REGISTERED NUMBER: 11034901 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

HUNSTANTON GOLF CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E C Coker

T M Shannon

F M Douglas

D A Hutchinson

M Ramsay

H L Gillett

C P Tyler

SECRETARY:

C J White

REGISTERED OFFICE:

Golf Course Road

Old Hunstanton

Norfolk

PE36 6JQ

REGISTERED NUMBER:

11034901 (England and Wales)

SENIOR STATUTORY AUDITOR:

Robert Booty ACA FCCA CTA

AUDITORS:

Wheelers

Chartered Accountants, Tax Consultants

& Statutory Auditors

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Tangible assets

4

2,360,588

1,697,905

CURRENT ASSETS

Stocks

39,221

45,862

Debtors

5

70,804

74,483

Investments

6

450,299

650,838

Cash at bank and in hand

783,210

668,770

1,343,534

1,439,953

CREDITORS

Amounts falling due within one year

7

1,083,678

1,011,440

NET CURRENT ASSETS

259,856

428,513

TOTAL ASSETS LESS CURRENT LIABILITIES

2,620,444

2,126,418

CREDITORS

Amounts falling due after more than one year

8

(204,250

)

(64,430

)

PROVISIONS FOR LIABILITIES

(67,606

)

(58,466

)

NET ASSETS

2,348,588

2,003,522

RESERVES

Revaluation reserve

11

138,426

135,741

Other reserves

55,284

55,113

Capital contribution in respect of interest-free loans

56,532

-

Income and expenditure account

2,098,346

1,812,668

2,348,588

2,003,522

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 4 March 2026 and were signed on its behalf by:

F M Douglas - Director

M Ramsay - Director

1.	STATUTORY INFORMATION

Hunstanton Golf Club Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention other than for investment properties.

Going Concern

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Income recognition

Membership income is recognised evenly over the period of membership.

Annual subscriptions become due on 1 January each year. Subscriptions received on or before 31 December in respect of the following year are included within subscriptions in advance as current liabilities in the Balance Sheet.

Entrance fees are recognised as income in the year in which the new member joins the Club and commences to play golf. In certain circumstances the Club may permit the new member to pay the entrance fee over a period of time.

Other sales are recognised when the service has been rendered or the goods supplied.

Donations from members are recognised on receipt of the monies, unless there are conditions attached, which would result in the income being recognised when the conditions for recognition are met.

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.

Freehold land

- No depreciation

Leasehold land

- Over the term of the lease

Building improvements

- 2%-5% on cost

Plant and machinery

- 25% on cost, 20% on cost, 15% on cost, 5% on cost and 3.33% on cost

Fixed assets are recorded at historic cost less accumulated depreciation and any provisions for impairment, with the exception of the company's freehold property. The freehold property was previously treated as investment property and carried at valuation. Following a change of use during 2022, the property was reclassified to freehold property and the valuation is treated as deemed cost.

During the year ended 31 December 2025, the company has changed the method of depreciating drainage from a 20 year straight-line basis to a 30 year straight-line basis as this revised method better reflects the entity’s consumption of the drainage over its useful life and is consistent with the entity’s replacement cycle.

The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change (i.e. in the current year) and in subsequent periods.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The company has mutual trading status and accordingly no corporation tax is chargeable on the surplus arising from activities with its members. The corporation tax charge has been calculated on the income from the company's non mutual trading activities.

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.

Value added tax

In its accounting for VAT, the company is subject to partial exemption rules which require an annual adjustment to be made for disallowable input VAT.

The charge in the Income Statement relates to disallowable input VAT for the year ended 31 December 2025. It includes the annual adjustment made in respect of the year ended 31 March 2025 together with an estimate of the irrecoverable VAT for the nine months ended 31 December 2025.

Disallowable input VAT in respect of fixed asset additions is capitalised at the estimated disallowable input VAT percentage as part of the cost of acquiring the asset.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date taking into account the Club's level of mutual trading.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in 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 the lease term, whichever is the shorter.

The interest element of these obligations is charged to surplus or deficit over the relevant period. The capital element of the future payments is treated as a liability.

Investments held at fair value

Investment funds are stated at the market value as at the 31 December 2025, as this is considered to be the fair value of the investments. The change in fair value of investments during the year comprises all increases and decreases in the fair value of investments held at any time during the year. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss.

Financial instruments

Financial instruments including interest free loans from members and directors that are not repayable on demand, are carried at the net present value of the future expected cash flows. The net present value is calculated using an interest rate based upon the cost of capital for the company.

The interest free loans provided during the year ended 31 December 2025 have been discounted on the basis of a cost of capital of 7.4% being the UK 10 year gilt rate of 4.4% plus a premium of 3%. The difference between the loans advanced and the net present value has been accounted for as a capital contribution from members in Other Comprehensive Income and credited to a separate reserve account. This will unwind as the loans are settled over their term starting with the first repayments due in January 2027.

Deferred compensation

During the year ended 31 December 1993, the Club received consideration of £100,000 from the freeholder to release their interest in Warren Farm, which encompassed the former machinery building. The funds were used to build a new machinery complex on the course. The amount was shown as deferred compensation which is amortised over the useful life of the corresponding machinery complex that was built, which was considered to have a useful life of 50 years.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2024 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

land and

Freehold

building

Plant and

land

improvements

machinery

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2025

175,000

1,261,515

1,796,289

3,232,804

Additions

-

455,673

421,826

877,499

Disposals

-

-

(81,958

)

(81,958

)

At 31 December 2025

175,000

1,717,188

2,136,157

4,028,345

DEPRECIATION

At 1 January 2025

-

450,805

1,084,094

1,534,899

Charge for year

-

51,967

144,630

196,597

Eliminated on disposal

-

-

(63,739

)

(63,739

)

At 31 December 2025

-

502,772

1,164,985

1,667,757

NET BOOK VALUE

At 31 December 2025

175,000

1,214,416

971,172

2,360,588

At 31 December 2024

175,000

810,710

712,195

1,697,905

Included in cost or valuation of land and buildings is freehold land of £ 175,000 (2024 - £ 175,000 ) which is not depreciated.

Cost or valuation at 31 December 2025 is represented by:

Leasehold

land and

Freehold

building

Plant and

land

improvements

machinery

Totals

£

£

£

£

Valuation in 2018

175,000

-

-

175,000

Cost

-

1,717,188

2,136,157

3,853,345

175,000

1,717,188

2,136,157

4,028,345

If freehold land and buildings had not been revalued it would have been included at the following historical cost:

31.12.25

31.12.24

£

£

Cost

11,068

11,068

Freehold land and buildings were valued on an open market basis on 31 December 2018 by Brown & Co .

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 January 2025

164,990

Additions

59,040

Transfer to ownership

(59,155

)

At 31 December 2025

164,875

DEPRECIATION

At 1 January 2025

102,072

Charge for year

39,886

Transfer to ownership

(56,197

)

At 31 December 2025

85,761

NET BOOK VALUE

At 31 December 2025

79,114

At 31 December 2024

62,918

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Other debtors

70,804

74,483

6.	CURRENT ASSET INVESTMENTS

31.12.25

31.12.24

£

£

Short term money market

investments

450,299

650,838

450,299

650,838

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Finance leases (see note 9)

31,520

34,507

Trade creditors

109,887

61,065

Subscriptions in advance

630,430

715,389

Social security and other taxes

31,415

54,745

Other creditors

280,426

145,734

1,083,678

1,011,440

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Other loans - 1-2 years

8,918

-

Other loans - 2-5 years

30,913

-

Other loans more than 5 years

85,737

-

Finance leases (see note 9)

46,682

30,430

Accruals and deferred income

32,000

34,000

204,250

64,430

Amounts falling due in more than five years:

Repayable by instalments

Other loans more than 5 years

85,737

-

Other loans represent the net present value of interest free loans from members and directors received during the year ended 31 December 2025. Further details are given in the accounting policy on financial instruments and in the related party disclosures.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

31.12.25

31.12.24

£

£

Net obligations repayable:

Within one year

31,520

34,507

Between one and five years

46,682

30,430

78,202

64,937

Non-cancellable

operating leases

31.12.25

31.12.24

£

£

Within one year

75,000

70,000

Between one and five years

305,417

280,000

In more than five years

9,274,166

787,500

9,654,583

1,137,500

During the year ended 31 December 2025, the company negotiated a new 125 year lease.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Finance leases

78,202

64,937

Hire purchase and finance lease liabilities are secured on the underlying assets which they are financing.

11.

RESERVES

Revaluation

reserve

£

At 1 January 2025

135,741

Reclassification

2,685

At 31 December 2025

138,426

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

The Report of the Auditors was unqualified.

Robert Booty ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of Wheelers

13.	CAPITAL COMMITMENTS

31.12.25

31.12.24

£

£

Contracted but not provided for in the

financial statements

121,582

123,312

14.	RELATED PARTY DISCLOSURES

During the year, donations of £95,400 were received from certain members and directors. In addition, interest free loans of £182,100 were received from certain members and directors. These loans are repayable in 10 equal installments from 1 January 2027. The balance of loans outstanding at 31 December 2025 was £182,100.

15.	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 £2 towards the assets of the company in the event of the liquidation.