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REGISTERED NUMBER: 00131626 (England and Wales)















Wells(Somerset)Golf Club,Limited

Unaudited Financial Statements for the Year Ended 31 December 2024






Wells(Somerset)Golf Club,Limited (Registered number: 00131626)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wells(Somerset)Golf Club,Limited

Company Information
for the year ended 31 December 2024







DIRECTOR: R K Sheard





REGISTERED OFFICE: Club House
East Horrington Road
Wells
Somerset
BA5 3DS





REGISTERED NUMBER: 00131626 (England and Wales)





ACCOUNTANTS: Webb & Co Ltd
Accountants and Business Advisers
One New Street
Wells
Somerset
BA5 2LA

Wells(Somerset)Golf Club,Limited (Registered number: 00131626)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 1,290,126 1,284,677
Investments 4 1 -
1,290,127 1,284,677

CURRENT ASSETS
Stocks - 41,800
Debtors 5 81,126 2,192
Cash at bank and in hand 306,828 220,423
387,954 264,415
CREDITORS
Amounts falling due within one year 6 113,620 182,633
NET CURRENT ASSETS 274,334 81,782
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,564,461

1,366,459

CREDITORS
Amounts falling due after more than one
year

7

182,160

196,498
NET ASSETS 1,382,301 1,169,961

RESERVES
Revaluation reserve 381,403 361,231
Retained earnings 1,000,898 808,730
1,382,301 1,169,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Wells(Somerset)Golf Club,Limited (Registered number: 00131626)

Balance Sheet - 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 February 2025 and were signed by:





R K Sheard - Director


Wells(Somerset)Golf Club,Limited (Registered number: 00131626)

Notes to the Financial Statements
for the year ended 31 December 2024

1. ACCOUNTING POLICIES

General information and basis of preparing the financial statements
Wells (Somerset) Golf Club Limited is a company limited by guarantee incorporated in England, United Kingdom. The registered office of the company is Club House, Blackheath Lane, East Horrington, Wells, Somerset, BA5 3DS.

The nature of the company's operations and principal activities is that of providing golf and social activities at the club.

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 "Smaller 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.

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.

Revenue recognition
Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from golf membership subscriptions is recognised over the term of the membership. Income received in advance is deferred and released over the period to which it relates. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Wells(Somerset)Golf Club,Limited (Registered number: 00131626)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Freehold property is carried at fair value in line with external professional valuations or estimates provided by the directors.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property 2% straight line - land is not depreciated
Plant and machinery 5%, 10%, 20% and 33.3% straight line
Fixtures and fittings 10% straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost us calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.


Wells(Somerset)Golf Club,Limited (Registered number: 00131626)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

Preparation of consolidated financial statements
The financial statements contain information about Wells (Somerset) Golf Club Limited as an
individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to
prepare consolidated financial statements.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 25 ) .

3. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 1,311,348 344,129 179,765 1,835,242
Additions - 6,357 12,691 19,048
Disposals - - (7,404 ) (7,404 )
Revaluations 20,172 - - 20,172
At 31 December 2024 1,331,520 350,486 185,052 1,867,058
DEPRECIATION
At 1 January 2024 90,259 283,589 176,717 550,565
Charge for year 6,261 24,392 3,118 33,771
Eliminated on disposal - - (7,404 ) (7,404 )
At 31 December 2024 96,520 307,981 172,431 576,932
NET BOOK VALUE
At 31 December 2024 1,235,000 42,505 12,621 1,290,126
At 31 December 2023 1,221,089 60,540 3,048 1,284,677

Wells(Somerset)Golf Club,Limited (Registered number: 00131626)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

3. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2003 640,865 - - 640,865
Valuation in 2007 (234,493 ) - - (234,493 )
Valuation in 2012 (250,000 ) - - (250,000 )
Valuation in 2019 143,457 - - 143,457
Valuation in 2021 15,300 - - 15,300
Valuation in 2024 20,172 - - 20,172
Cost 996,219 350,486 185,052 1,531,757
1,331,520 350,486 185,052 1,867,058

The land and buildings were professionally valued by N P S Oliver MRICS of Cooper & Tanner LLP on 13 January 2020 at an open market value of £1,235,000, and confirmation obtained from the director that the valuation remains unchanged at the balance sheet date.

4. FIXED ASSET INVESTMENTS
Shares in
group
under-
takings
£   
COST
Additions 1
At 31 December 2024 1
NET BOOK VALUE
At 31 December 2024 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 792
Amounts owed by group undertakings 57,778 -
Other debtors 23,348 1,400
81,126 2,192

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,300 5,200
Hire purchase contracts 14,596 19,948
Trade creditors - 41,081
Taxation and social security - 10,246
Other creditors 88,724 106,158
113,620 182,633

Wells(Somerset)Golf Club,Limited (Registered number: 00131626)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 20,932 31,581
Hire purchase contracts 19,778 34,467
Other creditors 141,450 130,450
182,160 196,498

Amounts falling due in more than five years:

Repayable by instalments
Other loans 90,000 100,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 31,232 36,781
Hire purchase contracts 34,374 54,415
65,606 91,196

The bank loan and overdraft are secured by a First Legal Charge dated 29 August 2007 over freehold property know as Wells Somerset Golf Club, Blackheath Lane, East Horrington, Wells, Somerset, BA5 3DS.

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattel, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future dated 28 August 2007.

The hire purchase liability is secured over the assets to which it relates.