1.
General Information
MINCHINHAMPTON GOLF CLUB LIMITED (THE)
is a private company, limited by guarantee, incorporated in England & Wales, registered number
01057636
. The registered office is New Course, Minchinhampton, Stroud, Gloucestershire, GL6 9BE.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The company meets its working capital requirements from members' standard and extra loans, bank overdraft and loan facility. The directors consider the current working capital arrangements to be adequate. The directors also consider it unlikely that there will be any materially additional liability to repay members loans other than normally provided for and that any such repayments would be funded from the bank overdraft facility.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Fixtures & Fittings |
|
2.5.
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 income and expenditure 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 income and expenditure account as incurred.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
MINCHINHAMPTON GOLF CLUB LIMITED (THE)
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.7.
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 companies 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 including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in surplus or deficit for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
MINCHINHAMPTON GOLF CLUB LIMITED (THE)
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.9.
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.
2.10.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.11.
Operating Lease
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Less than 1 year
|
16245
|
55095
|
|
|
Greater than 1 year
|
12760
|
28506
|
|
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
||
|
29005
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
83061
|
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 56 (2024: 66)
4.
Tangible Assets
| Land & Property | |||
|---|---|---|---|
| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2025 |
|
|
|
| Additions |
|
|
|
| Disposals |
|
( |
( |
| As at 31 December 2025 |
|
|
|
| Depreciation | |||
| As at 1 January 2025 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
|
( |
( |
| As at 31 December 2025 |
|
|
|
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
All tangible fixed assets have been pledged to secure borrowings of the company under a fixed and floating charge.
MINCHINHAMPTON GOLF CLUB LIMITED (THE)
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Plant & Machinery |
|
|
|
5.
Stocks
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
6.
Debtors
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 359,002 | 298,105 | |
|
|
|
||
All debtor balances have been pledged to secure borrowings of the company under a fixed and floating charge.
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other creditors | 1,209,799 | 1,294,556 | |
| Taxation and social security |
|
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans |
|
|
|
| Other creditors | - | 97,123 | |
|
|
|
||
MINCHINHAMPTON GOLF CLUB LIMITED (THE)
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
9.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
|
|
|
||
10.
Related Party Transactions
During the year the company entered into the following transactions with related parties:
During the year the Directors made the following payments to the club: Subscriptions £14,428 (2024: £6,953), Bar & Competition spend £11,205 (2024: £9,451).
At the balance sheet date the directors had made loans to the club totalling £1,000 (2024: £1,000).
The above transactions were at arm's length and in the normal course of business.
11.
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
12.
Audit Information
The auditor's report on the accounts of
MINCHINHAMPTON GOLF CLUB LIMITED (THE)
for the year ended 31 December 2025 was unqualified.
The auditor's report was signed by
Russel Byrd FCA
(Senior Statutory Auditor)
for and on behalf of
Byrd + Link Audit Limited
, Statutory Auditor.
|
Honeybourne Place
Jessop Avenue
Cheltenham
GL50 3SH
|