Company Registration No. 02547656 (England and Wales)
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,012,159
3,872,141
Current assets
Stocks
23,466
24,478
Debtors
5
80,304
274,227
Cash at bank and in hand
23,348
6,224
127,118
304,929
Creditors: amounts falling due within one year
6
(2,972,486)
(2,409,628)
Net current liabilities
(2,845,368)
(2,104,699)
Total assets less current liabilities
3,166,791
1,767,442
Creditors: amounts falling due after more than one year
7
(720,595)
(982,947)
Net assets
2,446,196
784,495
Capital and reserves
Called up share capital
290,700
290,700
Share premium account
10,000
10,000
Revaluation reserve
8
1,204,036
Capital redemption reserve
349,300
349,300
Profit and loss reserves
592,160
134,495
Total equity
2,446,196
784,495
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account or directors' report within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 1 June 2025 and are signed on its behalf by:
M Fox
Director
Company registration number 02547656 (England and Wales)
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Golf Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crondon Park Golf Club, Stock Road, Stock, Essex, CM4 9DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Golf membership income is recognised on a time apportionment basis over the length of the membership contract.
Venue hire non refundable deposits are recognised at the point of booking. All other stage payments are recognised as income at the date of the event.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
10% and Nil
Plant and machinery
25% on cost and 20% on written down value
Fixtures, fittings & equipment
25% on cost and 20% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
96
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
96
87
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
3,532,187
1,376,657
4,908,844
Additions
975,873
95,782
1,071,655
Disposals
(9,250)
(9,250)
Revaluation
1,204,036
1,204,036
At 31 December 2024
5,712,096
1,463,189
7,175,285
Depreciation and impairment
At 1 January 2024
236,223
800,480
1,036,703
Depreciation charged in the year
5,972
128,908
134,880
Eliminated in respect of disposals
(8,457)
(8,457)
At 31 December 2024
242,195
920,931
1,163,126
Carrying amount
At 31 December 2024
5,469,901
542,258
6,012,159
At 31 December 2023
3,295,964
576,177
3,872,141
Land and buildings were revalued at 12 March 2024 by Whybrow, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors believe the valuation is a materially correct reflection of the value of land, buildings and incumbent equipment.
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Tangible fixed assets
(Continued)
- 7 -
The revaluation surplus is disclosed in note 8.
Land and building assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Cost
4,508,061
3,532,188
Accumulated depreciation
242,196
236,225
Carrying value
4,750,257
3,768,413
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,390
44,499
Corporation tax recoverable
16,681
Other debtors
76,914
213,047
80,304
274,227
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
343,406
361,371
Trade creditors
322,874
202,299
Corporation tax
167
5,701
Other taxation and social security
313,602
611,147
Other creditors
1,992,437
1,229,110
2,972,486
2,409,628
Current bank loans totalling £162,120 (2023: £180,303) are secured by fixed and floating charges over the company's property and assets and a personal guarantee from a director.
Amounts totalling £97,950 (2023: £108,734) are due under finance lease arrangements are secured over the assets to which they relate.
A number of trade creditors are secured by stock as a reservation of title is in place.
GOLF LEISURE LIMITED
T/A CRONDON PARK GOLF CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
462,355
656,292
Other creditors
258,240
326,655
720,595
982,947
Bank loans included in long term creditors totalling £429,021 (2023: £575,958) are secured by legal charges over the company's freehold property and a personal guarantee from a director of £156,187 (2023: £208,135).
Amounts totalling £258,240 (2023: £327,111) due under finance lease arrangements are secured over the assets to which they relate.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
5,154
58,805
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Revaluation surplus arising in the year
1,204,036
At the end of the year
1,204,036
-
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
8,333
110,963
10
Directors' transactions
During the year, each director had an interest free loan. The total of these loans at the year end was £1,075,569 owed to directors (2023: £136,515 owed from directors).
Payments to directors in the year totalled £72,716 and receipts from directors totalled £1,284,800.