Machynys Peninsula Golf & Country Club - Accounts to registrar (filleted)

REGISTERED NUMBER: 05123050 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Machynys Peninsula Golf & Country Club

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Anderson

A L Davies

Mrs S E Anderson

C Koleilat

REGISTERED OFFICE:

Nicklaus Avenue

Machynys

Llanelli

Carmarthenshire

SA14 2DG

REGISTERED NUMBER:

05123050 (England and Wales)

ACCOUNTANTS:

Iwan Rees

21 Fronhaul

Swiss Valley

Llanelli

Dyfed

SA14 8LF

BANKERS:

Barclays Bank UK Plc

Leicester

LE87 2BB

FIXED ASSETS

Tangible assets

4

3,466,913

3,311,312

CURRENT ASSETS

Stocks

156,789

129,951

Debtors

5

201,507

56,500

Cash in hand

271,615

326,545

629,911

512,996

CREDITORS

Amounts falling due within one year

6

861,458

761,351

NET CURRENT LIABILITIES

(231,547

)

(248,355

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,235,366

3,062,957

CREDITORS

Amounts falling due after more than
one year

7

239,406

175,986

NET ASSETS

2,995,960

2,886,971

CAPITAL AND RESERVES

Called up share capital

200

Revaluation reserve

9

2,500,000

Retained earnings

495,760

386,771

2,995,960

2,886,971

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

J Anderson - Director

1.	STATUTORY INFORMATION

Machynys Peninsula Golf & Country Club Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents membership subscriptions and green fees receivable, plus spa, restaurant, bar, golf shop, academy sales and other receipts, excluding value added tax. Revenue is recognised when goods and services have been provided.

Tangible fixed assets

Tangible fixed assets are stated at historic cost or valuation,net of accumulated depreciation and any provision for impairment.

Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life, as follows:

Leasehold property

- Straight line over the life of the lease

Plant and machinery

-15% reducing balance

Fixtures, fittings and equipment

-15% reducing balance

Motor vehicle

- Straight line over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 75 (2023 - 67 ) .

4.	TANGIBLE FIXED ASSETS

Long

Fixtures

leasehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

COST

At 1 January 2024

2,729,557

701,647

261,010

107,957

3,800,171

Additions

-

204,607

33,319

32,250

270,176

At 31 December 2024

2,729,557

906,254

294,329

140,207

4,070,347

DEPRECIATION

At 1 January 2024

-

343,585

113,310

31,964

488,859

Charge for year

-

65,136

24,012

25,427

114,575

At 31 December 2024

-

408,721

137,322

57,391

603,434

NET BOOK VALUE

At 31 December 2024

2,729,557

497,533

157,007

82,816

3,466,913

At 31 December 2023

2,729,557

358,062

147,700

75,993

3,311,312

The lease of the company was valued by Savills (L&P) Limited Chartered Surveyors on 30th December 2010 at a value of £2.5M

Plant & Machinery with a carrying value of £404,645 (2023: £255,837), motor vehicles with a carrying value of £31,599 (2023: £43,090) and fixtures, fittings and other equipment with a carrying value of £5,761 (2022: £6,777) are held under finance leases.

5.

DEBTORS

2024

2023

£

Amounts falling due within one year:

Trade debtors

4,196

7,674

Other debtors

44,086

28,101

48,282

35,775

Amounts falling due after more than one year:

Amounts owed by group undertakings

153,225

20,725

Aggregate amounts

201,507

56,500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts (see note 8)

10,000

Hire purchase contracts

83,484

60,330

Trade creditors

137,949

116,826

Pension creditor

8,083

3,083

Social security and other taxes

167,895

152,829

Other creditors

19,815

7,159

Directors' current accounts

125

-

Accruals and deferred income

434,107

411,124

861,458

761,351

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans (see note 8)

5,833

15,838

Hire purchase contracts

233,573

160,148

239,406

175,986

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

3,085

-

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank loans

10,000

Amounts falling due between one and two years:

Bank loans between 1-2 years

5,833

10,000

Amounts falling due between two and five years:

Bank loans between 2-5 years

-

5,838

The company bankers have a legal charge over the company leasehold property, fixed and floating assets, in relation to the company facilities and connected companies loans dated 7th July 2022

The company is owed £153,225 by Machynys Leisure Ltd which execises control over Machynys Peninsula Golf & Country Club Ltd. In 2023 the company owed £20,725 to Machynys Leisure Ltd

The company owes a Bounceback loan of £15,833 (2023: £25,838) . The loan is repayable over 5 years until August 2026. The interest rate on the loan is 2.5% per annum.

The amount owed by directors at the year end are as follows:

J P Anderson £5,926.

No interest has been charged on the loans

9.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

2,500,000