REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BRANCEPETH CASTLE GOLF CLUB LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BRANCEPETH CASTLE GOLF CLUB LIMITED |
BRANCEPETH CASTLE GOLF CLUB LIMITED (REGISTERED NUMBER: 00261205) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BRANCEPETH CASTLE GOLF CLUB LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Finchale House |
Belmont Business Park |
Durham |
DH1 1TW |
BRANCEPETH CASTLE GOLF CLUB LIMITED (REGISTERED NUMBER: 00261205) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
RESERVES |
Income and expenditure account |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BRANCEPETH CASTLE GOLF CLUB LIMITED (REGISTERED NUMBER: 00261205) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRANCEPETH CASTLE GOLF CLUB LIMITED (REGISTERED NUMBER: 00261205) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Brancepeth Castle Golf Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Income is recognised from members' subscriptions in the year in which it is receivable and from the provision of golf club facilities, net of value added tax as it is incurred. |
Tangible fixed assets |
Freehold Property and Bridges | - |
Solar panels | - |
Driving range | - |
Improvements to property | - |
Plant and machinery | - |
Furnishings & kitchen equipment | - |
Motor vehicles | - |
Computer equipment | - |
The company's accounting policy is to depreciate freehold buildings where the building has: |
(1) a predictable useful economic life |
(2) an estimated residual value below cost |
The rate of depreciation applied to those freehold buildings which are depreciated at 0% is done so, as in the opinion of the directors, those buildings are maintained to such a standard that it will have an indefinite useful economic life. Maintenance costs are charged to the profit and loss account as incurred and are considered to be a fair reflection of the annual cost of the building. If a disposal of the building were to occur within its useful economic life the directors consider that the realisable value would exceed cost. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
BRANCEPETH CASTLE GOLF CLUB LIMITED (REGISTERED NUMBER: 00261205) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Insurance proceeds |
Insurance monies in respect of loss of earnings claims are credited to the profit and loss account in the period in which they are receivable provided that they can be accurately quantified. |
Insurance monies receivable towards capital expenditure are recorded as deferred income and amortised in line with the depreciation on the associated asset. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold |
Property | Improvements |
and | Solar | Driving | to |
Bridges | panels | range | property |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 290,791 | 18,168 | 53,527 | 256,607 |
Additions | - | - | - | 1,848 |
At 31 March 2023 | 290,791 | 18,168 | 53,527 | 258,455 |
DEPRECIATION |
At 1 April 2022 | 130,664 | 8,857 | 13,382 | 181,178 |
Charge for year | - | 908 | 5,352 | 3,759 |
At 31 March 2023 | 130,664 | 9,765 | 18,734 | 184,937 |
NET BOOK VALUE |
At 31 March 2023 | 160,127 | 8,403 | 34,793 | 73,518 |
At 31 March 2022 | 160,127 | 9,311 | 40,145 | 75,429 |
Furnishings |
Plant and | & kitchen | Motor | Computer |
machinery | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 275,403 | 105,048 | 6,995 | 24,975 | 1,031,514 |
Additions | 56,500 | - | - | - | 58,348 |
At 31 March 2023 | 331,903 | 105,048 | 6,995 | 24,975 | 1,089,862 |
DEPRECIATION |
At 1 April 2022 | 241,790 | 92,347 | 6,163 | 24,230 | 698,611 |
Charge for year | 8,898 | 3,308 | 208 | 287 | 22,720 |
At 31 March 2023 | 250,688 | 95,655 | 6,371 | 24,517 | 721,331 |
NET BOOK VALUE |
At 31 March 2023 | 81,215 | 9,393 | 624 | 458 | 368,531 |
At 31 March 2022 | 33,613 | 12,701 | 832 | 745 | 332,903 |
BRANCEPETH CASTLE GOLF CLUB LIMITED (REGISTERED NUMBER: 00261205) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
No depreciation is provided on the freehold property and bridges, by request of the committee, in view of the current market value. All other buildings, including the greens storage building and all property improvements are subject to depreciation at an appropriate rate. The company has not adopted a revaluation policy in respect of its tangible fixed assets (in accordance with Financial Reporting Standard 102) on the basis that the cost of obtaining such a revaluation could not be justified. |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Solar |
panels |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 | 8,857 |
Charge for year | 908 |
At 31 March 2023 | 9,765 |
NET BOOK VALUE |
At 31 March 2023 | 8,403 |
At 31 March 2022 | 9,311 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
BRANCEPETH CASTLE GOLF CLUB LIMITED (REGISTERED NUMBER: 00261205) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured on the freehold property, Brancepeth Castle Golf Club. |
11. | RELATED PARTY DISCLOSURES |
The trades relating to the bar, restaurant and other trades at Brancepeth Castle Golf Club Limited were hived down to the company's wholly owned subsidiary on 7 December 2019 for £Nil consideration. |
No formal lease arrangements are in place with the subsidiary. No rent has therefore been charged nor any other commercial recharges made. |
The company operates a rolling loan arrangement with its subsidiary company on an unsecured, interest free basis. At 31 March 2023 a balance of £70,724 was due from the subsidiary which is included in other debtors (31 March 2022: £100,232). |
12. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the members of the management committee, who are also directors of the company. |
The company is limited by guarantee. |