Company registration number 02036164 (England and Wales)
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,389,492
1,798,445
Current assets
Stocks
4
23,628
11,542
Debtors
5
58,718
66,726
Cash at bank and in hand
293,706
1,701
376,052
79,969
Creditors: amounts falling due within one year
6
(344,040)
(401,568)
Net current assets/(liabilities)
32,012
(321,599)
Total assets less current liabilities
2,421,504
1,476,846
Creditors: amounts falling due after more than one year
7
(1,308,569)
(319,374)
Net assets
1,112,935
1,157,472
Reserves
Merger reserve
100,000
100,000
Income and expenditure account
1,012,935
1,057,472
Total members' funds
1,112,935
1,157,472
The notes on pages 3 to 8 form part of these financial statements.
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
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 19 March 2025 and are signed on its behalf by:
R Morley
Director
Company registration number 02036164 (England and Wales)
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Stowmarket Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Lower Road, Onehouse, Stowmarket, Suffolk, IP14 3DA.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recongnised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured, Turnover is recognised at the fair value of the consideration received or receivable for membership subscriptions, entrance and green fees, together with bar and catering sales made by the Club, and is shown net of VAT and other sales related taxes. The fair value of consideration excludes discounts and rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Club subscriptions are accounted for based on the golfing year. This is not in accordance with UK GAAP but any difference would have been immaterial.
The Club's policy for new members is that subscriptions are now renewed 12 months after the date of joining rather than renewing at the end of the golfing year. New membership subscriptions will be proportioned from the date of joining up to the end of the golfing year with the remainder of the subscription being included in accruals and deferred income.
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:
Freehold land and buildings
15, 25 or 80 years reducing balance
Other fixed assets
3, 4, 5, 10 or 25 years 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.
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.
1.5
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.
1.6
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 statement of financial position 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.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Course and clubhouse staff
32
34
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Other fixed assets
Total
£
£
£
Cost
At 1 January 2024
1,216,509
1,728,508
2,945,017
Additions
64,333
640,567
704,900
Disposals
(666)
(666)
At 31 December 2024
1,280,176
2,369,075
3,649,251
Depreciation and impairment
At 1 January 2024
307,852
838,720
1,146,572
Depreciation charged in the year
16,192
96,995
113,187
At 31 December 2024
324,044
935,715
1,259,759
Carrying amount
At 31 December 2024
956,132
1,433,360
2,389,492
At 31 December 2023
908,657
889,788
1,798,445
Included in freehold property is freehold land at cost and improvements of £446,796 (2023 - £434,071) which is not depreciated.
The net book value of assets held under finance leases or hire purchase contracts, included above, are course equipment items £85,977 (2023 - £117,031).
4
Stocks
2024
2023
£
£
Stocks
23,628
11,542
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,245
14,364
Other debtors
92
Prepayments and accrued income
47,473
52,270
58,718
66,726
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8
51,801
Obligations under finance leases
9
16,868
16,032
Other loans
8
4,986
4,986
Trade creditors
24,549
61,900
Corporation tax
4,795
619
Other taxation and social security
13,733
21,591
Other creditors
40,195
31,295
Accruals and deferred income
238,914
213,344
344,040
401,568
The borrowings under finance leases and hire purchase contracts are secured against the assets under which they were undertaken.
Members loans are only repayable when members leave the Club.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
9
36,243
53,111
Other loans
8
1,249,034
232,221
Accruals and deferred income
23,292
34,042
1,308,569
319,374
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,200,679
212,275
8
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
51,801
Other loans
1,254,020
237,207
1,254,020
289,008
Payable within one year
4,986
56,787
Payable after one year
1,249,034
232,221
STOWMARKET GOLF CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
16,868
16,032
In two to five years
36,243
53,111
53,111
69,143
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,069
86,250
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
There are unpaid contributions at the end of the current year of £8,078 (2023 - £NIL).
11
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 £1.
12
Capital commitments
As at 31 December 2024, the company had contracted to purchase a new irrigation system and reservoir amounting to approximately £1.3million. £1.16million has been capitalised to date, leaving approximately £140k to be capitalised next year.
2024-12-312024-01-01falsefalsefalse19 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityR MorleyP I BasfordP E ColemanJ HunterK JamesonA RoutledgeA M SuggettI HayA CollettT J Golton020361642024-01-012024-12-31020361642024-12-31020361642023-12-3102036164core:LandBuildings2024-12-3102036164core:OtherPropertyPlantEquipment2024-12-3102036164core:LandBuildings2023-12-3102036164core:OtherPropertyPlantEquipment2023-12-3102036164core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3102036164core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102036164core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3102036164core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3102036164core:CurrentFinancialInstruments2024-12-3102036164core:CurrentFinancialInstruments2023-12-3102036164core:Non-currentFinancialInstruments2024-12-3102036164core:Non-currentFinancialInstruments2023-12-3102036164core:CapitalRedemptionReserve2024-12-3102036164core:CapitalRedemptionReserve2023-12-3102036164core:RetainedEarningsAccumulatedLosses2024-12-3102036164core:RetainedEarningsAccumulatedLosses2023-12-3102036164bus:Director12024-01-012024-12-3102036164core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3102036164core:PlantMachinery2024-01-012024-12-31020361642023-01-012023-12-3102036164core:LandBuildings2023-12-3102036164core:OtherPropertyPlantEquipment2023-12-31020361642023-12-3102036164core:LandBuildings2024-01-012024-12-3102036164core:OtherPropertyPlantEquipment2024-01-012024-12-3102036164core:WithinOneYear2024-12-3102036164core:WithinOneYear2023-12-3102036164core:BetweenTwoFiveYears2024-12-3102036164core:BetweenTwoFiveYears2023-12-3102036164bus:CompanyLimitedByGuarantee2024-01-012024-12-3102036164bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3102036164bus:FRS1022024-01-012024-12-3102036164bus:AuditExemptWithAccountantsReport2024-01-012024-12-3102036164bus:Director22024-01-012024-12-3102036164bus:Director32024-01-012024-12-3102036164bus:Director42024-01-012024-12-3102036164bus:Director52024-01-012024-12-3102036164bus:Director62024-01-012024-12-3102036164bus:Director72024-01-012024-12-3102036164bus:Director82024-01-012024-12-3102036164bus:Director92024-01-012024-12-3102036164bus:CompanySecretary12024-01-012024-12-3102036164bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP