Registration number: 02675750

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 8

Louth Golf Club (1992) Limited
(Registration number: 02675750)

(Registration number: 02675750)
Balance Sheet as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	2,283,032	1,243,204
Current assets
Stocks	6	7,170	8,097
Debtors	7	5,217	20,332
Cash at bank and in hand		105,258	132,627
		117,645	161,056
Creditors: Amounts falling due within one year	8	(143,298)	(195,901)
Net current liabilities		(25,653)	(34,845)
Total assets less current liabilities		2,257,379	1,208,359
Creditors: Amounts falling due after more than one year	8	(75,512)	(88,834)
Net assets		2,181,867	1,119,525
Capital and reserves
Called up share capital	10	1,050,000	1,050,000
Capital redemption reserve		1,500	1,500
Revaluation reserve		1,076,876	-
Other reserves		17,500	17,500
Retained earnings		35,991	50,525
Shareholders' funds		2,181,867	1,119,525

For the financial year ending 30 April 2025 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 Profit and Loss Account.

Approved and authorised by the Board on 10 September 2025 and signed on its behalf by:
 

......................................... R Haynes Chairman

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1	General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Crowtree Lane
Louth
Lincolnshire
LN11 9LJ

These financial statements were authorised for issue by the Board on 10 September 2025.

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 company and have been rounded to the nearest pound.

Going concern

The company has once again reported a loss this year. Cash flow is being carefully monitored by the directors and is forecast to be sufficient for at least the next 12 months.

The directors continue to look for ways to increase income and reduce expenditure in order to reduce forecast losses, improve cash flow and are also investigating alternate funding resources to allow the company to continue to trade in the longer term.

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 sales, 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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings.

The company trades as a mutual society and accordingly no corporation tax is chargeable on profits arising from its activites with its members. Corporation tax is charged on other income at rates current during the year.

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
Freehold land	No depreciation
Freehold buildings	2% straight line
Plant and machinery	10% straight line
Fixtures, fittings and equipment	10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2024 - 4).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2024	50,000	50,000
At 30 April 2025	50,000	50,000
Amortisation
At 1 May 2024	50,000	50,000
At 30 April 2025	50,000	50,000
Carrying amount
At 30 April 2025	-	-
At 30 April 2024	-	-

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

5	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 May 2024	1,466,441	198,787	276,451	25,789	1,967,468
Revaluations	834,674	-	-	-	834,674
Additions	3,926	4,528	19,936	-	28,390
Disposals	(56,115)	-	(8,337)	-	(64,452)
At 30 April 2025	2,248,926	203,315	288,050	25,789	2,766,080
Depreciation
At 1 May 2024	242,202	192,178	265,143	24,741	724,264
Charge for the year	-	2,431	4,655	364	7,450
Eliminated on disposal	(242,202)	-	(6,464)	-	(248,666)
At 30 April 2025	-	194,609	263,334	25,105	483,048
Carrying amount
At 30 April 2025	2,248,926	8,706	24,716	684	2,283,032
At 30 April 2024	1,224,239	6,609	11,308	1,048	1,243,204

Revaluation

The fair value of the Company's Land and buildings was revalued on 30 April 2025. An independent valuer was not involved. The basis of this valuation was an open market value basis. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,172,050 (2024 - £Nil). The depreciation on the historical cost is £242,202. The historical cost at 30 April 2025 was £1,414,525.

6

Stocks

	2025 £	2024 £
Raw materials and consumables	7,170	8,097

7

Debtors

Current	2025 £	2024 £
Trade debtors	4,929	4,768
Prepayments	288	4,395
Other debtors	-	11,169
	5,217	20,332

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	9	39,836	78,544
Trade creditors		5,417	15,885
Taxation and social security		1,544	934
Accruals and deferred income		96,501	98,045
Other creditors		-	2,493
		143,298	195,901
Due after one year
Loans and borrowings		75,512	88,834

Creditors: amounts falling due after more than one year

	2025 £	2024 £
Due after more than five years
After more than five years by instalments	43,004	49,830

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