REGISTERED NUMBER: 00197413 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CHIGWELL GOLF CLUB LIMITED(THE)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Welham

J T Swayne

W Ducardo

S Simmons

H Colman

J Atherton

H S Bhorla

P Patel

REGISTERED OFFICE:

The Club House

High Road

Chigwell

Essex

IG7 5BH

REGISTERED NUMBER:

00197413 (England and Wales)

SENIOR STATUTORY AUDITOR:

Shahid Hameed FCA FCCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Tangible assets

5

1,637,164

1,703,091

CURRENT ASSETS

Stocks

159,293

154,801

Debtors

6

565,883

443,843

Cash at bank and in hand

511,474

151,042

1,236,650

749,686

CREDITORS

Amounts falling due within one year

7

1,495,484

1,262,664

NET CURRENT LIABILITIES

(258,834

)

(512,978

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,378,330

1,190,113

CREDITORS

Amounts falling due after more than one year

8

920,042

746,644

NET ASSETS

458,288

443,469

RESERVES

Income and expenditure account

458,288

443,469

458,288

443,469

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 31 December 2025 and were signed on its behalf by:

J A Welham - Director

J T Swayne - Director

1.	STATUTORY INFORMATION

Chigwell Golf Club Limited(The) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The Company continued to generate operating cash flows and continued to increase operations year-on-year. Improved cost control and a strategic approach to membership fees lead to an operating surplus of £41,461 (2024: deficit £53,649). The balance sheet as at 31 March 2025 shows a net current liability position of £258,834 (2024: £512,978) due to the high amount of deferred income from members who paid their membership fees in advance of £869,530 (2024: £850,526) and significant investments in its fixed assets during the past number of years.

The Company continues to meet its day to day working capital requirements through operating cash flows and finances significant capital expenditure projects through working capital and loans from members.

Having considered all the relevant facts the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

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

Membership subscriptions are recognised as income in the year that the subscription relates to.

Life memberships are initially recognised as deferred income and released to profit and loss over the period of estimated life expectancy. Upon death of a lifetime member the remaining subscriptions are released to profit and loss account.

Takings in relation to green fees, pro-shop sales, bar and catering sales are recognised at the point of sale.

Income in relation to fundraising schemes is recognised in line with the provision of benefits or incentives under the relevant scheme.

Rental income is recognised using the accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Clubhouse Building

4% to 33% on cost

Long Term Leasehold Property

Over lease period

Course Buildings & Equipment

4% to 33% on cost

Furniture & Equipment

10% to 33% on cost

Course 5 year plan

4% on cost

Borehole

4% on cost

Irrigation

4% on cost

Pro Shop

10% to 33% on cost

Stocks

Stock is stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Stocks are recognized as an expense in the period in which the related revenue is recognized.

Cost is determined on an average cost basis. Cost includes the purchase price, including taxes and duties, transport and all other costs directly attributable to bringing the stock to its present location and condition.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised on the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is shorter.

The interest element of these obligations is charged to the Profit and Loss over the relevant period. The capital element of future payments is treated as a liability.

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

Club card scheme

Funds raised from the Club card schemes are released to the income account over a period of 10 years. The subscription discount, available to Club card holders based upon sales, is accrued for in the year in which it is earned.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2024 - 30 ) .

5.	TANGIBLE FIXED ASSETS

Pro Shop

Freehold

and

Improvements

land and

practice

Long

to

buildings

facilities

leasehold

property

£

£

£

£

COST

At 1 April 2024

1,129,663

85,553

152,850

827,661

Additions

4,764

-

-

2,178

At 31 March 2025

1,134,427

85,553

152,850

829,839

DEPRECIATION

At 1 April 2024

860,766

18,459

46,227

184,871

Charge for year

28,288

8,556

1,224

33,109

At 31 March 2025

889,054

27,015

47,451

217,980

NET BOOK VALUE

At 31 March 2025

245,373

58,538

105,399

611,859

At 31 March 2024

268,897

67,094

106,623

642,790

Fixtures

Plant and

and

machinery

fittings

Irrigation

Borehole

Totals

£

£

£

£

£

COST

At 1 April 2024

125,065

29,220

522,213

98,624

2,970,849

Additions

51,513

950

-

-

59,405

At 31 March 2025

176,578

30,170

522,213

98,624

3,030,254

DEPRECIATION

At 1 April 2024

77,524

15,534

51,599

12,778

1,267,758

Charge for year

23,472

5,855

20,891

3,937

125,332

At 31 March 2025

100,996

21,389

72,490

16,715

1,393,090

NET BOOK VALUE

At 31 March 2025

75,582

8,781

449,723

81,909

1,637,164

At 31 March 2024

47,541

13,686

470,614

85,846

1,703,091

Included within the figures above are assets held under hire purchase agreements with a net book value of £219,667 (2024 - £188,202). Depreciation charged in the year on these items was £15,410 (2024 - £15,410).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

492,634

374,518

Other debtors

73,249

69,325

565,883

443,843

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

30,000

30,000

Hire purchase contracts (see note 9)

55,816

42,000

Trade creditors

251,096

215,042

Taxation and social security

12,187

9,888

Other creditors

1,146,385

965,734

1,495,484

1,262,664

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

5,000

35,000

Hire purchase contracts (see note 9)

31,031

46,929

Trade creditors

404,661

330,965

Other creditors

479,350

333,750

920,042

746,644

All members loans are unsecured.

The members' loans - irrigation are for a period of 12 years from inception on 31 January 2021. The loans carry an interest rate of 5% and are repayable in annual instalments equating to 10% of the principal amount from 31 January 2024.

The members' other loans are repayable with 12 months' advance notice and carry an interest rate of 3% above the Bank of England base rate up to a maximum rate of 8% per annum.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

55,816

42,000

Between one and five years

31,031

46,929

86,847

88,929

Non-cancellable

operating leases

2025

2024

£

£

Within one year

22,915

10,914

Between one and five years

66,160

18,625

89,075

29,539

The above operating leases relate to equipment hire.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

86,847

88,929

The debts are secured against the fixed assets to which they have been used to acquire.

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

The Report of the Auditors was unqualified.

Shahid Hameed FCA FCCA (Senior Statutory Auditor)

for and on behalf of THP Limited

12.	MEMBERS' LIABILITY

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.