REGISTERED NUMBER: |
RYE GOLF CLUB COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
REGISTERED NUMBER: |
RYE GOLF CLUB COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 8 |
RYE GOLF CLUB COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
82 High Street |
Tenterden |
Kent |
TN30 6JG |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
BALANCE SHEET |
31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
RESERVES |
Revaluation reserve | 12 |
Darwin Fund | 12 |
Heritage Fund | 12 |
Income and expenditure account | 12 |
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 |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Rye Golf Club Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises annual and temporary members' subscriptions together with amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of V.A.T. (where applicable). |
Entrance fees |
Entrance fees payable by members on joining the Club are considered to be a capital contribution and are credited to the accumulated fund. |
Investment income |
Dividends and interest are credited to the revenue account on the basis of the due date for payment. |
Tangible fixed assets |
Tangible fixed assets are depreciated at rates estimated to write off the cost of the asset over their expected useful lives, based on a straight-line basis. Depreciation has been charged at: |
Buildings |
- Clubhouse | 3%-5% |
- Other property | 2%-20% |
Plant, fixtures and fittings | 10%-33.3% |
Irrigation equipment | 5% |
Computers | 33.3% |
No depreciation is provided on freehold land. |
It is the opinion of the directors that the majority of the Club's property estate does not constitute investment properties in so far as it is not held to earn rentals or for capital appreciation but rather to maintain the boundary and security of the course. |
Where property is let to a third party at a market rent it is considered to be investment property and is classified as such. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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 taxation |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Pensions |
The company operates a defined contributions Group Personal Pension arrangement for all its eligible employees. The company's contributions are charged against profits in the year in which they are made and together with the employees' contributions are invested in an eligible auto enrolment scheme. |
Legacies |
Legacies are regarded as exceptional items in the profit and loss account and accounted for on notification. |
Non-monetary receipts and donations |
It is the policy of the company not to incorporate non-monetary gifts in its financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Green and | Equipment, | Heritage |
land and | irrigation | fixtures | Fund |
property | equipment | & fittings | assets | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification | ( |
) | ( |
) | ( |
) |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
Included in cost of land and buildings is freehold land of £ 182,706 (2021 - £ 182,706 ) which is not depreciated. |
Heritage Fund assets see note 15. |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1st January 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
Movement on cash funds |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
Other investments are shares in listed companies which have been measured at fair value. Fair value is the market value provided by the company's investment brokers. The underlying cost of investments included at fair value at the year end is £213,324 (2021: £216,881). |
Included in the above are investments of £22,083 (2021: £23,042) relating to the Darwin Fund, see note 15. |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2022 |
Revaluations | 217,500 |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
Fair value at 31st December 2022 is represented by: |
£ |
Valuation in 2019 | 442,400 |
Valuation in 2022 | 217,500 |
Cost | 100 |
660,000 |
If Investment property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 100 | 100 |
Investment property was valued on an open market basis on 1st April 2022 by Batcheller Monkhouse . |
7. | STOCKS |
Stocks comprise bar and catering stock, members' ties, buttons and books available for sale together with fuel oil in store and green stocks. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Corporation tax |
Tax and social security |
VAT | 7,701 | - |
Accruals and deferred income |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Accruals and deferred income includes £329,495 (2021: £365,458) of subscriptions received in advance. |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
11. | PROVISIONS FOR LIABILITIES |
Total | Investment Property | Investments |
£ | £ | £ |
At 1 January 2022 | 81,225 | 54,244 | 26,981 |
Change in tax rate | 25,650 | 17,130 | 8,520 |
Charged / (released) to Income Statement | 48,786 | 54,376 | (5,590 | ) |
At 31 December 2022 | 155,661 | 125,750 | 29,911 |
12. | RESERVES |
The Bernard Darwin Youth Fund |
The funds shown comprise the initial endowment of £10,000 to set up and run the Bernard Darwin Youth Salver plus the balance of the capital received from the Dormy House Club in 1995 from the sale of the Darwin Memorabilia after taking into account the cost of creating the Bernard Darwin Bar. It is the intention that these should be used for the benefit of young golfers at Rye in addition to contributing towards the cost of staging the Youth Salver. At the balance sheet date the Fund was invested in a separately designated portfolio managed by the Club's Investment Manager. |
Included within the Darwin fund is £9,785 (2021: £11,198) of unrealised gains net of deferred tax. |
Heritage Fund |
The Heritage Fund was set up in March 2001 to provide a means through which members and others could make gifts and bequests to the Club in the knowledge that these would be used for the purpose of preserving and enhancing the Club's collection of pictures, artefacts and memorabilia. Although as such its activities differ from those of the main Club, from an accounting viewpoint they must be reflected in the annual accounts. |
Income and expenditure account |
Included with in the income and expenditure account is £121,292 (2021: £145,979) of unrealised gains net of deferred tax. |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
14. | CAPITAL COMMITMENTS |
2022 | 2021 |
£ | £ |
Contracted but not provided for in the |
financial statements |
15. | SHARE CAPITAL |
The company is limited by guarantee and has no share capital. |