Company registration number 14697579 (England and Wales)
NEATH GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NEATH GOLF CLUB LIMITED
COMPANY INFORMATION
Directors
Robert Arbourne
Huw Morgan
Esther Thomas
Company number
14697579
Registered office
Cwmbach Road
Cadoxton
Neath
United Kingdom
SA10 8AH
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
NEATH GOLF CLUB LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NEATH GOLF CLUB LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEATH GOLF CLUB LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neath Golf Club Limited for the Period ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Neath Golf Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Neath Golf Club Limited and state those matters that we have agreed to state to the b oard of d irectors of Neath Golf Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neath Golf Club Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Neath Golf Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Neath Golf Club Limited. You consider that Neath Golf Club Limited is exempt from the statutory audit requirement for the Period.

We have not been instructed to carry out an audit or a review of the financial statements of Neath Golf Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

WBV Limited
20 May 2025
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
NEATH GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
31 December 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
178,073
-
0
Current assets
Stocks
4
39,998
-
Debtors
5
5,594
-
0
Cash at bank and in hand
188,594
-
0
234,186
-
0
Creditors: amounts falling due within one year
6
(139,974)
-
0
Net current assets
94,212
-
0
Total assets less current liabilities
272,285
-
0
Creditors: amounts falling due after more than one year
7
(47,453)
-
0
Net assets
224,832
-
0
Reserves
Income and expenditure account
10
224,832
-
0
Members' funds
224,832
-
0

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial Period 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 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.

T he members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

NEATH GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
Robert Arbourne
Huw Morgan
Director
Director
Esther Thomas
Director
Company registration number 14697579 (England and Wales)
NEATH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Neath Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Cwmbach Road, Cadoxton, Neath, United Kingdom, SA10 8AH.

1.1
Reporting period

These financial statements have been prepared for a 15 month period to 31 December 2024. The year end was extended from 30 September 2023 to 31 December 2024 to tie in with the year end of the now old unincorporated club.

As the prior year was dormant, there will be no effect on the comparable figures between 2024 and 2023.

1.2
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Income and expenditure

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

Expenses include VAT where applicable as the company cannot reclaim it.

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:

Freehold reversion
Nil
Clubhouse, pro shop and amenities
4% & 10% per annum of cost
Tractor, mower and implements
25% per annum of cost
Clubhouse equipment
25% per annum of cost

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

NEATH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The club is registered as a 'Community Amateur Sports Club' (CASC) which entitles the club to tax relief on qualifying income levels. No corporation tax liability has been recognised in the accounts.

1.8
Retirement benefits

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

1.9
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.

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 lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10

Grants

Grants that relate to specific capital expenditure are treated as deferred income, which is then credited to the profit and loss account over the related asset's useful life. Other grants are credited to the profit and loss account when received.

2
Employees

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

2024
2023
Number
Number
Total
14
0
NEATH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Freehold reversion
Clubhouse, pro shop and amenities
Tractor, mower and implements
Clubhouse equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
2,411
545,516
434,994
149,963
1,132,884
Additions
-
0
59,174
32,309
-
0
91,483
Disposals
-
0
-
0
(29,344)
(2,250)
(31,594)
At 31 December 2024
2,411
604,690
437,959
147,713
1,192,773
Depreciation and impairment
At 1 October 2023
-
0
488,975
396,963
113,215
999,153
Depreciation charged in the Period
-
0
10,838
22,450
11,603
44,891
Eliminated in respect of disposals
-
0
-
0
(29,344)
-
0
(29,344)
At 31 December 2024
-
0
499,813
390,069
124,818
1,014,700
Carrying amount
At 31 December 2024
2,411
104,877
47,890
22,895
178,073
At 30 September 2023
-
0
-
0
-
0
-
0
-
0
4
Stocks
2024
2023
£
£
Stocks
39,998
-

The amounts included within stock for 2024 were £5,798 bar stock, and £34,200 other stock.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
996
-
0
Other debtors
3,130
-
0
Prepayments and accrued income
1,468
-
0
5,594
-
0
NEATH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
6,864
-
0
Other borrowings
2,112
-
0
Trade creditors
7,063
-
0
Taxation and social security
10,264
-
0
Deferred income
4,035
-
0
Other creditors
109,636
-
0
139,974
-
0
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
4,133
-
0
Other borrowings
6,889
-
0
Deferred income
36,431
-
0
47,453
-
0
8
Secured debts

Finance leases and hire purchase liabilities are secured upon the assets being finance. The total of these secured debts at the balance sheet date were £10,997.

9
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 £1.

10
Income and expenditure account

As part of the transaction referred to in note 11 below, reserves were transferred from the unincorporated Neath Golf Club, to the company of £251,178 on 1 October 2023. The deficit for the period was (£26,346). Closing reserves at 31 December 2024 were £224,832.

11
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
£
£
95,928
-
NEATH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
(Continued)
- 8 -
12
Related party transactions

The company acquired the assets and liabilities of the unincorporated Neath Golf Club at book value on 1 October 2023.

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