Company Registration No. 00209165 (England and Wales)
THE WORCESTERSHIRE GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
THE WORCESTERSHIRE GOLF CLUB LIMITED
COMPANY INFORMATION
Directors
J A Pawson
D A R Horn
J Halford
S K MacKellar
J Saunders
N Allam
(Appointed 27 September 2024)
S Eales
(Appointed 27 September 2024)
Secretary
P Barker
Company number
00209165
Registered office
Wood Farm
Malvern Wells
Worcestershire
WR14 4PP
Auditor
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Bankers
Lloyds Bank Plc
48 Belle Vue Terrace
Malvern
Worcestershire
WR14 4QG
THE WORCESTERSHIRE GOLF CLUB LIMITED
CONTENTS
Page
Chairman's report
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income and expenditure account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 17
THE WORCESTERSHIRE GOLF CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The Company provides facilities for the members of The Worcestershire Golf Club.

Financial aspects
The Directors wish to report that the surplus for the year ended 31 March 2025 was £98,697 compared to a surplus of £79,613 for the year ended 31 March 2024, an overall increase of £19,084 over the two periods.
Operating Income for the year to 31 March 2025 was £1,075,391 against a previous year of £939,603 an increase of £135,788. This reflected continuing strong membership subs income, strong visitor revenue, and an improved bar surplus.
Interest receivable saw an improvement of £9,451 over the two periods reflecting continued good management of surplus subs funds deposited in interest bearing accounts.
However, this was offset by increased costs of £128,131 which reflected continued increased investment in the course, the start of the refurbishment of the toilets and changing facilities and a continued catch-up on general Club House repairs. Inflationary pressures on wages and various other costs are up on the year and remain a concern for the future.
The Club Increased cash reserves over the year by £84,896 (2024 increase £128,892) after purchasing fixed assets of £33,039 and repaying £54,828 in bank loans.
The current 2025/26 year has started well with overall membership numbers remaining strong.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J A Pawson
D A R Horn
J Halford
P J McNeil
(Resigned 27 September 2024)
L P Morgan
(Resigned 27 September 2024)
S K MacKellar
J Saunders
N Allam
(Appointed 27 September 2024)
S Eales
(Appointed 27 September 2024)
Auditor

In accordance with the Company's Articles, a motion proposing that Kendall Wadley LLP be reappointed as auditors of the company will be put at a General Meeting.

THE WORCESTERSHIRE GOLF CLUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D A R Horn
Director
26 August 2025
THE WORCESTERSHIRE GOLF CLUB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE WORCESTERSHIRE GOLF CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE WORCESTERSHIRE GOLF CLUB LIMITED
- 4 -
Opinion

We have audited the financial statements of The Worcestershire Golf Club Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its surplus for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

THE WORCESTERSHIRE GOLF CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WORCESTERSHIRE GOLF CLUB LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.

Audit response to risks identified

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and reviewing meeting minutes of those charged with governance. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations i s from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represent a risk of material misstatements due to fraud.

THE WORCESTERSHIRE GOLF CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WORCESTERSHIRE GOLF CLUB LIMITED
- 6 -

It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Morley BA (Hons) ACA (Senior Statutory Auditor)
For and on behalf of Kendall Wadley LLP
26 August 2025
Chartered Accountants
Statutory Auditor
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
THE WORCESTERSHIRE GOLF CLUB LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Income
1,054,050
932,003
Bar profit
21,341
7,600
General and administrative expenses
(981,719)
(853,588)
Operating surplus
93,672
86,015
Interest receivable and similar income
18,016
8,565
Interest payable and similar expenses
(9,568)
(13,340)
Surplus for the year before taxation
102,120
81,240
Taxation
4
(3,423)
(1,627)
Surplus for the year
98,697
79,613
THE WORCESTERSHIRE GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
5
1,222,977
1,255,531
Current assets
Stocks
11,771
6,638
Debtors
6
19,297
26,232
Cash at bank and in hand
1,039,276
954,380
1,070,344
987,250
Creditors: amounts falling due within one year
7
(951,070)
(941,215)
Net current assets
119,274
46,035
Total assets less current liabilities
1,342,251
1,301,566
Creditors: amounts falling due after more than one year
8
(50,729)
(108,813)
Net assets
1,291,522
1,192,753
Capital and reserves
Called up share capital
2,780
2,708
Revaluation reserve
10
50,721
50,721
Profit and loss reserves
1,238,021
1,139,324
Total equity
1,291,522
1,192,753

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 August 2025 and are signed on its behalf by:
D A R Horn
Director
Company registration number 00209165 (England and Wales)
THE WORCESTERSHIRE GOLF CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
2,696
50,721
1,059,711
1,113,128
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
79,613
79,613
Issue of share capital
188
-
-
188
Reduction of shares
(200)
-
-
0
(200)
Other movements
24
-
-
24
Balance at 31 March 2024
2,708
50,721
1,139,324
1,192,753
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
98,697
98,697
Issue of share capital
252
-
-
252
Reduction of shares
(180)
-
-
0
(180)
Balance at 31 March 2025
2,780
50,721
1,238,021
1,291,522
THE WORCESTERSHIRE GOLF CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
12
159,201
292,713
Interest paid
(9,568)
(13,340)
Income taxes refunded
30
-
0
Net cash inflow from operating activities
149,663
279,373
Investing activities
Purchase of tangible fixed assets
(33,039)
(62,100)
Proceeds on disposal of tangible fixed assets
12,250
-
0
Interest received
18,016
8,565
Net cash used in investing activities
(2,773)
(53,535)
Financing activities
Proceeds from issue of shares
252
188
Redemption of shares
(180)
(176)
Repayment of debentures
(4,800)
(42,900)
Repayment of bank loans
(54,828)
(51,818)
Payment of finance leases obligations
(2,438)
(2,240)
Net cash used in financing activities
(61,994)
(96,946)
Net increase in cash and cash equivalents
84,896
128,892
Cash and cash equivalents at beginning of year
954,380
825,488
Cash and cash equivalents at end of year
1,039,276
954,380
THE WORCESTERSHIRE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

The Worcestershire Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wood Farm, Malvern Wells, Worcestershire, WR14 4PP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. Advantage was taken of the transitional provisions of FRS102 to treat revalued freehold land and buildings as deemed cost. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised when the goods or services are provided to the customer. Membership fees are accrued over the period to which they relate, entrance fees are recognised in the income and expenditure account upon receipt.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation on fixed tangible assets has been calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset.
Freehold land and buildings
2% on cost of freehold buildings
Plant and Equipment
20% on cost
Fixtures and Fittings
20% on cost
Course Irrigation
2% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

THE WORCESTERSHIRE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

THE WORCESTERSHIRE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (ex cluding directors) employed by the company during the year was:

2025
2024
Number
Number
Total
21
20
THE WORCESTERSHIRE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
4
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
3,423
1,627
5
Tangible fixed assets
Freehold land and buildings
Plant and Equipment
Fixtures and Fittings
Course Irrigation
Total
£
£
£
£
£
Cost
At 1 April 2024
1,382,903
302,587
248,129
279,508
2,213,127
Additions
-
0
21,633
8,228
3,178
33,039
Disposals
-
0
(23,211)
-
0
-
0
(23,211)
At 31 March 2025
1,382,903
301,009
256,357
282,686
2,222,955
Depreciation and impairment
At 1 April 2024
511,989
187,229
226,530
31,848
957,596
Depreciation charged in the year
23,612
22,414
7,727
5,590
59,343
Eliminated in respect of disposals
-
0
(16,961)
-
0
-
0
(16,961)
At 31 March 2025
535,601
192,682
234,257
37,438
999,978
Carrying amount
At 31 March 2025
847,302
108,327
22,100
245,248
1,222,977
At 31 March 2024
870,914
115,358
21,599
247,660
1,255,531

Freehold land and buildings have been pledged to secure borrowings of the company.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
19,297
26,232
THE WORCESTERSHIRE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Debenture loans
9
-
0
4,800
Bank loans and overdrafts
9
62,453
61,635
Obligations under finance leases
2,438
2,438
Trade creditors
21,263
56,180
Corporation tax
5,080
1,627
Other taxation and social security
14,415
12,937
Other creditors
54,602
44,356
Accruals and deferred income
790,819
757,242
951,070
941,215

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
9
47,330
102,976
Obligations under finance leases
3,399
5,837
50,729
108,813
9
Loans and overdrafts
2025
2024
£
£
Debenture loans
-
0
4,800
Bank loans
109,783
164,611
109,783
169,411
Payable within one year
62,453
66,435
Payable after one year
47,330
102,976

The long-term bank loans comprise £97,283 (202 4 - £142,111) which is secured by a debenture with a fixed and floating charge on the assets of the company together with a legal charge over the new buildings, course and the greens sheds, and a £1 2,500 (202 4 - £22,500) loan taken out under the Coronavirus Bounce Back Loan Scheme. The latter is covered by a guarantee from the UK Government to the lender.

THE WORCESTERSHIRE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
10
Revaluation reserve
2025
2024
£
£
At the beginning and end of the year
50,721
50,721
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within one year
55,920
51,544
Between two and five years
147,358
167,662
In over five years
25,383
34,741
228,661
253,947
12
Cash generated from operations
2025
2024
£
£
Surplus for the year after tax
98,697
79,613
Adjustments for:
Taxation charged
3,423
1,627
Finance costs and loan charges
9,568
13,340
Investment income
(18,016)
(8,565)
Gain on disposal of tangible fixed assets
(6,000)
-
Depreciation and impairment of tangible fixed assets
59,343
63,842
Movements in working capital:
(Increase)/decrease in stocks
(5,133)
484
Decrease in debtors
6,935
1,239
Increase in creditors
10,384
141,133
Cash generated from operations
159,201
292,713
THE WORCESTERSHIRE GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
13
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
954,380
84,896
1,039,276
Borrowings excluding overdrafts
(169,411)
59,628
(109,783)
Lease liabilities
(8,275)
2,438
(5,837)
776,694
146,962
923,656
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