| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| FOR |
| CLANDON REGIS GOLF CLUB LIMITED |
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| FOR |
| CLANDON REGIS GOLF CLUB LIMITED |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| CLANDON REGIS GOLF CLUB LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| 4th Floor Tuition House |
| 27-37 St George's Road |
| Wimbledon |
| London |
| SW19 4EU |
| BANKERS: |
| Guildford Friary Branch |
| 19 North Street |
| Guildford |
| GU1 4AG |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Debentures | 10 |
| Income and expenditure account |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Clandon Regis Golf Club Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently. |
| Turnover |
| Turnover represents the invoiced amounts of subscriptions, green fees, guest golf days and catering and bar facilities, net of value added tax. |
| Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed |
| Subscription income is recognised evenly over the membership period with any amounts received in the current financial year that related to the following financial year treated as deferred income. |
| Revenue grants are recognised using the accrual model and are therefore recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Revenue grants are measured at fair value, being the amount of cash receivable. |
| Tangible fixed assets |
| Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: |
| Freehold land and buildings | Over 50 years |
| Course Improvements Over 25 years/ 10% per annum on cost |
| Greenkeeping equipment | 20% per annum on cost |
| Bar equipment | 15% per annum on cost |
| Office equipment | 25% per annum on cost |
| House assets | 10% per annum on cost |
| 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 period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| 2. | 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 period 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of change on the net obligation outstanding in each period. |
| Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivables or payables 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. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Going concern |
| The financial statements have been prepared using the going concern basis notwithstanding the net current liabilities position at the balance sheet date. |
| The directors have prepared forecasts which indicate that the company will make use of its overdraft facility but this will not be exceeded. The club also has a dedicated core of members, and it is believed that should further funding be required, they would be willing to contribute either by loan or donation to the club. |
| On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
5,500 |
5,250 |
| Other accounting charges | 2,500 | 900 |
| Total audit fee | 8,000 | 6,150 |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 May 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 June 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for period |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 May 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included in other creditors are amounts of £790,686 (2023: £744,393) relating to deferred income. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Other loans more 5yrs non-inst |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned. |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| 10. | DEBENTURES |
| 2024 | 2023 |
| £ | £ |
| 421 Founder debentures of a principal amount of £1,000 each | 421,000 | 421,000 |
| 270 Ordinary debentures of a principal amount of £1,500 each | 404,500 | 404,500 |
| 825,500 | 825,500 |
| The founder and ordinary debentures do not bear interest and are held in trust for the members. The ordinary debentures are secured on the company's freehold property. |
| Founder and ordinary debentures of members who resign will be repaid from the joining fees from incoming members to the extent that such sums are sufficient to do so and provided that the directors consider that the company's finances permit. If the directors determine that at a particular time the company's finances do not permit payment to all resigned members, then the order of repayment will rank according to the date of resignation, with members that resigned earliest being repaid first. Payments made to the resigned member will be applied in paying first the ordinary debenture, then the founder debenture, and then any deposit payable. |
| At 31 May 2024 Founder debentures of resigned members amounted to £328,000 (2023: £328,000) and ordinary debentures of resigned members amounted to £300,500 (2023: £300,500). |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | CONTINGENT LIABILITIES |
| Deposits are only repayable to individuals who have ceased to be a member of the club, providing the directors consider the finances of the company allow for such a repayment. If the directors determine that at a particular time the company's finances do not permit payment to all resigned members, then the order of repayment will rank according to the date of resignation, with members that resigned earliest being repaid first. Payments made to the resigned member will be applied in paying first the ordinary debenture, then the founder debenture, and then any deposit payable. |
| The deposits are treated as a contingent liability as they are payable entirely at the directors' discretion. When deposits are repaid they are treated in the accounts as an expense. |
| At 31 May 2024 deposits of current and resigned members amounted to: |
| 2024 | 2023 |
| £ | £ |
| Deposits of resigned members | 794,444 | 794,444 |
| Deposits of current members | 198,483 | 198,483 |
| 992,927 | 992,927 |
| No deposits were repaid in the current year. |
| 13. | RELATED PARTY DISCLOSURES |
| During the year all directors were members of the golf club and all paid subscriptions at the appropriate rate. |
| CLANDON REGIS GOLF CLUB LIMITED (REGISTERED NUMBER: 03184339) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 31 AUGUST 2024 |
| 14. | GUARANTEE |
| The company is limited by guarantee and has no share capital. |
| A company member is obliged on a winding up to contribute up to £10 to the company in respect of liabilities incurred during his or her period of membership. |