The Chase Golf Club Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

The Chase Golf Club Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04594350 . The registered office is Pottal Pool Road, Penkridge, Staffordshire, ST19 5RN.

2. Accounting Policies

2.1. Basis of Preparation of 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of golf equipment and spa products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from golf club membership fees, spa, restaurant and hotel services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the date the service is provided. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Freehold	2% on cost
Plant & Machinery	15% on cost
Motor Vehicles	25% on cost
Fixtures & Fittings	20% on cost
Computer Equipment	25% on cost

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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The Chase Golf Club Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. 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.

2.7. Pensions

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

2.8. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2.9. Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 80 (2023: 80)

4. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 January 2024	3,688,409	1,288,359	4,976,768
Additions	172,644	83,055	255,699
Disposals	-	(24,240 )	(24,240 )

As at 31 December 2024	3,861,053	1,347,174	5,208,227

Depreciation
As at 1 January 2024	1,050,858	1,123,711	2,174,569
Provided during the period	58,565	63,740	122,305
Disposals	-	(24,240 )	(24,240 )

As at 31 December 2024	1,109,423	1,163,211	2,272,634

...CONTINUED

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The Chase Golf Club Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	2,751,630	183,963	2,935,593

As at 1 January 2024	2,637,551	164,648	2,802,199

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	14,724	6,451
Prepayments and accrued income	36,532	35,217

	51,256	41,668

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	11,144	-
Trade creditors	65,913	73,507
Bank loans and overdrafts	10,793	10,540
Other taxes and social security	13,790	18,605
VAT	97,393	64,885
Net wages	793	-
Vouchers and deposits	70,352	134,477
Pension	5,697	5,286
Deferred golf subscriptions	241,691	239,747
Deferred health club subscriptions	173,927	159,759
Accruals and deferred income	37,591	37,225
Directors' loan accounts	111,340	115,090

	840,424	859,121

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	36,218	-
Bank loans	11,707	21,960

	47,925	21,960

8. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	11,144	-
Later than one year and not later than five years	36,218	-

	47,362	-

	47,362	-

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The Chase Golf Club Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

Preference Shares

	2024	2023
Allotted, called up and fully paid	£	£
2,000,000 Preference Shares of £ 1.00 each	2,000,000	2,000,000

10. Other Commitments

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £6,708 (2023 - £12,324).

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,935,593		2,802,199

			2,935,593		2,802,199
CURRENT ASSETS
Stocks		125,932		134,065
Debtors	5	51,256		41,668
Cash at bank and in hand		610,859		734,591

		788,047		910,324
Creditors: Amounts Falling Due Within One Year	6	(840,424 )		(859,121 )

NET CURRENT ASSETS (LIABILITIES)			(52,377 )		51,203

TOTAL ASSETS LESS CURRENT LIABILITIES			2,883,216		2,853,402

Creditors: Amounts Falling Due After More Than One Year	7		(47,925 )		(21,960 )

NET ASSETS			2,835,291		2,831,442

CAPITAL AND RESERVES
Called up share capital	9		2,000,001		2,000,001
Profit and Loss Account			835,290		831,441

SHAREHOLDERS' FUNDS			2,835,291		2,831,442