South Pembrokeshire Golf Club Limited - Period Ending 2018-09-30
South Pembrokeshire Golf Club Limited - Period Ending 2018-09-30
Registration number:
South Pembrokeshire Golf Club Limited
for the Year Ended 30 September 2018
5 Chargot Road
Llandaff
Cardiff
CF5 1EW
South Pembrokeshire Golf Club Limited
Contents
Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
South Pembrokeshire Golf Club Limited
for the Year Ended 30 September 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of South Pembrokeshire Golf Club Limited for the year ended 30 September 2018 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of South Pembrokeshire Golf Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of South Pembrokeshire Golf Club Limited and state those matters that we have agreed to state to the Board of Directors of South Pembrokeshire Golf Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Pembrokeshire Golf Club Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that South Pembrokeshire Golf Club Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of South Pembrokeshire Golf Club Limited. You consider that South Pembrokeshire Golf Club Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of South Pembrokeshire Golf Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Llandaff
Cardiff
CF5 1EW
Page 1 |
South Pembrokeshire Golf Club Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 September 2018
Note |
2018 |
2017 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar charges |
( |
( |
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(5,033) |
(3,064) |
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Profit before tax |
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Profit for the financial year |
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Retained earnings brought forward |
(91,705) |
(96,671) |
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Retained earnings carried forward |
(90,233) |
(91,705) |
Page 2 |
South Pembrokeshire Golf Club Limited
(Registration number: 02893743)
Balance Sheet as at 30 September 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Revaluation reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 3 |
South Pembrokeshire Golf Club Limited
(Registration number: 02893743)
Balance Sheet as at 30 September 2018
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
J B O Parsons
Company secretary and director
Page 4 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Page 5 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
none at present to compensate for over depreciation in earlier years. |
Plant and machinery |
25% on reducing balance |
Fixtures and fittings |
25% on reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 6 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 7 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 8 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Page 9 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2017 |
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At 30 September 2018 |
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Depreciation |
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At 1 October 2017 |
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Charge for the year |
- |
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At 30 September 2018 |
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Carrying amount |
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At 30 September 2018 |
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At 30 September 2017 |
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Included within the net book value of land and buildings above is £(184,101) (2017 - £(184,101)) in respect of freehold land and buildings and £374,452 (2017 - £374,452) in respect of long leasehold land and buildings.
Debtors |
2018 |
2017 |
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Prepayments |
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Other debtors |
- |
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Page 10 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Page 11 |
South Pembrokeshire Golf Club Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Page 12 |