Cretingham Golf Club Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03667874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 December 2019

for

Cretingham Golf Club Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T W Coe

Mr N A Jackson

Mrs K A Jackson

Mrs I R Coe

SECRETARY:

Mrs K A Jackson

REGISTERED OFFICE:

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

REGISTERED NUMBER:

03667874 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

FIXED ASSETS

Intangible assets

4

19,048

-

Tangible assets

5

2,532

-

Investment property

6

510,586

510,586

532,166

510,586

CURRENT ASSETS

Stocks

4,000

-

Debtors

7

220,773

245,747

Cash at bank and in hand

21,537

10,541

246,310

256,288

CREDITORS

Amounts falling due within one year

8

241,794

201,073

NET CURRENT ASSETS

4,516

55,215

TOTAL ASSETS LESS CURRENT LIABILITIES

536,682

565,801

CREDITORS

Amounts falling due after more than one year

9

82,743

114,878

NET ASSETS

453,939

450,923

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

453,849

450,833

SHAREHOLDERS' FUNDS

453,939

450,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2020 and were signed on its behalf by:

Mr N A Jackson - Director

Mr T W Coe - Director

1.	STATUTORY INFORMATION

Cretingham Golf Club Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Lease

During the year the company purchased a 21 year lease for £20,000. This is being written off evenly through the Profit and Loss Account over it's expected useful economic life of 21 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Lease

£

COST

Additions

20,000

At 30 December 2019

20,000

AMORTISATION

Amortisation for year

952

At 30 December 2019

952

NET BOOK VALUE

At 30 December 2019

19,048

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

3,165

At 30 December 2019

3,165

DEPRECIATION

Charge for year

633

At 30 December 2019

633

NET BOOK VALUE

At 30 December 2019

2,532

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 December 2018

and 30 December 2019

510,586

NET BOOK VALUE

At 30 December 2019

510,586

At 30 December 2018

510,586

For the year ended 31st December 2019 the directors' reviewed the valuation of the investment property on an open market basis and were of the opinion that no revaluation adjustment was required.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

151,159

155,143

Directors' current accounts

69,368

85,438

VAT

246

5,166

220,773

245,747

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 10)

37,072

36,540

Trade creditors

38,937

-

Tax

3,293

3,293

Social security and other taxes

1,252

-

Other creditors

120,000

120,000

Accrued expenses

41,240

41,240

241,794

201,073

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans (see note 10)

82,743

114,878

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

4,656

10.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank loans

37,072

36,540

Amounts falling due between one and two years:

Bank loans - 1-2 years

37,074

36,540

Amounts falling due between two and five years:

Bank loans - 2-5 years

45,669

73,682

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

4,656

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

119,815

151,418

Amounts owing under hire purchase contracts are secured on the assets to which they relate.

Bank borrowings are secured by a charge over the company's assets.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 December 2019 and the period ended 30 December 2018:

2019

2018

£

£

Mr T W Coe and Mrs I R Coe

Balance outstanding at start of year

60,203

-

Amounts advanced

-

60,203

Amounts repaid

(11,003

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

49,200

60,203

Mr N A Jackson and Mrs K A Jackson

Balance outstanding at start of year

25,235

-

Amounts advanced

-

25,235

Amounts repaid

(5,067

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,168

25,235