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EDGBASTON GOLF CLUB,LIMITED(THE) |
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Financial Statements for the Year Ended 31 May 2022 |
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EDGBASTON GOLF CLUB,LIMITED(THE) |
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Financial Statements for the Year Ended 31 May 2022 |
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EDGBASTON GOLF CLUB,LIMITED(THE) (REGISTERED NUMBER: 00105911) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EDGBASTON GOLF CLUB,LIMITED(THE) |
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Company Information |
for the Year Ended 31 May 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
88 Hill Village Road |
Sutton Coldfield |
West Midlands |
B75 5BE |
EDGBASTON GOLF CLUB,LIMITED(THE) (REGISTERED NUMBER: 00105911) |
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Balance Sheet |
31 May 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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RESERVES |
Asset replacement reserve |
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Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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EDGBASTON GOLF CLUB,LIMITED(THE) (REGISTERED NUMBER: 00105911) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
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1. | STATUTORY INFORMATION |
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Edgbaston Golf Club,Limited(The) is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises of revenue recognised by the Club in respect of fees, subscriptions and other income receivable and goods and services supplied during the year. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is provided on the following basis: |
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- Long term leasehold property - Not exceeding the period of lease |
- Course equipment - 2 to 10 years |
- Furniture and equipment - 3 to 10 years |
- Long term maintenance including boundary fencing - 10 years |
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The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively, if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income and expenditure account. |
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Small items of capital expenditure and renewals are written off in the year in which they are incurred. |
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Stocks |
Stocks are valued at the lower of cost and net realiseable value, being the estimated selling price less costs to complete and sell. Cost is based on the purchase on a first in, first out basis. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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EDGBASTON GOLF CLUB,LIMITED(THE) (REGISTERED NUMBER: 00105911) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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In the statement of cash flows, cash and equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Club's cash management. |
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Financial instruments |
The Club only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Operating leases |
Rentals paid under operating leases are charged to the income and expenditure account on a straight line basis over the lease term. |
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Value Added Tax |
The Club has partial exemption status for Value Added Tax (VAT). Where appropriate, a proportion of irrecoverable VAT is included as an additional cost of expenditure on tangible fixed assets and special projects and the balance is written off in the income and expenditure account. |
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Transfer of funds to asset replacement reserve |
At the end of the financial year, a transfer is made to or from the asset replacement reserve. A transfer to the asset replacement reserve cannot exceed the surplus for the year, so that the asset replacement reserve is equal to 90% of the "Free Cash" balance (comprising of cash at bank and in hand less subscriptions paid in advance and, if applicable, committed capital expenditure authorised by the Committee but not yet incurred). |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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EDGBASTON GOLF CLUB,LIMITED(THE) (REGISTERED NUMBER: 00105911) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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5. | TANGIBLE FIXED ASSETS |
Leasehold | Fixtures |
land and | Course | and | Long term |
buildings | equipment | fittings | maintenance | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Subscriptions in advance | 886,017 | 705,642 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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Members deposits | 7,000 | 7,000 |
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EDGBASTON GOLF CLUB,LIMITED(THE) (REGISTERED NUMBER: 00105911) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
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Members deposits are interest free, but entitle participants to a reduced annual subscription. Repayment is subject to one months notice prior to 31 May. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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During the financial year ended 31 March 2012 the Club signed a 99 year lease with Calthorpe Estates Limited. This secured the long term future of the Club. Under this lease the rent of the club house and course is subject to index linked, staged increases, at five year intervals from September 2015. This is with the aim of increasing the rent payable to a comparable market rent by 2040. No attempt has been made to spread the increases in rent across the lease term due to the inherent uncertainties in estimating future Retail Price Index movements and changes due to break clauses within the lease contract. |
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The amount shown above for 2022 includes £119,000 due not later than one year and £Nil due between one and five years. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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