REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2024 |
for |
Letchworth Golf Trust Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
RESERVES |
Income and expenditure account | 1,156,550 |
MEMBERS' FUNDS |
Letchworth Golf Trust Limited (Registered number: 00084265) |
Statement of Financial Position - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Course leasehold costs | - |
Plant and machinery | - |
Irrigation development costs | - |
Clubhouse development costs | - |
Course development costs | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Clubhouse | Course |
development | development |
costs | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 |
Revaluations | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as | restated |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
as | restated |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2024 | 2023 |
as | restated |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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. |
for and on behalf of |
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). |