Mapperley Golf Club Ltd 31/08/2018 iXBRL

MAPPERLEY GOLF CLUB LTD - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of Mapperley Golf Club Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 00263760

Mapperley Golf Club Ltd

Abridged filleted financial statements

31 August 2018

Mapperley Golf Club Ltd

Contents

Directors and other information

Directors responsibilities statement

Abridged statement of financial position

Notes to the financial statements

Mapperley Golf Club Ltd

Directors and other information


Directors	M Millichip
	D Williams	(Resigned 6 March 2018)
	G W Wilkinson
	J R Spencer
	S Cliffe	(Appointed 6 March 2018)
	C Barnett
	P Adams
	S Simpson
	J Childs


Secretary	P Adams


Company number	00263760


Registered office	Central Avenue
	Mapperley
	Nottingham
	England
	NG3 5LD


Auditor	Brooks Mayfield Limited
	12 Bridgford Road
	West Bridgford
	Nottingham
	NG2 6AB

Mapperley Golf Club Ltd

Directors responsibilities statement

Year ended 31 August 2018

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Mapperley Golf Club Ltd

Abridged statement of financial position

31 August 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	61,390		68,361
		_______		_______
			61,390		68,361

Current assets
Stocks		9,423		11,660
Debtors		56,325		53,469
Cash at bank and in hand		49,579		103,926
		_______		_______
		115,327		169,055
Creditors: amounts falling due
within one year		( 168,117)		( 200,223)
		_______		_______
Net current liabilities			( 52,790)		( 31,168)
			_______		_______
Total assets less current liabilities			8,600		37,193

			_______		_______
Net assets			8,600		37,193
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			7,600		36,193
			_______		_______
Shareholders funds			8,600		37,193
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 February 2019 , and are signed on behalf of the board by:

J R Spencer

Director

Company registration number: 00263760

Mapperley Golf Club Ltd

Notes to the financial statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Central Avenue, Mapperley, Nottingham, England, NG3 5LD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company continues to have negative net current liabilities at the year end of £52,790 (2017: £31,168) and the company made a loss this year of £28,593 (2017: £26,477).Historically the club has always had nil current liabilities at the year end, however this is mainly due to subscriptions being paid in advance. The directors have considered the cash requirements for the next twelve months from signing the accounts and consider there are no material uncertainties over going concern. There is a valid expectation that the company will continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from membership subscription is recognised on a straight line basis spread over the accounting period. Rental income is measured at the fair value of the rent charged spread over the period to which it relates.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	15 %	reducing balance
Plant and machinery	-	15 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2017: 7 ).

5. Tangible assets


		£
	Cost
	At 1 September 2017	634,748
	Additions	3,860
		_______
	At 31 August 2018	638,608
		_______
	Depreciation
	At 1 September 2017	566,387
	Charge for the year	10,831
		_______
	At 31 August 2018	577,218
		_______
	Carrying amount
	At 31 August 2018	61,390
		_______
	At 31 August 2017	68,361
		_______

6. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	109,457	92,957
Later than 1 year and not later than 5 years	337,895	931,505
Later than 5 years	445,233	513,731
	_______	_______
	892,585	1,538,193
	_______	_______

7. Summary audit opinion

The auditor's report for the year dated 23 February 2019 was unqualified.

The senior statutory auditor was William Oates BA FCA for and on behalf of Brooks Mayfield Limited