Company Registration No. 02600035 (England and Wales)
EATON GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
EATON GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
EATON GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,505,566
1,562,479
Investments
5
446
422
1,506,012
1,562,901
Current assets
Stocks
1,290
2,549
Debtors
6
8,192
11,171
Cash at bank and in hand
482,187
389,392
491,669
403,112
Creditors: amounts falling due within one year
7
(275,723)
(250,651)
Net current assets
215,946
152,461
Total assets less current liabilities
1,721,958
1,715,362
Capital and reserves
Called up share capital
8
1,505,000
1,505,000
Share premium account
9
88,250
88,250
Other reserves
10
446
422
Profit and loss reserves
11
128,262
121,690
Total equity
1,721,958
1,715,362
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 22 February 2021 and are signed on its behalf by:
J Russell (Chair)
Director
Company Registration No. 02600035
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Eaton Golf Club Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Guy Lane, Waverton, Chester, Cheshire, CH3 7PH.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
, despite the COVID-19 pandemic, see note 15 for further disclosure
. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents member subscriptions, green fees, bar sales and other related income and
is shown net of
value added tax
and other sales related taxes
where applicable.
1.4
Tangible fixed assets
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:
Golf Course (long leasehold)
2%
Clubhouse (long leasehold)
2%
Plant & machinery
between 10% & 16%
Fixtures and fittings
between 10% & 33%
1.5
Fixed asset investments
Fixed asset investments
are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.6
Impairment of fixed assets
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.
1.7
Stocks
Stocks are
valued
at the lower of cost and
net realisable value
. Cost
is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.8
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
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.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
2
Employees
The average monthly number of persons employed by the company during the year was:
2020
2019
Number
Number
Total
12
11
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
-
325
Adjustments in respect of prior period
(325)
-
Total current tax
(325)
325
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
1,743,716
902,225
2,645,941
Additions
1,943
21,487
23,430
Disposals
-
(40,624)
(40,624)
At 31 December 2020
1,745,659
883,088
2,628,747
Depreciation and impairment
At 1 January 2020
427,801
655,661
1,083,462
Depreciation charged in the year
17,734
62,609
80,343
Eliminated in respect of disposals
-
(40,624)
(40,624)
At 31 December 2020
445,535
677,646
1,123,181
Carrying amount
At 31 December 2020
1,300,124
205,442
1,505,566
At 31 December 2019
1,315,915
246,564
1,562,479
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
5
Fixed asset investments
2020
2019
£
£
Other investments other than loans
446
422
Fixed asset investments revalued
The company owns 675 shares in the Lloyds Bank group which were acquired at a cost of £nil. These listed investments are non-convertible ordinary shares listed on the London Stock exchange measured at fair value through the profit or loss, the quoted market price amounted to £446 at 31 December 2020 (2019: £422).
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2020
422
Valuation changes
24
At 31 December 2020
446
Carrying amount
At 31 December 2020
446
At 31 December 2019
422
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
325
-
Other debtors
7,867
11,171
8,192
11,171
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
25,507
29,382
Subscriptions in advance
125,268
99,969
Corporation tax
-
325
Other taxation and social security
8,090
7,489
Other creditors
34,681
40,219
Accruals and deferred income
82,177
73,267
275,723
250,651
8
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1000 each
1,505
1,505
1,505,000
1,505,000
9
Share premium account
2020
2019
£
£
At the beginning and end of the year
88,250
88,250
10
Other reserves
Fair Value Reserve
£
At the beginning of the prior year
350
Other movements
72
At the end of the prior year
422
Other movements
24
At the end of the current year
446
11
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
121,690
106,179
Profit for the year
6,572
15,511
At the end of the year
128,262
121,690
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
We draw attention to note 15 to the financial statements which describes events after the reporting period the company is facing as a result of COVID-19. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Michael Caputo FCA.
The auditor was McLintocks (NW) Limited.
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
2,390
3,585
In August 1991 the company entered into a 105 year lease for the land
on
the south side of Guy Lane, Waverton, Chester (CH3 7PH)
.
14
Capital commitments
Amounts contracted for but not provided in the financial statements:
2020
2019
£
£
Acquisition of tangible fixed assets
38,754
-
EATON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
15
Events after the reporting date
Subsequent to the balance sheet date, the World Health Organization had declared the outbreak of COVID-19, a novel strain of coronavirus, a pandemic. The coronavirus outbreak is disrupting supply chains and affecting production and sales across a range of industries. The Club is currently closed due to the government imposed restrictions of COVID-19. The Club have considered the impact of COVID-19 on its operations, risk management and financial forecasts for the period of one year from the date of signing of the financial statements.
As a result of the assessment, the members consider that the Club has adequate resources to continue in operational existence for a period of twelve months from signing of the financial statements.
COVID-19 is a non-adjusting balance sheet event. As a result of the assessment of the events and conditions summarised above and based on information available at the date of approval of the financial statements, the Club has concluded that there are no material impacts in relation to the COVID-19 pandemic.
The members have confirmed there are no other events after the reporting period that are required to be disclosed.
16
Ultimate controlling party
The ultimate controlling parties of the club are all members who hold shares within the company. Control is equal with one share holding having one voting right.