Chorlton Cum Hardy Golf Club (2017) Limited Company accounts

COMPANY REGISTRATION NUMBER: 10688628

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2025

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

Contents	Pages

Directors' report	1 to 3

Income statement	4 to 5

Statement of income and retained earnings	5

Statement of financial position	6 to 7

Notes to the financial statements	8 to 14

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Directors' Report

Year ended 31 March 2025

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

Principal activity and business review

The principal activity of the company is the golf and other social activities of Chorlton Cum Hardy Golf Club. This business was formerly an unincorporated entity and was acquired by the company for nil consideration at close of business on 31 March 2018 at which time it had net liabilities of £129,077. On acquisition an intangible asset of this amount was recognised for the value attributed to the club membership income, which is being amortised over 15 years. The company made an operating profit of £29,237 (2024: loss of £21,268) which includes £8,558 (2024: £8,558) of non-cash amortisation of intangible assets, so the underlying profit was £37,795 (2024: loss of £12,710). The directors are encouraged with the growth of the business and the level of recurring membership income. Golf activities are performed on a 79 acre site in Chortlton Cum Hardy, Manchester, which incorporates the Grade 2 listed building Barlow Hall. This site is owned by Barlow Hall Manor Ltd, in which the company owns approximately 33% (2024: 33%) of the share capital at the balance sheet date, having acquired a minority interest in May 2019. The company is responsible for the maintenance and repair of Barlow Hall, for which the provision in these accounts is £27,032 (2024: £20,700) for work on the roof, chimneys and decking. In addition to funding provided by operations the company has a Government bounce back loan of £28,834 repayable over 10 years and an overdraft facility of £30,000 which was unutilised at 31 March 2025.

Company incorporation

The company was incorporated as a company limited by Guarantee on 24 March 2017.

Directors

The directors who served the company during the year were as follows:

Jeremy Lowery
Anthony Peter Kenny

Daniel James Tate	(Appointed 21 May 2024)
William Appleton	(Appointed 21 May 2024)
Kurt Stephens	(Appointed 21 May 2024)
Benjamin John Sullivan	(Appointed 22 July 2024)
Scott James Meakin	(Resigned 3 September 2024)
David Mackinnon	(Resigned 25 April 2024)
Karen Brody	(Resigned 13 July 2024)
Conor McDonnell	(Resigned 14 July 2024)

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Directors' indemnity cover

All directors benefit from qualifying third-party indemnity provisions in place during the financial period and at the date of this report.

Statement of directors' responsibilities for the financial statements

The directors are responsible for preparing the annual report and 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 Financial Reporting Standard 102 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 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;

- state whether they have been prepared in accordance with FRS 102 subject to any material departures disclosed and explained in the financial statements;

- 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 requirements of 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.

Small company provisions

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

This report was approved by the board of directors on 12 November 2025 and signed on behalf of the board by:

Daniel James Tate

Director

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Income Statement

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	5	827,067	758,469

Cost of sales	478,470	481,961
	---------	---------
Gross profit	348,597	276,508

Administrative expenses		319,360	297,776
		---------	---------
Operating profit/(loss)	6	29,237	( 21,268)

Interest payable and similar expenses	8	5,784	4,585
		---------	---------
Profit/(loss) before taxation		23,453	( 25,853)

Tax on profit/(loss)	9	–	( 1,022)
		--------	--------
Profit/(loss) for the financial year		23,453	( 24,831)
		--------	--------

All the activities of the company are from continuing operations.

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Statement of Income and Retained Earnings

Year ended 31 March 2025

	2025	2024
Note	£	£
Profit/(loss) for the financial year and total comprehensive income	23,453	( 24,831)
Retained losses at the start of the year	( 49,705)	( 24,874)
	--------	--------
Retained losses at the end of the year	( 26,252)	( 49,705)
	--------	--------

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	10	69,171	77,729
Tangible assets	11	175,358	154,059
Investments	13	161	161
		---------	---------
		244,690	231,949

Current assets

Inventories	14	8,012	8,250
Debtors	15	1	–
Cash at bank and in hand		50,496	7,230
		--------	--------
		58,509	15,480

Creditors: amounts falling due within one year	16	( 212,965)	( 203,921)
		---------	---------
Net current liabilities		( 154,456)	( 188,441)
		---------	---------
Total assets less current liabilities		90,234	43,508

Creditors: amounts falling due after more than one year	17	( 116,486)	( 93,213)
		---------	--------
Net liabilities		( 26,252)	( 49,705)
		---------	--------

Capital and reserves

Profit and loss account	( 26,252)	( 49,705)
	--------	--------
Members deficit	( 26,252)	( 49,705)
	--------	--------

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 12 November 2025 , and are signed on behalf of the board by:

Daniel James Tate

Director

Company registration number: 10688628

Chorlton Cum Hardy Golf Club (2017) Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The address of the registered office is Barlow Hall, Barlow Hall Road, Chorlton Cum Hardy, Manchester M21 7JJ. The principal activity of the company is that of a golf club

2. Statement of compliance

These financial statements have been prepared in accordance with FRS 102. There were no material departures from that standard in the current financial period. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. Business combinations All business combinations are accounted for by applying the purchase method. On acquisition, the assets and liabilities that exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. The results of businesses acquired in the period are included in the income statement from the date on which control is obtained.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Intangible assets

Intangible assets represents the excess of the fair value of the consideration paid on acquisition of Chorlton Cum Hardy Golf Club over the fair value of the assets, liabilities and contingent liabilities acquired and is attributable to the club membership. The intangible has an estimated useful life of 15 years based on the average life of membership at the date of acquisition.

Investment in associates

The investment is recognised at cost in the company statement of financial position.

Impairment of fixed assets and intangibles

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Property, plant and equipment - depreciation and amortisation

Property, plant and equipment is stated at cost or valuation, less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over the expected useful life as follows:

Leasehold improvements 40 years (straight line)

Plant and Machinery 10 years (reducing balance)

Furniture and fittings 10 years (reducing balance)

Leasing

Property, plant and equipment acquired under finance leases or 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. All other leases are regarded as operating leases and the payments made under them are charged to the income statement on a straight-line basis over the lease term.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Income recognition

Revenue is recognised to the extent that it is probable that the economic benefits associated with a transaction will flow into the Company. Revenue comprises the value of members' subscriptions, visitors green fees and equipment hire, bar revenues and catering. It is stated exclusive of value added tax and net of trade discounts and rebates.

Employee benefits

Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred.

Taxation

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement 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 date

Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

4. Company limited by guarantee

The Company is limited by guarantee and incorporated in England.

5. Turnover

Turnover arises from:

	2025	2024
	£	£
Members subscriptions and competitions	447,759	391,333
Bar and catering income	196,613	192,496
Visitor green fees and associated revenue	173,114	152,958
Other revenues	9,581	21,682
	---------	---------
	827,067	758,469
	---------	---------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

6. Operating profit/(loss)

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	8,558	8,558
Depreciation of tangible assets	59,958	62,525
Gains on disposal of tangible assets	( 11,006)	–
Maintenance and repairs to leased building	43,744	14,051
	--------	--------

Included in depreciation charge above, the amount that relates to assets held under finance and hire purchase is £45,711 (2024:£46,393).

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Staff	16	17
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	305,578	325,954
Social security costs	27,661	26,840
Other pension costs	5,960	5,978
	---------	---------
	339,199	358,772
	---------	---------

The company operates a stakeholder defined contribution pension scheme for the benefit of the employees. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the year amount to £5,978 (2024:£5,314).

8. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	72	947
Interest on obligations under finance leases and hire purchase contracts	5,712	3,638
	-------	-------
	5,784	4,585
	-------	-------

9. Tax on profit/(loss)

Major components of tax income

	2025	2024
	£	£

Current tax:

Adjustments in respect of prior periods	–	( 1,022)
	----	-------
Tax on profit/(loss)	–	( 1,022)
	----	-------

10. Intangible assets

	Intangible assets
	£
Cost
At 1 April 2024 and 31 March 2025	129,077
	---------
Amortisation
At 1 April 2024	51,348
Charge for the year	8,558
	---------
At 31 March 2025	59,906
	---------
Carrying amount
At 31 March 2025	69,171
	---------
At 31 March 2024	77,729
	---------

Intangible assets comprises the estimated value of fees due from members as at acquisition in March 2018. This is being amortised over 15 years, which is the average membership duration at that date. The number of members and fees derived therefrom has not changed significantly in the current year and the directors consider that there is no impairment at the balance sheet date.

11. Tangible assets

	Plant, fixtures and equipment
	£
Cost
At 1 April 2024	368,477
Additions	81,256
Disposals	( 44,041)
	---------
At 31 March 2025	405,692
	---------
Depreciation
At 1 April 2024	214,418
Charge for the year	59,958
Disposals	( 44,042)
	---------
At 31 March 2025	230,334
	---------
Carrying amount
At 31 March 2025	175,358
	---------
At 31 March 2024	154,059
	---------

The net carrying amount of plant and equipment includes £115,308 (2024: £79,763) in respect of assets held under finance leases. The depreciation charge for the year of £59,958 includes £45,711 in respect of assets held under finance leases.

12. Investment in associates

The investment in associates comprises an investment in the share capital of Barlow Hall Manor Ltd over which it has significant influence. The company holds the shares until such time as a full member of the club is entitled to a share at which time it is transferred at a value of £1. Shareholders are obliged to transfer their share to (2017) Limited if they leave the club. The land owned by Barlow Hall Manor Ltd is of such a nature and used for such purpose it makes it difficult to place a value thereon, so the share investment in that company is now recognised at cost. Barlow Hall was valued in 2013 for insurance purposes at £3.4m.

13. Investments

	Shares in participating interests
	£
Cost
At 1 April 2024 and 31 March 2025	161
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	161
	----
At 31 March 2024	161
	----

14. Inventories

	2025	2024
	£	£
Bar stocks	8,012	8,250
	-------	-------

15. Debtors

	2025	2024
	£	£
Prepayments and accrued income	1	–
	----	----

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	3,911	3,911
Trade creditors	33,387	18,950
Accruals and deferred income	103,517	89,377
Social security and other taxes	8,389	610
Obligations under finance leases and hire purchase contracts	38,628	38,628
Other loans	25,133	15,454
Other creditors	–	36,991
	---------	---------
	212,965	203,921
	---------	---------

Bank loans and overdrafts are unsecured. The company has committed borrowing facilities available from National Westminster Bank at 31 March 2025 of £30,000 for which all conditions have been met but are undrawn at that date. Interest is charged at a floating rate linked to LIBOR. The balance outstanding is the amount repayable within one year on a Government secured Bounce Back Loan which is repayable over 10 years. The brewery loan amortises in line with consumption of products provided by the brewery. Finance lease creditors are secured on the assets to which they relate. The company accruals and deferred income was £103,517 (2024:£89,377) and includes money received from members which is repayable on demand, but can be converted on an annual basis at the fee rate applicable at the date of receipt of the money by the club.

17. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	24,924	31,146
Accruals and deferred income	2,685	–
Obligations under finance leases and hire purchase contracts	68,877	42,067
Loan from associated company	20,000	20,000
	---------	--------
	116,486	93,213
	---------	--------

The loan from the associated company is interest free and has no fixed repayment date. The bank loan comprises the over one year element of the bounce back loan. Deferred income relates to memberships paid in advance which have a period of up to 3 years.

18. Maturity of debt finance

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	38,628	38,628
Later than 1 year and not later than 5 years	68,877	42,067
	---------	--------
	107,505	80,695
	---------	--------

The maturity of debt financing is as follows: As at 31 March 2025

	Loans	HP and finance leases	Total
	£	£	£
In one year or less or on demand	(29,044)	(38,628)	(67,672)
In more than one year but not more than two years	(6,912)	(36,227)	(43,139)
Between two years and five years	(18,012)	(32,690)	(50,702)

--------	---------	---------
(53,968)	(107,545)	(161,513)
--------	---------	---------

As at 31 March 2024

	Loans	HP finance leases	Total
	£	£	£
In one year or less or on demand	(19,365)	(38,628)	(57,993)
In more than one year but not more than two years	(6,912)	(30,731)	(37,643)
Between two years and five years	(17,323)	(11,336)	(28,659)
Over five years	(6,911)	–	(6,911)
	--------	--------	---------
	(50,511)	(80,695)	(131,206)
	--------	--------	---------

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 5,960 (2024: £ 5,978 ).

20. Capital commitments

As at 31 March 2025 capital commitments of the club totalled £nil (2024: £nil). There were no other guarantees or contingencies at the balance sheet date.