Formby Ladies' Golf Club Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12996344 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Formby Ladies' Golf Club Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs M K Williams

Miss C Nurse

Mrs U Buschulte-Nahser

Miss K Fitzgerald

Mrs C Langton

Mrs M Page

Dr E Pierce

Mrs H L Hancock

Mrs S C Shepherd

Mrs R M McManus

Mrs J A Holcroft

Mrs N A Flatman

REGISTERED OFFICE:

Golf Road

Formby

Liverpool

Merseyside

L37 1YH

REGISTERED NUMBER:

12996344 (England and Wales)

AUDITORS:

SB&P

Chartered Accountants & Statutory Auditors

Oriel House

2-8 Oriel Road

Bootle

Liverpool

Merseyside

L20 7EP

FIXED ASSETS

Tangible assets

4

558,412

439,525

Investments

5

3,313

3,514

561,725

443,039

CURRENT ASSETS

Stocks

6

4,228

4,339

Debtors

7

8,342

19,843

Cash at bank and in hand

378,473

498,595

391,043

522,777

CREDITORS

Amounts falling due within one year

8

276,941

299,681

NET CURRENT ASSETS

114,102

223,096

TOTAL ASSETS LESS CURRENT LIABILITIES

675,827

666,135

CREDITORS

Amounts falling due after more than one year

9

65,779

-

NET ASSETS

610,048

666,135

RESERVES

Maintenance fund

11

47,258

Gow fund

11

2,502

2,401

Income and expenditure account

11

560,288

616,476

610,048

666,135

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 5 February 2025 and were signed on its behalf by:

Mrs S C Shepherd - Director

Mrs U Buschulte-Nahser - Director

1.	STATUTORY INFORMATION

Formby Ladies' Golf Club Limited is a private company, limited by guarantee , 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

- Subscriptions, entrance fees and administration fees

Subscriptions and administration fees are credited to revenue in the period to which they relate, and amounts paid in advance are deferred to future periods.

Entrance fees are credited to revenue in the period for which they are due.

- Visitor fees

Visitor fees are credited to revenue in the period to which they relate.

Visitor fees deposits are non-refundable and credited to revenue when they are received.

- Competitions, open meetings, bridge, locker rent and sundry events

Competitions, open meetings, bridge, locker rent and sundry events are credited to revenue in the period to which they relate.

- Bar and catering surplus

Bar and catering surplus represents the value of the bar and catering takings, net of cost of sales and net of VAT.

- Grants

The club received government grants in respect of the Sefton Hospitality & Leisure grant £18,200. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the club will comply with conditions attaching to them and the grants will be received using the accruals model.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost from the date the asset was purchased, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Green shed/course facility

1-10 years

Locker room & office

1-10 years

Clubhouse leasehold

30 years

Plant & machinery

1-10 years

Fixtures & fittings

1-4 years

Irrigation system

1-10 years

Clubhouse additions

Over the remaining period of the lease

Depreciation will continue to be calculated on the remaining useful life of the assets transferred from Formby Ladies Golf Club. Asset additions will be depreciated 4 or 10 years straight line basis.

Stocks

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

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference.

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

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under hire purchase contracts are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

Investments

Investments are included at fair value.

Reserves appropriations

Transfers to or from reserve funds for specific purposes are made at the discretion of the council.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Green

Clubhouse

Plant and

shed/clubhouse

leasehold

machinery

£

COST

At 1 January 2024

42,622

2

132,457

Additions

20,003

-

137,018

Disposals

-

(281

)

At 31 December 2024

62,625

2

269,194

DEPRECIATION

At 1 January 2024

10,362

-

59,477

Charge for year

8,227

-

51,277

Eliminated on disposal

-

(281

)

At 31 December 2024

18,589

-

110,473

NET BOOK VALUE

At 31 December 2024

44,036

2

158,721

At 31 December 2023

32,260

2

72,980

Fixtures

and

Irrigation

fittings

system

Totals

£

COST

At 1 January 2024

10,321

385,090

570,492

Additions

38,162

37,935

233,118

Disposals

-

(281

)

At 31 December 2024

48,483

423,025

803,329

DEPRECIATION

At 1 January 2024

7,264

53,864

130,967

Charge for year

10,746

43,981

114,231

Eliminated on disposal

-

(281

)

At 31 December 2024

18,010

97,845

244,917

NET BOOK VALUE

At 31 December 2024

30,473

325,180

558,412

At 31 December 2023

3,057

331,226

439,525

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2024

3,514

Revaluations

(201

)

At 31 December 2024

3,313

NET BOOK VALUE

At 31 December 2024

3,313

At 31 December 2023

3,514

Cost or valuation at 31 December 2024 is represented by:

Other

investments

£

Valuation in 2022

1,125

Valuation in 2023

(260

)

Valuation in 2024

(201

)

Cost

2,649

3,313

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

Cost

2,649

Fixed asset investments were valued on an open market basis on 31 December 2024 by the directors .

6.

STOCKS

31.12.24

31.12.23

£

Stocks

4,228

4,339

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Other debtors

1,161

13,066

Prepayments and accrued income

7,181

6,777

8,342

19,843

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Hire purchase contracts (see note 10)

12,515

-

Tax

7,724

13,870

Social security and other taxes

(173

)

-

VAT

11,274

8,940

Other creditors

55

-

Swipe card balance

10,468

7,878

Accruals and deferred income

235,078

268,993

276,941

299,681

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

Hire purchase contracts (see note 10)

65,779

-

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

6,127

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

Net obligations repayable:

Within one year

12,515

-

Between one and five years

59,652

-

In more than five years

6,127

-

78,294

-

Non-cancellable

operating leases

31.12.24

31.12.23

£

Within one year

12,500

Between one and five years

25,000

62,500

In more than five years

150,000

127,084

187,500

202,084

11.

RESERVES

Income

and

expenditure

Maintenance

account

fund

Gow fund

Totals

£

At 1 January 2024

616,476

47,258

2,401

666,135

Deficit for the year

(56,188

)

(56,188

)

Bonus share issue

-

101

At 31 December 2024

560,288

47,258

2,502

610,048

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Wendy McNulty FCA (Senior Statutory Auditor)

for and on behalf of SB&P