Company Registration No. 11576772 (England and Wales)
LINCOLN GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
LINCOLN GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LINCOLN GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
590,733
458,705
Current assets
Stocks
8,104
7,546
Debtors
4
31,179
57,712
Cash at bank and in hand
855,805
817,368
895,088
882,626
Creditors: amounts falling due within one year
5
(774,650)
(670,752)
Net current assets
120,438
211,874
Total assets less current liabilities
711,171
670,579
Creditors: amounts falling due after more than one year
6
-
(8,000)
Net assets
711,171
662,579
Reserves
Income and expenditure account
711,171
662,579
Total members' funds
711,171
662,579

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 income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Mr D M Fisher
Director
Company registration number 11576772 (England and Wales)
LINCOLN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Lincoln Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Torksey, Lincoln, LN1 2EG.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Income is derived mainly from membership subscriptions, recognised when due and bar and green fees recognised at point of sale.

 

Expenses include VAT where applicable as the company is partially exempt.

1.3
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:

Freehold land and buildings
10% straight line
Irrigation system
5% straight line
Clubhouse fixtures and fittings
25% straight line
Computers
25% straight line
Greens equipment
25% straight line

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 surplus or deficit.

1.4
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.

1.5
Stocks

The bar stock valuation was professionally prepared and is stated at the lower of cost and net realisable value. Other stocks are also stated at the lower of cost and net realisable value.

LINCOLN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
Financial instruments

 

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

1.8
Taxation

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

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.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

LINCOLN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
22
19
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Greens equipment
Total
£
£
£
£
Cost
At 1 April 2024
103,720
535,697
87,875
727,292
Additions
153,775
24,356
18,673
196,804
At 31 March 2025
257,495
560,053
106,548
924,096
Depreciation and impairment
At 1 April 2024
25,875
178,171
64,541
268,587
Depreciation charged in the year
11,206
40,010
13,560
64,776
At 31 March 2025
37,081
218,181
78,101
333,363
Carrying amount
At 31 March 2025
220,414
341,872
28,447
590,733
At 31 March 2024
77,845
357,526
23,334
458,705
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Service charges due
12,142
28,408
Other debtors
8,440
21,385
Prepayments and accrued income
10,597
7,919
31,179
57,712
LINCOLN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Other borrowings
-
0
15,000
Trade creditors
87,761
108,812
Corporation tax
4,322
3,995
Other taxation and social security
9,145
7,977
Deferred income
498,586
454,584
Other creditors
1,903
1,888
Accruals and deferred income
172,933
78,496
774,650
670,752
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
0
8,000
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £5.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Mr Phillip Nicholson
Statutory Auditor:
Stopfords (Mansfield) Limited
Date of audit report:
10 July 2025
LINCOLN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
175,550
215,006

 

 

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