Company Registration No. 00185097 (England and Wales)
CHELMSFORD GOLF CLUB LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CHELMSFORD GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
CHELMSFORD GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,676,098
2,898,709
Current assets
Stocks
35,490
37,156
Debtors
5
87,929
124,076
Cash at bank and in hand
134,999
169,464
258,418
330,696
Creditors: amounts falling due within one year
6
(781,925)
(815,024)
Net current liabilities
(523,507)
(484,328)
Total assets less current liabilities
3,152,591
2,414,381
Creditors: amounts falling due after more than one year
7
(801,727)
(888,760)
Provisions for liabilities
(424,787)
(226,967)
Net assets
1,926,077
1,298,654
Capital and reserves
Called up share capital
10
4,500
4,500
Revaluation reserve
1,774,799
1,181,340
Profit and loss reserves
146,778
112,814
Total equity
1,926,077
1,298,654

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 within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 July 2025 and are signed on its behalf by:
DA Nairn
Director
Company registration number 00185097 (England and Wales)
CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Chelmsford Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Club House, Widford Road, Chelmsford, Essex, CM2 9AP.

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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements. Thus t he 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 bar and catering sale s of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.

Entrance fees fall due for payment on the date on which a member joins the club but can be settled over a one, three or five year period. The income is recognised in the profit and loss account on receipt of the funds.

The Clubs subscription runs in line with the year end to 31 March. Life membership income received is released over an appropriate period of up to 25 years.

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.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Freehold land
Nil
Freehold car park
6.66% and 33.33% straight line
Fairway watering system
20% straight line
Course and greens equipment
12-33.33% reducing balance and 20-25% straight line
House furniture and catering equipment
15-33.33% reducing balance and 10-25% 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 profit or loss.

CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Borrowing costs related to fixed assets

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.6
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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock held which is not for resale is stated at cost.

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.

1.8
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.

1.9
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.

CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors bank loans 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 paymen ts 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. A m ounts 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.

1.10
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.

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.

1.11
Retirement benefits

The company makes contributions to a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

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.

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.

1.13
Taxation
The company manages the Chelmsford Golf Club on behalf of the members. As a mutual organisation the company is only liable to corporation tax on interest received, net rental income, capital gains and income received from non-members, net of attributable expenditure.
CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Number
Number
Total
33
38
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2024
2,261,917
2,109,951
4,371,868
Additions
12,196
226,920
239,116
Disposals
-
0
(66,304)
(66,304)
Revaluation
791,279
-
0
791,279
Transfers
9,800
(9,800)
-
0
At 31 March 2025
3,075,192
2,260,767
5,335,959
Depreciation and impairment
At 1 April 2024
334,518
1,138,641
1,473,159
Depreciation charged in the year
33,610
209,466
243,076
Eliminated in respect of disposals
-
0
(58,815)
(58,815)
Transfers
2,450
(9)
2,441
At 31 March 2025
370,578
1,289,283
1,659,861
Carrying amount
At 31 March 2025
2,704,614
971,484
3,676,098
At 31 March 2024
1,927,399
971,310
2,898,709

The net book value of tangible fixed assets includes £75.930 (2024 - £1 01,240) in respect of assets held under finance leases or hire purchase contracts.

CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Tangible fixed assets
(Continued)
- 6 -

Land and buildings were revalued by the directors as at March 2025. The valuation was carried out by the directors based on their knowledge of the property market and comparable property values in the area. These financial statements therefore reflect the overall carrying value of £3,053,000 for the business site. The revaluation was performed in accordance with the requirements of FRS 102, using the revaluation model under Section 17. The revalued amount represents the directors’ estimate of the fair value of the property at the balance sheet date. The surplus arising on revaluation has been transferred to a revaluation reserve within equity. Historic depreciation on those depreciating assets within the total value has not therefore been reversed and these assets continue to be depreciated in line with the Club's accounting policies.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Cost
2,963,561
2,963,561
Accumulated depreciation
(1,659,861)
(1,473,159)
Carrying value
1,303,700
1,490,402
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,234
4,289
Other debtors
80,695
119,787
87,929
124,076
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
40,428
21,256
Trade creditors
44,541
70,674
Corporation tax
535
220
Other taxation and social security
19,255
16,842
Other creditors
677,166
706,032
781,925
815,024
CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
215,532
257,525
Other creditors
586,195
631,235
801,727
888,760

The bank loan s are secured by a first legal mortgage over the freehold property known as Chelmsford Golf Club and a fixed and floating charge over the assets of the club. The interest is charged at base rate + 2.25% margin for the duration of the loans. The loan is due to be fully repaid after 10 years from drawdown of the loan.

Other creditors includes monies lent to the club under its loyalty scheme. These amounts are repayable in full by 31 December 2027, or at the earlier discretion of the club. The amounts lent to the club attract a fixed rate of interest of 3.7%.

Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
53,817
172,499
8
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,781
25,561

The company contributes to a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

9
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:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Terri Smith
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
16 July 2025
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £5 each
900
900
4,500
4,500
11
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
£
£
65,973
89,311
CHELMSFORD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
12
Ultimate controlling party

For this and the preceding year the ultimate controlling party was the Chelmsford Golf Club Members Trust.

13
Related party transactions

During the year the club made purchases for goods and services from members totalling £32,653 (2024: £69,763). All purchases were made on normal commercial terms.

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