Ladbrook Park Golf Club Limited - Period Ending 2019-12-31

Registration number: 00494263

Ladbrook Park Golf Club Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 December 2019

Bissell & Brown Ltd
Statutory Auditors
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Ladbrook Park Golf Club Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Ladbrook Park Golf Club Limited

Company Information

Directors	Mr J W Taylor Mr J D McKenzie Mr T I Cooley Mr J Anderson Mr A P Kelle Ms M E Parfitt

Registered office

Ladbrook Park Golf Club Poolhead Lane Tanworth In Arden Solihull Birmingham West Midlands B94 5ED

Auditors

Bissell & Brown Ltd Statutory Auditors Charter House 56 High Street Sutton Coldfield West Midlands B72 1UJ

Page 1

Ladbrook Park Golf Club Limited

(Registration number: 00494263)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	546,336	512,431
Current assets
Stocks	5	6,282	7,074
Debtors	6	31,266	80,645
Cash at bank and in hand		236,825	296,903
		274,373	384,622
Creditors: Amounts falling due within one year	7	(219,300)	(299,192)
Net current assets		55,073	85,430
Total assets less current liabilities		601,409	597,861
Creditors: Amounts falling due after more than one year	7	(9,565)	(19,130)
Net assets		591,844	578,731
Capital and reserves
Profit and loss account		591,844	578,731
Total equity		591,844	578,731

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report or the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 February 2020 and signed on its behalf by:
 

......................................... Mr J W Taylor Director

......................................... Mr J D McKenzie Director

The notes on pages 3 to 7 form an integral part of these financial statements.

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Ladbrook Park Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by guarantee incorporated in England & Wales. The company's registration number is 00494263.

The address of its registered office is:
Ladbrook Park Golf Club Poolhead Lane
Tanworth In Arden Solihull
Birmingham
West Midlands
B94 5ED

These financial statements were authorised for issue by the Board on 25 February 2020.

2	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 financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound.

Audit report

The Independent Auditor's Report was unqualified. As reported in the full, unfilleted version of the financial statements, the opinon in the audit report is replicated below:

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs at 31 December 2019 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

The name of the Senior Statutory Auditor who signed the audit report on 25 February 2020 was John James Taheny, who signed for and on behalf of Bissell & Brown Ltd.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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Ladbrook Park Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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 building	2.5% on cost (excluding land)
Plant and machinery	10-20% on cost
Fixtures, Fittings and equipment	12.5% - 33.33% on cost

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.

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.

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Ladbrook Park Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

2	Accounting policies (continued)

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.

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

Trade debtors

Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Trade creditors

Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

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Ladbrook Park Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

2	Accounting policies (continued)

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed (including directors) during the year, was 19 (2018 - 18).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2019	695,194	257,486	914,894	1,867,574
Additions	-	12,112	81,438	93,550
At 31 December 2019	695,194	269,598	996,332	1,961,124
Depreciation
At 1 January 2019	396,278	232,720	726,145	1,355,143
Charge for the year	14,664	8,613	36,368	59,645
At 31 December 2019	410,942	241,333	762,513	1,414,788
Carrying amount
At 31 December 2019	284,252	28,265	233,819	546,336
At 31 December 2018	298,916	24,766	188,749	512,431

Included within the net book value of land and buildings above is £284,252 (2018 - £298,916) in respect of freehold land and buildings.
 

5

Stocks

	2019 £	2018 £
Finished goods and goods for resale	6,282	7,074

6

Debtors

	2019  £	2018  £
Trade debtors	11,397	38,988
Other debtors	3,663	16,527
Prepayments	16,206	25,130
Total current trade and other debtors	31,266	80,645

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Ladbrook Park Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Bank loans and overdrafts	7.1	37,965	38,365
Trade creditors		78,327	128,585
Taxation and social security		7,534	11,565
Other creditors		9,553	16,050
Accrued expenses		83,318	101,701
Corporation tax liability		2,603	2,926
		219,300	299,192
Due after one year
Loans and borrowings	7.1	9,565	19,130

7.1	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	9,565	9,565
Development loans	28,400	28,800
	37,965	38,365

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	9,565	19,130

Lloyds Bank PLC has a first legal charge over the clubs freehold property.

Other loans represent interest free, unsecured development loans from members, with no set repayment terms.

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2018 - £39,000).

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