West HillGOLF CLUB (1959) Limited(The)
West HillGOLF CLUB (1959) Limited(The)
Registered number: 00635571
Financial Statements
For The Year Ended 30 June 2019
West HillGOLF CLUB (1959) Limited(The)
Financial Statements
For The Year Ended 30 June 2019
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
West HillGOLF CLUB (1959) Limited(The)
Balance Sheet
As at
30 June 2019
Balance Sheet
Registered number:
00635571
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Share premium |
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| Fair Value Reserve | 12 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 2,542,570 | 2,442,020 | |||
Page 1
West HillGOLF CLUB (1959) Limited(The)
Balance Sheet (continued)
As at
30 June 2019
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
West HillGOLF CLUB (1959) Limited(The)
Notes to the Financial Statements
For The Year Ended 30 June 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.
Income from the sale of lifetime membership is deferred and each financial year an amount equal to the annual subscription for that year is recognised as income in the Profit and Loss Account.
1.4.
Tangible Fixed Assets and Depreciation
Capital expenditure is depreciated at the following rates:
| Freehold |
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| Plant & Machinery |
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The company does not depreciate the stated fair value reserve as the directors' feel that doing so would not result in the financial statements showing a true and fair view. If depreciation had been charged the company would have reported lower net assets as at the year end, however we are unable to quantify the financial effect of this departure from Financial Reporting Standard 102 and the Companies Act 2006.
1.5.
Leasing and Hire Purchase Contracts
Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.
All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease.
1.6.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value.
Page 3
West HillGOLF CLUB (1959) Limited(The)
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
1.7.
Financial Instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established where there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company’s cash management.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.8.
Taxation
Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.9.
Pensions
The company operates a defined pension contribution scheme for the benefit of its employees. Contributions payable are recognised in the Income Statement as they become payable in accordance with the rules of the scheme.
2.
Average Number of Employees
Average number of employees during the year was as follows:
| 2019 | 2018 | ||
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| Course |
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| House |
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| Administration |
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Page 4
West HillGOLF CLUB (1959) Limited(The)
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
5.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Land & Property | |||
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| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
| As at |
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| Additions |
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| Disposals |
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| Depreciation | |||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||
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| Land & Property | |||
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| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| As at |
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| At cost | 1,159,044 | 1,388,177 | 2,547,221 |
| At valuation | 1,920,000 | - | 1,920,000 |
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4,467,221 | |
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| At cost | 3,051,587 | 1,298,455 | 4,350,042 |
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4,350,042 | |
The freehold property was valued on an existing use basis on 27 February 1998 at £1,920,000 by W J Thornton FRICS IRRV ACIArb of Brecon, Powys.
Page 5
West HillGOLF CLUB (1959) Limited(The)
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
6.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stock | 15,364 | 17,704 | |
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7.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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8.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Subscriptions in advance |
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| Member card balances |
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| Member Loan Note |
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| Accruals and deferred income |
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The company has an overdraft facility of £25,000, repayable upon demand. When the facility is used, interest is charged at base rate plus 2%. The overdraft is secured upon the assets of the company.
Page 6
West HillGOLF CLUB (1959) Limited(The)
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
9.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Life Membership |
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| Member Loan Notes |
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The 2002 Member Loan Notes are repayable to each member when the company considers it prudent to do so and in any event no later than the date a member ceases to be a member of West Hill Golf Club.
The 2017 Member Loan Notes are repayable on 1 July 2027 or on any day thereafter.
The hire purchase liabilities are secured over the assets concerned.
10.
Obligations Under Finance Leases and Hire Purchase
| 2019 | 2018 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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12.
Reserves
| Fair Value Reserve | |
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| £ | |
| As at |
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Page 7
West HillGOLF CLUB (1959) Limited(The)
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
13.
Related Party Transactions
At 30 June 2019 and 30 June 2018 the company owed the following amounts to directors and connected partners in respect of loan notes:
D Duncan £4,500
G Fergusson £1,250
R Curry £5,250
D Mills £2,250
W Taylor £250
J Thomas £3,000
J Watts £2,250
The directors pay normal golf subscriptions.
14.
General Information
West HillGOLF CLUB (1959) Limited(The) is a private company, limited by shares, incorporated in England & Wales, registered number 00635571 . The registered office is Bagshot Road, Brookwood, Woking, GU24 0BH.
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