Registration number:
Prestbury Golf Club Limited
(A company limited by guarantee)
for the Year Ended 31 December 2024
Prestbury Golf Club Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Prestbury Golf Club Limited
Company Information
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Chairman |
B G Purves |
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Directors |
S A Smith Y C S Dodd S J Finlay S J Bolam I D Bartholomew S Ward C Harrison-Croft M A Allen M D Prescott |
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Registered office |
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Accountants |
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Prestbury Golf Club Limited
(Registration number: 01030923)
Balance Sheet as at 31 December 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Reserves |
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Retained earnings |
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Surplus |
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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:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
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Prestbury Golf Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
These financial statements are presented in sterling, which is the functional currency of the entity.
Prestbury Golf Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.
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 balance sheet 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.
Prestbury Golf Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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:
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Asset class |
Depreciation method and rate |
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Freehold land |
not depreciated |
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Freehold clubhouse buildings and course developments |
2% on cost |
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Strategic course masterplan |
5% on cost |
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Green implements |
10% - 33% on cost |
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Furniture, fixtures and fittings |
10% on cost |
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Office and other equipment |
20% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Prestbury Golf Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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.
Leases
Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations net of future finance charges are included in creditors.
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Staff numbers |
The average number of persons employed full time by the company (including directors) during the year, was
There were also 27 (2023 - 13) casual staff who worked shifts as and when required.
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Tangible assets |
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Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
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Cost or valuation |
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At 1 January 2024 |
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Revaluations |
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Additions |
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Disposals |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Prestbury Golf Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Course improvements |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Revaluations |
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Additions |
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Disposals |
- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Prestbury Golf Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Included in cost of land and buildings is freehold land of £31,085 (2023 - £31,085) which is not depreciated.
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Bank loans and finance leases |
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Trade creditors |
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PAYE and VAT |
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Pension contributions |
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Other creditors |
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Accruals |
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Corporation tax liability |
26,026 |
1,386 |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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HP and finance lease liabilities |
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Loan notes |
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Related party transactions |
The club uses the services of insurance broker Lloyd Bolam Limited, a company of which Mr S J Bolam was a director of during the year as well as Prestbury Golf Club Limited.
Prestbury Golf Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Financial instruments |
The £600,000 unsecured variable rate Loan Notes 2023 are repayable in equal instalments annually over 10 years commencing 1st July 2024. The Loan Notes carry a coupon rate of the lower of 2.00% and the base rate of the company's bankers.
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Pensions |
The company operates a defined contribution scheme for member of staff, the assets of which are held separately in independently administered funds. Contributions paid in the year on behalf of staff amounted to £13,687 (2023 - £13,985).