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Company Registration No: 02647934 (England and Wales)

Romanby Golf Course Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Romanby Golf Course Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Romanby Golf Course Limited

(Registration number: 02647934)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,184,553

2,159,526

Investments

5

30,000

30,000

 

2,214,553

2,189,526

Current assets

 

Stocks

6

13,422

11,616

Debtors

7

18,089

51,296

Cash at bank and in hand

 

482,088

408,787

 

513,599

471,699

Creditors: Amounts falling due within one year

8

(604,175)

(555,919)

Net current liabilities

 

(90,576)

(84,220)

Total assets less current liabilities

 

2,123,977

2,105,306

Creditors: Amounts falling due after more than one year

8

(129,593)

(172,420)

Provisions for liabilities

(54,560)

(56,216)

Net assets

 

1,939,824

1,876,670

Capital and reserves

 

Called up share capital

205,240

205,240

Share premium reserve

364,714

364,714

Capital redemption reserve

660,166

660,166

Retained earnings

709,704

646,550

Shareholders' funds

 

1,939,824

1,876,670

 

Romanby Golf Course Limited

(Registration number: 02647934)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 May 2025 and signed on its behalf by:
 

.........................................
Mr B W Craven
Director

.........................................
Mr W Boomsma
Director

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Yafforth Road
Romanby
Northallerton
North Yorkshire
DL7 0PE

These financial statements were authorised for issue by the Board on 1 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

15% SL

Plant and Machinery

15% SL

Fixtures and Fittings

15% SL

Land and Buildings

2% SL

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 19).

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

2,161,656

116,914

27,370

567,632

2,873,572

Additions

12,968

36,253

-

73,414

122,635

At 31 December 2024

2,174,624

153,167

27,370

641,046

2,996,207

Depreciation

At 1 January 2024

223,848

64,413

8,089

417,696

714,046

Charge for the year

28,499

15,840

3,675

49,594

97,608

At 31 December 2024

252,347

80,253

11,764

467,290

811,654

Carrying amount

At 31 December 2024

1,922,277

72,914

15,606

173,756

2,184,553

At 31 December 2023

1,937,808

52,501

19,281

149,936

2,159,526

Included within the net book value of land and buildings above is £1,922,278 (2023 - £1,937,808) in respect of freehold land and buildings.
 

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

30,000

30,000

6

Stocks

2024
£

2023
£

Other inventories

13,422

11,616

7

Debtors

Current

2024
£

2023
£

Trade debtors

13,079

7,362

Prepayments

5,010

43,934

 

18,089

51,296

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

43,055

54,989

Trade creditors

 

106,452

37,623

Taxation and social security

 

61,229

58,544

Accruals and deferred income

 

163,671

154,163

Other creditors

 

229,768

250,600

 

604,175

555,919

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

129,593

172,420

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

129,593

172,420

Current loans and borrowings

2024
£

2023
£

Bank borrowings

43,055

54,989

 

Romanby Golf Course Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £34,377 (2023 - £5,919). This total relates to total future minimum operating lease payments.

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,125

27,000

Summary of transactions with other related parties

Directors
 

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

183,754

183,754

Repaid

(14,571)

(14,571)

Interest transactions

7,070

7,070

At end of period

176,253

176,253

2023

Other related parties
£

Total
£

At start of period

246,816

246,816

Repaid

(70,815)

(70,815)

Interest transactions

7,753

7,753

At end of period

183,754

183,754