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Registration number: 02675750

Louth Golf Club (1992) Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 April 2026

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 7

Louth Golf Club (1992) Limited
(Registration number: 02675750)

(Registration number: 02675750)
Balance Sheet as at 30 April 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 5 | 2,278,919 | 2,283,032
Current assets |  |  |
Stocks | 6 | 8,678 | 7,170
Debtors | 7 | 12,942 | 5,217
Cash at bank and in hand |  | 98,766 | 105,258
|  | 120,386 | 117,645
Creditors: Amounts falling due within one year | 8 | (144,810) | (143,298)
Net current liabilities |  | (24,424) | (25,653)
Total assets less current liabilities |  | 2,254,495 | 2,257,379
Creditors: Amounts falling due after more than one year | 8 | (60,500) | (75,512)
Net assets |  | 2,193,995 | 2,181,867
Capital and reserves |  |  |
Called up share capital | 9 | 1,050,000 | 1,050,000
Capital redemption reserve |  | 1,500 | 1,500
Revaluation reserve |  | 1,076,876 | 1,076,876
Other reserves |  | 17,500 | 17,500
Retained earnings |  | 48,119 | 35,991
Shareholders' funds |  | 2,193,995 | 2,181,867

For the financial year ending 30 April 2026 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 accounts for the year in question in accordance with section 476; and
• | The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2026 and signed on its behalf by:

......................................... R Haynes Chairman

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

1 | General information

The Company is a private company limited by share capital, incorporated in England & Wales and the company registration number is 02675750.

The address of its registered office is:
Crowtree Lane
Louth
Lincolnshire
LN11 9LJ

These financial statements cover the individual entity, Louth Golf Club (1992) Limited.

These financial statements were authorised for issue by the Board on 30 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

The company has reported a profit this year. Cash flow is being carefully monitored by the directors and is forecast to be sufficient for at least the next 12 months.
The directors continue to look for ways to increase income, reduce expenditure and improve cash flow to trade in the longer term.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

Tax

The tax expense for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The company trades as a mutual society and accordingly no corporation tax is chargeable on profits arising from its activites with its members. Corporation tax is charged on other income at rates current during the year.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold land | No depreciation
Freehold buildings | 2% straight line
Plant and machinery | 10% straight line
Fixtures, fittings and equipment | 10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2025 - 4).

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 May 2025 | 50,000 | 50,000
At 30 April 2026 | 50,000 | 50,000
Amortisation
At 1 May 2025 | 50,000 | 50,000
At 30 April 2026 | 50,000 | 50,000
Carrying amount
At 30 April 2026 | - | -
At 30 April 2025 | - | -

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

5 | Tangible assets

| Land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Office equipment £ | Total £
Cost or valuation
At 1 May 2025 | 2,248,926 | 203,315 | 288,050 | 25,789 | 2,766,080
Additions | - | - | 2,529 | - | 2,529
Disposals | - | - | (7,084) | - | (7,084)
At 30 April 2026 | 2,248,926 | 203,315 | 283,495 | 25,789 | 2,761,525
Depreciation
At 1 May 2025 | - | 194,609 | 263,334 | 25,105 | 483,048
Charge for the year | - | 2,123 | 4,202 | 317 | 6,642
Eliminated on disposal | - | - | (7,084) | - | (7,084)
At 30 April 2026 | - | 196,732 | 260,452 | 25,422 | 482,606
Carrying amount
At 30 April 2026 | 2,248,926 | 6,583 | 23,043 | 367 | 2,278,919
At 30 April 2025 | 2,248,926 | 8,706 | 24,716 | 684 | 2,283,032

Revaluation

The fair value of the Company's Land and buildings was revalued on 30 April 2025. An independent valuer was not involved. The basis of this valuation was an open market value basis. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,172,050 (2025 - £1,172,050). The depreciation on the historical cost is £242,202. The historical cost at 30 April 2025 was £1,414,525.

6 | Stocks

| 2026 £ | 2025 £
Raw materials and consumables | 8,678 | 7,170

7 | Debtors

Current | 2026 £ | 2025 £
Trade debtors | 2,576 | 4,929
Prepayments | 10,366 | 288
| 12,942 | 5,217

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Bank loans and overdrafts | 12 | 15,280 | 39,836
Trade creditors |  | 7,507 | 5,417
Taxation and social security |  | 2,026 | 1,544
Accruals and deferred income |  | 119,544 | 96,501
Other creditors |  | 453 | -
|  | 144,810 | 143,298
Due after one year |  |  |
Loans and borrowings |  | 60,500 | 75,512

Creditors: amounts falling due after more than one year

| 2026 £ | 2025 £
Due after more than five years |  |
After more than five years by instalments | 34,500 | 43,004

| - | -

9 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £1,500 each | 700 | 1,050,000 | 700 | 1,050,000

10 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2026 £ | 2025 £
Not later than one year | 64,220 | 33,483
Later than one year and not later than five years | 133,305 | 72,016
| 197,525 | 105,499

Louth Golf Club (1992) Limited
(Registration number: 02675750)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

11 | Related party transactions

Loans from related parties

2026 | Other related parties £ | Total £
At start of period | 23,336 | 23,336
Repaid | (23,336) | (23,336)
At end of period | - | -

2025 | Other related parties £ | Total £
At start of period | 63,000 | 63,000
Repaid | (39,664) | (39,664)
At end of period | 23,336 | 23,336

Terms of loans from related parties

Three current directors, loaned the company a total of £16,500 and five former directors/shareholders loaned the company a total of £46,500. There are no formal repayment terms in respect of these loans and interest is charged at 0%.

12 | Loans and borrowings

Non-current loans and borrowings

| 2026 £ | 2025 £
Bank borrowings | 60,500 | 75,512

Current loans and borrowings

| 2026 £ | 2025 £
Bank borrowings | 15,280 | 16,500
Other borrowings | - | 23,336
| 15,280 | 39,836

Bank borrowings

Bounce Back Loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 8 December 2026. The carrying amount at year end is £8,780 (2025 - £16,508).
NatWest Bank Loan is denominated in sterling with a nominal interest rate of 4.25% over base %, and the final instalment is due on 11 August 2032. The carrying amount at year end is £67,000 (2025 - £75,504). The bank loan is secured by a fixed and floating charge covering all property or undertaking of the company dated 6th May, 2016 and a fixed charge over freehold property known as Louth Golf Club, Crowtree Lane, Louth, Lincolnshire dated 12th August, 2016.