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COMPANY REGISTRATION NUMBER: 10622816

Thetford Golf Club Limited

Company Limited by Guarantee

Unaudited financial statements

31 December 2025

Thetford Golf Club Limited

Company Limited by Guarantee

Statement of financial position

31 December 2025

| 2025 | 2024
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 7 |  | 2,061,490 |  | 2,120,356

Current assets

Stocks | 28,256 |  | 24,572 |
Debtors | 8 | 388,304 |  | 400,960 |
Cash at bank and in hand | 393,653 |  | 304,840 |
| --------- |  | --------- |
| 810,213 |  | 730,372 |

Creditors: Amounts falling due within one year | 9 | ( 562,488) |  | ( 667,950) |
| --------- |  | --------- |
Net current assets |  | 247,725 |  | 62,422
|  | ----------- |  | -----------
Total assets less current liabilities |  | 2,309,215 |  | 2,182,778

Creditors: Amounts falling due after more than one year | 10 |  | – |  | ( 96,000)
|  | ----------- |  | -----------
Net assets |  | 2,309,215 |  | 2,086,778
|  | ----------- |  | -----------

Capital and reserves

Land and buildings revaluation reserve |  | 789,831 |  | 789,831
Other reserves |  | 34,852 |  | 7,755
Profit and loss account |  | 1,484,532 |  | 1,289,192
|  | ----------- |  | -----------
Members funds |  | 2,309,215 |  | 2,086,778
|  | ----------- |  | -----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 .

Thetford Golf Club Limited

Company Limited by Guarantee

Statement of financial position (continued)

31 December 2025
These financial statements were approved by the board of directors and authorised for issue on 23 March 2026 , and are signed on behalf of the board by:

D J Buller
Director

Company registration number: 10622816

Thetford Golf Club Limited

Company Limited by Guarantee

Notes to the financial statements

Year ended 31 December 2025
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Brandon Road, Thetford, Norfolk, IP24 3NE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain land and buildings measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are discussed below: Land & buildings In applying the Company’s accounting policies for land & buildings carried at fair value, the directors obtained an external valuation of the property, which was undertaken by an independent professional valuer at 31 March 2018, resulting in a carrying amount of £1,750,000. The directors have determined that no further revaluation was required during the period to 31 December 2025. In forming this opinion, the directors considered: - the nature and location of the property; - the behaviour of relevant market indicators for comparable assets; - internal reviews of property condition; and - the absence of significant market or asset-specific factors that would suggest a material change in fair value. Based on this assessment, the directors deemed that the previously obtained valuation continued to reflect a reasonable estimate of the fair value of land and buildings at the reporting date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the sale of services is recognised when the service has been satisfactorily provided, the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. A deferred tax liability is recognised in full for the taxable temporary differences associated with capital allowances, as the reversal of these differences will result in future tax payments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Land & buildings | - | Improvements : 10% straight line. Land and buildings: not depreciated
| Course equipment | - | 20% on a reducing balance basis
| Fixtures & fittings | - | 20% on a reducing balance basis

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. 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 financing transaction it is measured at amortised cost. Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4. Company limited by guarantee
The company is a company limited by guarantee and does not have any share capital. Each member is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
5. Employee numbers
The average number of employees during the year was 33 (2024: 34 ).
6. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
Other reserves - This reserve records ring-fenced funds for future refurbishment of Company property.
7. Tangible assets

| Land & buildings | Course equipment | Fixtures & fittings | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 January 2025 | 1,763,134 | 501,596 | 119,341 | 2,384,071
Additions | – | 16,647 | 1,119 | 17,766
Disposals | ( 13,134) | – | – | ( 13,134)
| ----------- | --------- | --------- | -----------
At 31 December 2025 | 1,750,000 | 518,243 | 120,460 | 2,388,703
| ----------- | --------- | --------- | -----------
Depreciation |  |  |  |
At 1 January 2025 | 7,550 | 216,643 | 39,522 | 263,715
Charge for the year | 5,584 | 58,653 | 12,395 | 76,632
Disposals | ( 13,134) | – | – | ( 13,134)
| ----------- | --------- | --------- | -----------
At 31 December 2025 | – | 275,296 | 51,917 | 327,213
| ----------- | --------- | --------- | -----------
Carrying amount |  |  |  |
At 31 December 2025 | 1,750,000 | 242,947 | 68,543 | 2,061,490
| ----------- | --------- | --------- | -----------
At 31 December 2024 | 1,755,584 | 284,953 | 79,819 | 2,120,356
| ----------- | --------- | --------- | -----------

The land & buildings were revalued at £1,750,000 on 31 March 2018. The directors are of the opinion that the current market value is not materially different to this value. Land & buildings comprises the golf course and the clubhouse. The fair value of the Company's land and buildings at 31 December 2025 was determined by the directors at a valuation conducted on 31 March 2018. The directors are of the opinion that the current market value is not materially different to this value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

| Land & buildings
| £
At 31 December 2025 |
Aggregate cost | 960,169
Aggregate depreciation | –
| ---------
Carrying value | 960,169
| ---------

At 31 December 2024 |
Aggregate cost | 973,303
Aggregate depreciation | (7,550)
| ---------
Carrying value | 965,753
| ---------

8. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 371,432 | 368,552
Prepayments and accrued income | 10,918 | 19,173
Other debtors | 5,954 | 13,235
| --------- | ---------
| 388,304 | 400,960
| --------- | ---------

9. Creditors: Amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 21,873 | 34,436
Social security and other taxes | 37,193 | 29,980
Other creditors | 503,422 | 603,534
| --------- | ---------
| 562,488 | 667,950
| --------- | ---------

Included in other creditors are debenture loans of £Nil (2024: £48,000) which were unsecured and charged interest payable annually at 3% per annum. The debentures were repaid in full by the reporting date. Included in other creditors are hire purchase agreements totalling £Nil (2024: £1,377) secured against the assets to which they relate.
10. Creditors: Amounts falling due after more than one year

| 2025 | 2024
| £ | £
Other creditors | – | 96,000
| ---- | -------

Included in other creditors are debenture loans of £Nil (2024: £96,000) which were unsecured and were repayable in annual instalments over five years concluding on 31 March 2027. Interest was payable annually at 3% per annum. The repayment of the debentures was accelerated and they were repaid in full by the reporting date.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 17,881 | 19,836
Later than 1 year and not later than 5 years | 31,914 | 49,796
| ------- | -------
| 49,795 | 69,632
| ------- | -------