REGISTERED NUMBER: 00084265 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Letchworth Golf Trust Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

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

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

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

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.

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 ) .

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

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

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

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).