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Registration number: 07114668

Great Torrington Golf Club Ltd
(A company limited by guarantee)
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2024

Great Torrington Golf Club Ltd

Contents

Statement of Financial Position | 1
Notes to the Unaudited Financial Statements | 2 to 6

Great Torrington Golf Club Ltd

(Registration number: 07114668)
Statement of Financial Position as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 67,418 | 63,322
Current assets |  |  |
Stocks |  | 3,710 | 3,710
Debtors | 5 | 3,965 | 3,660
Cash at bank and in hand |  | 60,789 | 67,573
|  | 68,464 | 74,943
Creditors: Amounts falling due within one year | 6 | (9,790) | (10,584)
Net current assets |  | 58,674 | 64,359
Net assets |  | 126,092 | 127,681
Reserves |  |  |
Profit and loss account |  | 126,092 | 127,681
Surplus |  | 126,092 | 127,681

For the financial year ending 31 December 2024 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.

Approved and authorised by the Board on 28 July 2025 and signed on its behalf by:

Mr Timothy Martin Williams Director

Great Torrington Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a company limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Weare Trees
Torrington
Devon
EX38 7EZ

Principal activity

The principal activity of the company is the operation of a non profit making golf club.

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.

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.

Great Torrington Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

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 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.

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.

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
Plant and machinery | 10% Straight line
Fittings, fixtures and equipment | 7% Straight line
Office equipment | 20% Straight line
Property improvements | 5% 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

Great Torrington Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

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.

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.

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 4 (2023 - 4).

Great Torrington Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4 | Tangible assets

| Land and buildings £ | Long leasehold land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2024 | 28,600 | 48,848 | 17,324 | 94,105 | 188,877
Additions | - | 8,085 | - | 6,000 | 14,085
At 31 December 2024 | 28,600 | 56,933 | 17,324 | 100,105 | 202,962
Depreciation
At 1 January 2024 | 28,600 | 22,175 | 12,661 | 62,119 | 125,555
Charge for the year | - | 2,848 | 1,289 | 5,852 | 9,989
At 31 December 2024 | 28,600 | 25,023 | 13,950 | 67,971 | 135,544
Carrying amount
At 31 December 2024 | - | 31,910 | 3,374 | 32,134 | 67,418
At 31 December 2023 | - | 26,673 | 4,663 | 31,986 | 63,322

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £31,910 (2023 - £26,673) in respect of long leasehold land and buildings.

5 | Debtors

| 2024 £ | 2023 £
Prepayments | 3,965 | 3,660
| 3,965 | 3,660

Great Torrington Golf Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Trade creditors | 2,078 | 1,615
Taxation and social security | 810 | 1,232
Accruals and deferred income | 57 | 892
Other creditors | 6,845 | 6,845
| 9,790 | 10,584

7 | Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.