Company Registration No. 01231745 (England and Wales)
HEWORTH GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
HEWORTH GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HEWORTH GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
649,355
546,886
Current assets
Stocks
11,771
6,207
Debtors
5
5,868
21,957
Cash at bank and in hand
273,587
229,702
291,226
257,866
Creditors: amounts falling due within one year
6
(300,523)
(270,422)
Net current liabilities
(9,297)
(12,556)
Total assets less current liabilities
640,058
534,330
Creditors: amounts falling due after more than one year
7
(80,840)
(1,039)
Net assets
559,218
533,291
Capital and reserves
Profit and loss reserves
559,218
533,291
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2022 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.
T
he 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 and delivered 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 2 March 2022 and are signed on its behalf by:
Mr R O'Hagan
Director
Company Registration No. 01231745
HEWORTH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
1
Accounting policies
Company information
Heworth Golf Club Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Gingling Gate, Heworth, Gateshead, Tyne & Wear, NE10 8XY. The company number is 01231745.
Every member of the club undertakes to contribute amounts that may be required in the event of the club being wound up. The liability of members is limited to £30.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties.The principal accounting policies adopted are set out below.
1.2
Going concern
Like other businesses in the UK, the company's activities were severely affected by the Global Pandemic, especially when the government enforced restrictions on sport and put the country into lockdown during the year.
true
The company took advantage of financial assistance from the government - such as the CJRS Grant Scheme for furloughed staff - and ha
s
been able to maintain a strong cash position at the year end.
As a result,
t
he directors
are confident
that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the subscriptions receivable and other forms of income, excluding value added tax.
Subscriptions fees are recognised in the period to which they relate. Subscriptions received in advance are therefore deferred and recognised as creditors.
Bar turnover and cost of sales are recognised net, revenue is recognised at point of sale.
1.4
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:
Land and buildings Freehold
2% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
10% straight line
Course development
2% straight line
HEWORTH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 3 -
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value. Bar stocks have been taken and valued by an independent professional stocktaker, and are stated after barrelage discount.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable
.
HEWORTH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on
investment income
for the year
, the club is not taxed as a trading entity
. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
2022
2021
Number
Number
Total
15
14
HEWORTH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Course development
Total
£
£
£
£
£
Cost
At 1 February 2021
732,140
527,213
154,057
102,471
1,515,881
Additions
110,491
47,076
157,567
At 31 January 2022
732,140
637,704
201,133
102,471
1,673,448
Depreciation and impairment
At 1 February 2021
353,698
458,171
123,891
33,235
968,995
Depreciation charged in the year
14,643
28,867
9,539
2,049
55,098
At 31 January 2022
368,341
487,038
133,430
35,284
1,024,093
Carrying amount
At 31 January 2022
363,799
150,666
67,703
67,187
649,355
At 31 January 2021
378,442
69,042
30,166
69,236
546,886
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2021
£
£
Plant and machinery
99,695
22,133
Depreciation charge for the year in respect of leased assets
11,166
3,669
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
(1)
Prepayments and accrued income
5,869
21,957
5,868
21,957
HEWORTH GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,668
50,000
Obligations under finance leases
16,647
10,339
Trade creditors
20,604
19,249
Other taxation and social security
8,830
5,213
Other creditors
5,732
3,359
Accruals and deferred income
239,042
182,262
300,523
270,422
The hire purchase agreements are secured over the assets involved.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,968
Obligations under finance leases
46,872
1,039
80,840
1,039
The hire purchase agreements are secured over the assets involved, as detailed in note 4 above.