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REGISTERED NUMBER: 11034901 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HUNSTANTON GOLF CLUB LIMITED

HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HUNSTANTON GOLF CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: E C Coker
A C McCallum
M T Shannon
F M Douglas
D A Hutchinson
M Ramsay
A L Hudson



SECRETARY: C J White



REGISTERED OFFICE: Golf Course Road
Old Hunstanton
Norfolk
PE36 6JQ



REGISTERED NUMBER: 11034901 (England and Wales)



SENIOR STATUTORY AUDITOR: Robert Booty ACA FCCA CTA



AUDITORS: Wheelers
Chartered Accountants, Tax Consultants
& Statutory Auditors
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,697,905 1,723,751

CURRENT ASSETS
Stocks 45,862 41,870
Debtors 5 74,483 57,853
Investments 6 650,838 -
Cash at bank and in hand 668,770 828,938
1,439,953 928,661
CREDITORS
Amounts falling due within one year 7 1,011,440 716,034
NET CURRENT ASSETS 428,513 212,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,126,418

1,936,378

CREDITORS
Amounts falling due after more than one
year

8

(64,430

)

(99,841

)

PROVISIONS FOR LIABILITIES (58,466 ) (57,110 )
NET ASSETS 2,003,522 1,779,427

RESERVES
Revaluation reserve 11 135,741 132,462
Other reserves 55,113 54,827
Income and expenditure account 1,812,668 1,592,138
2,003,522 1,779,427

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:




F M Douglas - Director



M Ramsay - Director


HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Hunstanton Golf Club 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention other than for investment properties.

Going Concern
The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Income recognition
Membership income is recognised evenly over the period of membership.

Annual subscriptions become due on 1 January each year. Subscriptions received on or before 31 December in respect of the following year are included within subscriptions in advance as current liabilities in the Balance Sheet.

Entrance fees are recognised as income in the year in which the new member joins the Club and commences to play golf. In certain circumstances the Club may permit the new member to pay the entrance fee over a period of time.

Other sales are recognised when the service has been rendered or the goods supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - No depreciation
Leasehold land and building improvements - over term of the lease
Plant and machinery - 25% on cost, 20% on cost and 15% on cost

Fixed assets are recorded at historic cost less accumulated depreciation and any provisions for impairment, with the exception of the company's freehold property. The freehold property was previously treated as investment property and carried at valuation. Following a change of use during 2022, the property was reclassified to freehold property and the valuation is treated as deemed cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
The company has mutual trading status and accordingly no corporation tax is chargeable on the surplus arising from activities with its members. The corporation tax charge has been calculated on the income from the company's non mutual trading activities.

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.

Value added tax
In its accounting for VAT, the company is subject to partial exemption rules which require an annual adjustment to be made for disallowable input VAT.

The charge in the Income Statement relates to disallowable input VAT for the year ended 31 December 2024. It includes the annual adjustment made in respect of the year ended 31 March 2024 together with an estimate of the irrecoverable VAT for the nine months ended 31 December 2024.

Disallowable input VAT in respect of fixed asset additions is capitalised at the estimated disallowable input VAT percentage as part of the cost of acquiring the asset.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date taking into account the Club's level of mutual trading.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to surplus or deficit over the relevant period. The capital element of the future payments is treated as a liability.

Investments held at fair value
Investment funds are stated at the market value as at the 31 December 2024, as this is considered to be the fair value of the investments. The change in fair value of investments during the year comprises all increases and decreases in the fair value of investments held at any time during the year. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 32 ) .

HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Leasehold
land and
Freehold building Plant and
property improvements machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 175,000 1,220,275 1,885,815 3,281,090
Additions - 41,240 110,543 151,783
Disposals - - (200,069 ) (200,069 )
At 31 December 2024 175,000 1,261,515 1,796,289 3,232,804
DEPRECIATION
At 1 January 2024 3,500 400,691 1,153,148 1,557,339
Charge for year (3,500 ) 50,114 131,015 177,629
Eliminated on disposal - - (200,069 ) (200,069 )
At 31 December 2024 - 450,805 1,084,094 1,534,899
NET BOOK VALUE
At 31 December 2024 175,000 810,710 712,195 1,697,905
At 31 December 2023 171,500 819,584 732,667 1,723,751

Included in cost or valuation of land and buildings is freehold land of £ 175,000 (2023 - £ 171,500 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Leasehold
land and
Freehold building Plant and
property improvements machinery Totals
£    £    £    £   
Valuation in 2018 175,000 - - 175,000
Cost - 1,261,515 1,796,289 3,057,804
175,000 1,261,515 1,796,289 3,232,804

If freehold land and buildings had not been revalued it would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 11,068 11,068

Freehold land and buildings were valued on an open market basis on 31 December 2018 by Brown & Co .

HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2024 296,398
Transfer to ownership (131,408 )
At 31 December 2024 164,990
DEPRECIATION
At 1 January 2024 173,302
Charge for year 52,828
Transfer to ownership (124,058 )
At 31 December 2024 102,072
NET BOOK VALUE
At 31 December 2024 62,918
At 31 December 2023 123,096

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other debtors 74,483 57,853

6. CURRENT ASSET INVESTMENTS
31.12.24 31.12.23
£    £   
Short term money market
investments 650,838 -
650,838 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts and finance leases (see note 9)
34,507

48,883
Trade creditors 61,065 16,813
Subscriptions in advance 715,389 509,320
Social security and other taxes 54,745 34,656
Other creditors 145,734 106,362
1,011,440 716,034

HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts and finance leases (see note 9)
30,430

63,841
Accruals and deferred income 34,000 36,000
64,430 99,841

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Net obligations repayable:
Within one year - 5,766 34,507 43,117
Between one and five years - - 30,430 63,841
- 5,766 64,937 106,958

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 70,000 70,000
Between one and five years 280,000 280,000
In more than five years 787,500 857,500
1,137,500 1,207,500

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts and finance leases 64,937 112,724

Hire purchase and finance lease liabilities are secured on the underlying assets which they are financing.

11. RESERVES
Revaluation
reserve
£   
At 1 January 2024 132,462
Reclassification 3,279

At 31 December 2024 135,741

HUNSTANTON GOLF CLUB LIMITED (REGISTERED NUMBER: 11034901)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Booty ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Wheelers

13. CONTINGENT LIABILITIES

The company received a contribution of £8,000 towards the bar refurbishment in 2020. The contribution may be repayable if certain conditions are not met within five years of receipt. The contribution is being released evenly over the five year period to the Income Statement.

14. CAPITAL COMMITMENTS
31.12.24 31.12.23
£    £   
Contracted but not provided for in the
financial statements 123,312 22,845

15. LIMITED BY GUARANTEE

The company is a company limited by guarantee and does not have any share capital. Each member is liable to contribute an amount not exceeding £2 towards the assets of the company in the event of the liquidation.