REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST AUGUST 2022 |
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WEST HOVE GOLF CLUB LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST AUGUST 2022 |
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WEST HOVE GOLF CLUB LIMITED |
WEST HOVE GOLF CLUB LIMITED (REGISTERED NUMBER: 03408462) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Directors' Responsibilities Statement | 8 |
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Independent Chartered Certified Accountants'
Review Report |
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WEST HOVE GOLF CLUB LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST AUGUST 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
WEST HOVE GOLF CLUB LIMITED (REGISTERED NUMBER: 03408462) |
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BALANCE SHEET |
31ST AUGUST 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Revaluation reserve | 10 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 profit or loss 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. |
WEST HOVE GOLF CLUB LIMITED (REGISTERED NUMBER: 03408462) |
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BALANCE SHEET - continued |
31ST AUGUST 2022 |
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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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WEST HOVE GOLF CLUB LIMITED (REGISTERED NUMBER: 03408462) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2022 |
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1. | STATUTORY INFORMATION |
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West Hove Golf Club Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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In common with many other companies, the outbreak of COVID-19 in the UK and the measures taken to control its spread had a detrimental impact on our business. Specifically, there was been a severe decline in our takings from green fees and the bar in the previous year. The position in this year is much improved as the restrictions have eased. With the support of our loyal members and staff, our sponsors, NatWest Bank, Brighton & Hove Council and the Government’s furlough scheme, at the date of approving these accounts the directors have a reasonable expectation that the Company has adequate resources for the foreseeable future. |
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Significant judgements and estimates |
Land and buildings are accounted for at valuation. |
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Turnover |
Turnover represents members' subscriptions and amounts invoiced to third parties, net of value added tax. Members' subscriptions are credited to the profit and loss account on a straight line basis over the accounting period to which they relate. |
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Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Land and buildings are accounted for at revaluation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings | over 50 years straight line |
Plant and machinery | over 5 years and 10 years on reducing balance |
Club furniture and fittings | over 5 years on reducing balance |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
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Pensions |
Contributions to defined contribution plans are expensed in the period to which they relate. |
WEST HOVE GOLF CLUB LIMITED (REGISTERED NUMBER: 03408462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Grants receivable |
Grants received in respect of tangible fixed assets are credited to the profit and loss account over the expected useful economic lives of the assets to which they relate. Grants received but not yet released to the profit and loss account are included as deferred income in the balance sheet. A grant received for the purpose of giving immediate financial support to the Company with no future related costs is recognised as income in the period in which it is received. |
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Leased assets |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st September 2021 |
and 31st August 2022 |
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DEPRECIATION |
At 1st September 2021 |
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Charge for year |
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At 31st August 2022 |
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NET BOOK VALUE |
At 31st August 2022 |
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At 31st August 2021 |
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Freehold land and buildings: | 2022 | 2021 |
£ | £ |
Historical cost |
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1,821,99
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1,821,99
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Cumulative depreciation based on historical
cost |
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188,391 |
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188,391 |
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1,633,59
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1,633,59
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The freehold land and buildings, comprising 18 hole golf course, clubhouse, practice range and greenkeepers' maintenance facility are included at directors' valuation. The net book value of plant and machinery held under hire purchase contracts was £22,643 (2021 £28,303). |
WEST HOVE GOLF CLUB LIMITED (REGISTERED NUMBER: 03408462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 8,461 | 17,060 |
Other creditors |
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Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loan repayable in more |
than 5 years by instalments |
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Hire purchase contracts |
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Subscriptions received in |
advance (non-refundable) |
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Deferred government grants |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loan repayable in more |
than 5 years by instalments | 361,399 | 399,479 |
361,399 | 399,479 |
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8. | SECURED DEBTS |
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The NatWest bank loan is secured by a fixed and floating charge over the company's assets for 25 years at 1.5% over base. |
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9. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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WEST HOVE GOLF CLUB LIMITED (REGISTERED NUMBER: 03408462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2022 |
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9. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1st September 2021 |
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Credit to Income Statement during year | ( |
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Balance at 31st August 2022 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1st September 2021 |
and 31st August 2022 |
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11. | CONTROLLING PARTY |
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The company is owned by the members of West Hove Golf Club, none of whom have a controlling interest. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WEST HOVE GOLF CLUB LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
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- | ensure that the company has kept proper accounting records; |
- | prepare financial statements which give a true and fair view of the state of affairs of the company as at 31st August 2022 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements. |
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ON BEHALF OF THE BOARD: |
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10th March 2023 |
INDEPENDENT CHARTERED CERTIFIED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
WEST HOVE GOLF CLUB LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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We have reviewed the financial statements of West Hove Golf Club Limited for the year ended 31st August 2022, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 1 to 0. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
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Directors' responsibility for the financial statements |
As explained more fully in the Directors' Responsibilities Statement set out on page nil, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
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Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
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Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements. |
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Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
- | so as to give a true and fair view of the state of the company's affairs as at 31st August 2022 and of its loss for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
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Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
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Date: ............................................. |