34 12 May 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 00064316 2024-01-01 2024-12-31 00064316 2024-12-31 00064316 2023-12-31 00064316 2023-01-01 2023-12-31 00064316 2023-12-31 00064316 2022-12-31 00064316 bus:Director11 2024-01-01 2024-12-31 00064316 bus:Director19 2024-01-01 2024-12-31 00064316 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00064316 core:PlantMachinery 2023-12-31 00064316 core:FurnitureFittings 2023-12-31 00064316 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 00064316 core:PlantMachinery 2024-12-31 00064316 core:FurnitureFittings 2024-12-31 00064316 core:PlantMachinery 2024-01-01 2024-12-31 00064316 core:FurnitureFittings 2024-01-01 2024-12-31 00064316 core:WithinOneYear 2024-12-31 00064316 core:WithinOneYear 2023-12-31 00064316 core:AfterOneYear 2024-12-31 00064316 core:AfterOneYear 2023-12-31 00064316 core:RetainedEarningsAccumulatedLosses 2024-12-31 00064316 core:RetainedEarningsAccumulatedLosses 2023-12-31 00064316 core:BetweenOneFiveYears 2023-12-31 00064316 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00064316 core:PlantMachinery 2023-12-31 00064316 core:FurnitureFittings 2023-12-31 00064316 bus:Director1 2024-01-01 2024-12-31 00064316 bus:Director2 2024-01-01 2024-12-31 00064316 bus:SmallEntities 2024-01-01 2024-12-31 00064316 bus:Audited 2024-01-01 2024-12-31 00064316 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00064316 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 00064316 bus:FullAccounts 2024-01-01 2024-12-31 00064316 core:ConstructionInProgressAssetsUnderConstruction 2024-01-01 2024-12-31 00064316 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 00064316 core:ConstructionInProgressAssetsUnderConstruction 2024-12-31 00064316 core:AllAssociates 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 00064316
Littlestone Golf Club Limited
Company Limited by Guarantee
Filleted Financial Statements
31 December 2024
Littlestone Golf Club Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Littlestone Golf Club Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
1,662,627
1,507,021
Current assets
Stocks
125,864
107,845
Debtors
7
120,519
127,010
Cash at bank and in hand
850,790
933,064
------------
------------
1,097,173
1,167,919
Creditors: amounts falling due within one year
8
1,035,670
966,736
------------
------------
Net current assets
61,503
201,183
------------
------------
Total assets less current liabilities
1,724,130
1,708,204
Creditors: amounts falling due after more than one year
9
329,700
406,100
------------
------------
Net assets
1,394,430
1,302,104
------------
------------
Capital and reserves
Profit and loss account
1,394,430
1,302,104
------------
------------
Members funds
1,394,430
1,302,104
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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 were approved by the board of directors and authorised for issue on 15 April 2025 , and are signed on behalf of the board by:
J Ward
A Rodgers
Director
Director
Company registration number: 00064316
Littlestone Golf Club Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is Littlestone Golf Club, St Andrews Road, Littlestone, New Romney, Kent, TN28 8RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Freehold property
Freehold land and buildings were revalued in 1981 and the company is continuing to follow the transitional provisions of FRS 102 by carrying the freehold property at the 1981 valuation.
Going concern
The Directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's working capital requirements. Despite increased competition in the industry, the company has continued to control its costs and maximise its income.
Members' loans
The Members' Loan Scheme was introduced in 2007. The loans advanced to the Club by members are shown as a long term liability. Should any member request repayment and give the prescribed 12 months written notice, the respective loan will be transferred to current liabilities. The loans are shown at cost in the accounts as each member receives a discount on their annual subscription based on the value of their loans which reflect a market rate of interest.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Leases Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Revenue recognition
Turnover represents the value of membership subscriptions, green fee income, pro shop sales and bar and catering sales, excluding value added tax, where applicable, during the year.
Income tax
No provision is made for deferred taxation. Due to substantial trading losses brought forward from previous years, no liability is likely to arise in the foreseeable future.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and Machinery
-
10% - 33% reducing balance
Fixtures and Fittings
-
15% - 33% reducing balance
Improvements to property
-
10% straight line
No depreciation is charged on the Freehold Property.
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Company limited by guarantee
Every member of the Company undertakes to contribute to the assets of the Company in the event of it being wound up, up to a maximum of £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 37 ).
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Improvements to property
Total
£
£
£
£
£
Cost
At 1 January 2024
926,642
1,282,401
199,254
232,956
2,641,253
Additions
37,692
2,211
232,498
272,401
---------
------------
---------
---------
------------
At 31 December 2024
926,642
1,320,093
201,465
465,454
2,913,654
---------
------------
---------
---------
------------
Depreciation
At 1 January 2024
732,530
168,746
232,956
1,134,232
Charge for the year
111,823
4,972
116,795
---------
------------
---------
---------
------------
At 31 December 2024
844,353
173,718
232,956
1,251,027
---------
------------
---------
---------
------------
Carrying amount
At 31 December 2024
926,642
475,740
27,747
232,498
1,662,627
---------
------------
---------
---------
------------
At 31 December 2023
926,642
549,871
30,508
1,507,021
---------
------------
---------
---------
------------
Freehold land and buildings are included at 31 December 2024 at a figure of £926,642 based upon a professional valuation taken at 1 December 1981, less disposals plus additions at cost since that date. Freehold property is not depreciated as stated in note 3. The historical cost of the freehold land and buildings included at valuation is £714,987.
7. Debtors
2024
2023
£
£
Prepayments
101,109
99,024
Other debtors
19,410
27,986
---------
---------
120,519
127,010
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
81,790
84,953
Subscriptions in advance and deferred
666,808
591,659
Social security and other taxes
31,575
32,216
Members' swipe cards
49,699
46,676
Members' loans
2,000
2,000
Other creditors
203,798
209,232
------------
---------
1,035,670
966,736
------------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Members loans
57,000
59,000
Other creditors
272,700
347,100
---------
---------
329,700
406,100
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
181,073
181,073
Later than 1 year and not later than 5 years
181,073
---------
---------
181,073
362,146
---------
---------
11. Summary audit opinion
The auditor's report dated 12 May 2025 was qualified on the following basis:
As explained in the notes to the accounts, freehold buildings are not depreciated in accordance with FRS 102 or the Companies Act 2006. We are unable to quantify the effect of this departure due to the absence of a breakdown of the valuation figure between land and buildings and the estimated useful life of the latter.
The senior statutory auditor was Colin Reid , for and on behalf of Burgess Hodgson LLP .
12. Related party transactions
The company was under the control of its elected Board of Directors. No transactions with related parties were undertaken during the current or previous year.