| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| HUNSTANTON GOLF CLUB LIMITED |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Investments | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| RESERVES |
| Revaluation reserve | 11 |
| Other reserves |
| Income and expenditure account |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 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 |
| Freehold property | - |
| Leasehold land and building improvements | - |
| Plant and machinery | - |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year | ( |
) |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Transfer to ownership | (131,408 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Transfer to ownership | (124,058 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other debtors |
| 6. | CURRENT ASSET INVESTMENTS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Short term money market |
| investments | 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) |
| Trade creditors |
| Subscriptions in advance | 715,389 | 509,320 |
| Social security and other taxes |
| Other creditors |
| 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) |
| Accruals and deferred income |
| 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 |
| Between one and five years |
| Non-cancellable operating | leases |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 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 |
| Reclassification | 3,279 |
| At 31 December 2024 |
| 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. |
| for and on behalf of |
| 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 |
| 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. |