOK GOLF CLUB (CHELTENHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LILLEY BROOK GOLF CLUB (CHELTENHAM) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
Notes to the financial statements
2 - 5
LILLEY BROOK GOLF CLUB (CHELTENHAM) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
970,397
943,788
Current assets
Stocks
808
6,053
Debtors
6
18,362
19,138
Cash at bank and in hand
401,745
201,510
420,915
226,701
Creditors: amounts falling due within one year
7
(412,956)
(294,228)
Net current assets/(liabilities)
7,959
(67,527)
Net assets
978,356
876,261
Reserves
Income and expenditure account
978,356
876,261
Total members' funds
978,356
876,261
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
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 10 February 2025 and are signed on its behalf by:
Mr S J Smart
Director
Company registration number 00184559 (England and Wales)
LILLEY BROOK GOLF CLUB (CHELTENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Lilley Brook Golf Club (Cheltenham) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is .
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.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Income from subscriptions is credited to turnover in the period to which it relates. Dividends from the trading subsidiary are recognised when received. Income from ground reconstruction, which is treated as exceptional, is recognised in the period in which it is received from the contractor.
1.4
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:
Freehold property
In accordance with the property
Course & other equipment
At varying rates on cost
House
At varying rates 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 surplus or deficit.
Items with an individual value of less than £1,000 are written off in the year that they are incurred.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
LILLEY BROOK GOLF CLUB (CHELTENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
1.7
As part of the Club's income is exempt from VAT, the VAT borne on costs is not fully recoverable from HM Revenue and Customs. The irrecoverable part of the VAT borne on costs is written off to the income and expenditure account, except for that on tangible fixed assets, which is added to the relevant asset in the balance sheet.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
11
10
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
5,288
2,052
LILLEY BROOK GOLF CLUB (CHELTENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
5
Tangible fixed assets
Freehold property
Course & other equipment
House
Total
£
£
£
£
Cost
At 1 January 2024
714,175
1,394,301
356,100
2,464,576
Additions
65,520
83,105
4,907
153,532
At 31 December 2024
779,695
1,477,406
361,007
2,618,108
Depreciation and impairment
At 1 January 2024
413,426
850,657
256,705
1,520,788
Depreciation charged in the year
14,284
83,505
29,134
126,923
At 31 December 2024
427,710
934,162
285,839
1,647,711
Carrying amount
At 31 December 2024
351,985
543,244
75,168
970,397
At 31 December 2023
300,749
543,644
99,395
943,788
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,607
Prepayments and accrued income
16,755
19,138
18,362
19,138
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,771
18,396
Corporation tax
5,288
2,052
Other taxation and social security
7,210
7,958
Other creditors and deferred income
380,687
263,822
Accruals
2,000
2,000
412,956
294,228
8
Pension Scheme
The company operates a defined contribution pension scheme. The scheme funds are administered by trustees and are independent of the company's finances. The scheme is fully funded and contributions are paid to the scheme in accordance with the recommendations of independent actuaries. The company's contributions are charged against profits in the year in which contributions are made.
LILLEY BROOK GOLF CLUB (CHELTENHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
9
Members' liability
The company is limited by guarantee and therefore has no share capital. In the event of the company being wound up and the liabilities and winding up expenses being in excess of the assets, the liability of a member is limited to 50p.