Company registration number 00114018 (England and Wales)
TYNESIDE GOLF CLUB LIMITED (THE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
TYNESIDE GOLF CLUB LIMITED (THE)
COMPANY INFORMATION
Directors
Mr G Smith
Mr I Thompson
Mr EM Head
Mr SI Hamilton
Mr B Cantle
Mr S Langstaff
Mr K Watson
(Appointed 8 March 2023)
Mr J Stoddart
(Appointed 8 March 2023)
Mr A Denby
(Appointed 20 March 2023)
Mr S Wightman
(Appointed 8 March 2023)
Company number
00114018
Registered office
Westfield Lane
Ryton on Tyne
Tyne and Wear
England
NE40 3QE
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
TYNESIDE GOLF CLUB LIMITED (THE)
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 10
TYNESIDE GOLF CLUB LIMITED (THE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 August 2023.
Principal activities
The principal activity of the company continued to be that of a golf club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G Smith
Mr I Thompson
Mr EM Head
Mr S Boyd
(Resigned 8 March 2023)
Ms S Carter
(Resigned 8 March 2023)
Mr SI Hamilton
Mr B Cantle
Mr S Langstaff
Mr K Watson
(Appointed 8 March 2023)
Mr J Stoddart
(Appointed 8 March 2023)
Mr A Denby
(Appointed 20 March 2023)
Mr S Wightman
(Appointed 8 March 2023)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr G Smith
Director
16 January 2024
TYNESIDE GOLF CLUB LIMITED (THE)
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TYNESIDE GOLF CLUB LIMITED (THE) FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tyneside Golf Club Limited (The) for the year ended 31 August 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Tyneside Golf Club Limited (The), as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tyneside Golf Club Limited (The) and state those matters that we have agreed to state to the board of directors of Tyneside Golf Club Limited (The), as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tyneside Golf Club Limited (The) and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Tyneside Golf Club Limited (The) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tyneside Golf Club Limited (The). You consider that Tyneside Golf Club Limited (The) is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tyneside Golf Club Limited (The). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Robson Laidler Accountants Limited
23 January 2024
Accountants
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
TYNESIDE GOLF CLUB LIMITED (THE)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
2023
2022
£
£
Turnover
528,492
557,614
Cost of sales
(324,642)
(299,687)
Gross profit
203,850
257,927
Administrative expenses
(200,394)
(243,243)
Other operating income
11,032
5,328
Profit before taxation
14,488
20,012
Tax on profit
Profit for the financial year
14,488
20,012
The profit and loss account has been prepared on the basis that all operations are continuing operations.
TYNESIDE GOLF CLUB LIMITED (THE)
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
594,738
464,592
Investments
4
1
1
594,739
464,593
Current assets
Stocks
5
12,626
15,800
Debtors
6
150,195
205,483
Cash at bank and in hand
90,043
167,290
252,864
388,573
Creditors: amounts falling due within one year
7
(274,846)
(281,187)
Net current (liabilities)/assets
(21,982)
107,386
Total assets less current liabilities
572,757
571,979
Creditors: amounts falling due after more than one year
8
(24,673)
(34,673)
Provisions for liabilities
10
(62,482)
(66,192)
Net assets
485,602
471,114
Capital and reserves
Profit and loss reserves
485,602
471,114
Total equity
485,602
471,114
TYNESIDE GOLF CLUB LIMITED (THE)
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 5 -
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 January 2024 and are signed on its behalf by:
Mr G Smith
Mr EM Head
Director
Director
Company registration number 00114018 (England and Wales)
TYNESIDE GOLF CLUB LIMITED (THE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2021
451,102
451,102
Year ended 31 August 2022:
Profit and total comprehensive income
-
20,012
20,012
Balance at 31 August 2022
471,114
471,114
Year ended 31 August 2023:
Profit and total comprehensive income
-
14,488
14,488
Balance at 31 August 2023
485,602
485,602
TYNESIDE GOLF CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
1
Accounting policies
Company information
Tyneside Golf Club Limited (The) is a private company limited by shares incorporated in England and Wales. The registered office is Westfield Lane, Ryton on Tyne, Tyne and Wear, England, NE40 3QE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents income from members stated net of value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property and buildings
- not depreciated, Straight line over 25 years
Machinery
- Straight line over 5 years
Fixtures and fittings
- Straight line over 5 years
Course restoration
- Straight line over 7 - 14 years
Course water system
- Straight line over 20 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in 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.
TYNESIDE GOLF CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 8 -
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.7
Deferred capital grants in respect of capital expenditure are treated as deferred income and credited to the revenue account over the estimated useful life of the assets to which they relate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
14
3
Tangible fixed assets
Freehold property and buildings
Machinery
Fixtures and fittings
Course restoration
Course water system
Total
£
£
£
£
£
£
Cost
At 1 September 2022
404,952
508,136
356,746
186,817
150,030
1,606,681
Additions
61,453
108,082
10,894
14,323
2,032
196,784
Disposals
(156,001)
(349,907)
(505,908)
At 31 August 2023
466,405
460,217
17,733
201,140
152,062
1,297,557
Depreciation and impairment
At 1 September 2022
121,192
459,705
351,321
82,261
127,610
1,142,089
Depreciation charged in the year
16,500
30,750
1,880
15,173
2,335
66,638
Eliminated in respect of disposals
(156,001)
(349,907)
(505,908)
At 31 August 2023
137,692
334,454
3,294
97,434
129,945
702,819
Carrying amount
At 31 August 2023
328,713
125,763
14,439
103,706
22,117
594,738
At 31 August 2022
283,760
48,431
5,425
104,556
22,420
464,592
TYNESIDE GOLF CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
4
Fixed asset investments
2023
2022
£
£
Other investments
1
1
5
Stocks
2023
2022
£
£
Stocks
12,626
15,800
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
87,055
143,506
Other debtors
58,409
57,935
Prepayments and accrued income
4,731
4,042
150,195
205,483
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9
11,160
11,160
Hire purchase contracts
7,221
Trade creditors
11,960
12,239
Taxation and social security
12,644
5,088
Other creditors
228,367
226,171
Accruals and deferred income
10,715
19,308
274,846
281,187
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
9
24,673
34,673
TYNESIDE GOLF CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
9
Loans and overdrafts
2023
2022
£
£
Bank loans
35,833
45,833
Payable within one year
11,160
11,160
Payable after one year
24,673
34,673
10
Provisions for liabilities
2023
2022
£
£
Community Foundation grant
51,482
54,192
Inspired Facility grant
11,000
12,000
62,482
66,192
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