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Registration number: 02581243

Isle Of Wedmore Golf Club Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Isle Of Wedmore Golf Club Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Isle Of Wedmore Golf Club Ltd

(Registration number: 02581243)
Statement of Financial Position as at 31 January 2025

Note

2025
£

(As restated)

2024
£

Fixed assets

 

Tangible assets

4

1,229,830

1,457,125

Current assets

 

Stocks

84,267

90,587

Debtors

5

8,418

12,361

Cash at bank and in hand

 

435,195

291,242

 

527,880

394,190

Creditors: Amounts falling due within one year

6

(436,952)

(402,171)

Net current assets/(liabilities)

 

90,928

(7,981)

Total assets less current liabilities

 

1,320,758

1,449,144

Creditors: Amounts falling due after more than one year

6

(36,422)

(31,174)

Provisions for liabilities

(39,347)

(38,795)

Net assets

 

1,244,989

1,379,175

Capital and reserves

 

Called up share capital

93

93

Share premium reserve

494,970

494,970

Capital redemption reserve

37

37

Revaluation reserve

-

190,857

Profit and loss account

749,889

693,218

Shareholders' funds

 

1,244,989

1,379,175

For the financial year ending 31 January 2025 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 and 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 Statement of Comprehensive Income.

 

Isle Of Wedmore Golf Club Ltd

(Registration number: 02581243)
Statement of Financial Position as at 31 January 2025 (continued)

Approved and authorised by the Board on 7 July 2025 and signed on its behalf by:
 


Mr K J Abraham
Director


Mr G P Abraham
Director

 

Isle Of Wedmore Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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:
Lineage Farm
Lascot Hill
Wedmore
Somerset
BS28 4QT

Principal activity

The principal activity of the company is managing a golf course.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Reclassification of comparative amounts

The comparative period balance sheet has been restated to correct the share capital and share premium for shares allotted during the period ended 31 January 2024.

 

Isle Of Wedmore Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Isle Of Wedmore Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

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

Land and buildings

2% straight line

Plant and machinery

10% - 25% straight line

Fixtures and fittings

15% straight line

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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.

 

Isle Of Wedmore Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2024 - 20).

 

Isle Of Wedmore Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2024

1,607,416

22,592

899,341

2,529,349

Revaluations

(263,606)

-

-

(263,606)

Additions

-

-

42,469

42,469

Disposals

(14,891)

-

(4,700)

(19,591)

At 31 January 2025

1,328,919

22,592

937,110

2,288,621

Depreciation

At 1 February 2024

298,672

22,202

751,350

1,072,224

Charge for the year

26,578

93

36,775

63,446

Eliminated on disposal

(75,665)

-

(1,214)

(76,879)

At 31 January 2025

249,585

22,295

786,911

1,058,791

Carrying amount

At 31 January 2025

1,079,334

297

150,199

1,229,830

At 31 January 2024

1,308,744

390

147,991

1,457,125

Tangible assets held at valuation

The fair value of the company's Land and buildings was revalued on 30 June 1997. An independent valuer was not involved.
A policy of revaluation is not required as the initial revaluation was before 30 June 2000.
Due to the purchase of additional land during 2024 the 1997 revaluation has been reversed to reflect the actual cost of the land and buildings owned at 31 January 2025.
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,079,334 (2024 - £1,117,849).

5

Debtors

2025
£

2024
£

Other debtors

-

3,838

Prepayments

8,418

8,523

8,418

12,361

 

Isle Of Wedmore Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

19,173

22,670

Trade creditors

 

53,749

57,135

Taxation and social security

 

61,482

51,474

Accruals and deferred income

 

86,556

68,773

Other creditors

 

215,992

202,119

 

436,952

402,171

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

36,422

31,174

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(190,857)

(190,857)

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(1,538)

1,538

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Isle Of Wedmore Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Hire purchase contracts

36,422

31,174

Current loans and borrowings

2025
£

2024
£

Hire purchase contracts

19,173

22,670

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

669

2,026

Later than one year and not later than five years

-

669

669

2,695

The amount of non-cancellable operating lease payments recognised as an expense during the year was £669 (2024 - £2,026).