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REGISTERED NUMBER: 00084265 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Letchworth Golf Trust Limited

Letchworth Golf Trust Limited (Registered number: 00084265)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Letchworth Golf Trust Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J Harrison
K C Bate
I Hammond
P Richardson
P T Stanley
C Mcgill





SECRETARY: J B Abraham





REGISTERED OFFICE: Letchworth Golf Club
Letchworth Lane
Letchworth Garden City
Hertfordshire
SG6 3NQ





REGISTERED NUMBER: 00084265 (England and Wales)





AUDITORS: Thickbroom Coventry
Chartered Accountants
and Statutory Auditors
147a High Street
Waltham Cross
EN8 7AP

Letchworth Golf Trust Limited (Registered number: 00084265)

Statement of Financial Position
31 December 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,413,157 1,348,544
Investments 5 3,653 3,656
1,416,810 1,352,200

CURRENT ASSETS
Stocks 32,493 27,077
Debtors 6 53,885 90,463
Cash at bank and in hand 692,032 818,170
778,410 935,710
CREDITORS
Amounts falling due within one year 7 (781,165 ) (882,101 )
NET CURRENT (LIABILITIES)/ASSETS (2,755 ) 53,609
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,414,055

1,405,809

CREDITORS
Amounts falling due after more than
one year

8

(181,753

)

(249,259

)
NET ASSETS 1,232,302 1,156,550

RESERVES
Income and expenditure account 1,232,302 1,156,550
MEMBERS' FUNDS 1,232,302 1,156,550

Letchworth Golf Trust Limited (Registered number: 00084265)

Statement of Financial Position - continued
31 December 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





J Harrison - Director


Letchworth Golf Trust Limited (Registered number: 00084265)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Letchworth Golf Trust Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, as follows:

Subscriptions
The Membership year runs from 1 January to 31 December each year. Subscriptions paid which relate to the period after the year end are deferred and carried forward in other creditors.

Green fees
Income is recognised on the date of play basis.

Bar, Catering and Loyalty Card Sales
Income is recognised on a served basis or when a loyalty card is used to purchase goods. Balances on loyalty cards at the year end represent an obligation and are carried forward in other creditors. Unused top up balances on the loyalty cards paid with subscriptions at the end of the membership year are written off to income. The obligation in the financial statements at the year end is therefore only to current members.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Course leasehold costs - straight line per annum over 34 years
Plant and machinery - 5 - 15 years straight line
Irrigation development costs - 20 - 40 years straight line
Clubhouse development costs - 20 years straight line
Course development costs - 20 years straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Letchworth Golf Trust Limited (Registered number: 00084265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants
Government grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Grants towards capital expenditure are credited to income over the expected useful life of the assets to which they relate. The amounts on the Balance Sheet in respect of grants comprise the total amount receivable to date, less the amounts credited to income. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 29 ) .

Letchworth Golf Trust Limited (Registered number: 00084265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Course Irrigation
leasehold Plant and developme
costs machinery costs
£    £    £   
COST
At 1 January 2024 202,526 936,631 473,872
Additions - 57,997 219,902
Disposals (202,526 ) (11,150 ) -
At 31 December 2024 - 983,478 693,774
DEPRECIATION
At 1 January 2024 145,560 570,683 -
Charge for year 5,957 62,012 9,892
Eliminated on disposal (151,517 ) (3,163 ) -
At 31 December 2024 - 629,532 9,892
NET BOOK VALUE
At 31 December 2024 - 353,946 683,882
At 31 December 2023 56,966 365,948 473,872

Clubhouse Course
development development
costs costs Totals
£    £    £   
COST
At 1 January 2024 1,513,989 167,413 3,294,431
Additions 14,167 - 292,066
Disposals (6,311 ) - (219,987 )
At 31 December 2024 1,521,845 167,413 3,366,510
DEPRECIATION
At 1 January 2024 1,145,462 84,182 1,945,887
Charge for year 82,196 8,400 168,457
Eliminated on disposal (6,311 ) - (160,991 )
At 31 December 2024 1,221,347 92,582 1,953,353
NET BOOK VALUE
At 31 December 2024 300,498 74,831 1,413,157
At 31 December 2023 368,527 83,231 1,348,544

Letchworth Golf Trust Limited (Registered number: 00084265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. FIXED ASSET INVESTMENTS
Other
investment
£   
COST OR VALUATION
At 1 January 2024 3,656
Revaluations (3 )
At 31 December 2024 3,653
NET BOOK VALUE
At 31 December 2024 3,653
At 31 December 2023 3,656

The company holds 124 shares in Whitbread Plc. The market value of the listed investments as at 31 December 2024 was £3,653 (2023: £3,656).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 1,624 3,656
Other debtors 52,261 86,807
53,885 90,463

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts (see note 9) - 65,432
Trade creditors 90,874 206,186
Taxation and social security 113,561 98,218
Other creditors 576,730 512,265
781,165 882,101

Letchworth Golf Trust Limited (Registered number: 00084265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
as restated
£    £   
Other creditors 181,753 249,259

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year - 65,432

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 95,155 95,155
Between one and five years 376,676 379,831
In more than five years 9,085,000 9,177,000
9,556,831 9,651,986

The non-cancellable operating lease figures relate to a printer lease and also payments due under the leasehold agreement for the club and course with Letchworth Heritage Foundation and equates to future annual expected payments payable under that lease.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Robert Boulton FCA (Senior Statutory Auditor)
for and on behalf of Thickbroom Coventry

Letchworth Golf Trust Limited (Registered number: 00084265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. RELATED PARTY DISCLOSURES

In the year, purchases with related parties amounted to £6,910 (2023: £4,903). As at 31 December 2024 there was an outstanding balance of £731 (2023: £417).

12. LIMITED BY GUARANTEE

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

13. DEFERRED GRANTS

Included in other creditors are balances in respect of grants which are being released to income over the period to which they relate. The initial grant was £30,000 and this is released to the profit and loss over a period of 20 years. The deferred income balance as at 31 December 2024 was £21,000 (2023: £22,500).