Chippenham Golf Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09916008 (England and Wales)

Financial Statements

for the Year Ended 30 April 2020

for

Chippenham Golf Club Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R B Worth

D Thomas

A Webb

G J Cowdrey

G Seaton

P G Mclaughlin

REGISTERED OFFICE:

The Club House

Malmesbury Road

Chippenham

Wiltshire

SN15 5LT

REGISTERED NUMBER:

09916008 (England and Wales)

AUDITORS:

Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

FIXED ASSETS

Tangible assets

4

2,644,935

2,683,033

CURRENT ASSETS

Stocks

6,893

8,299

Debtors

5

24,936

57,475

Investments

6

350,978

418,584

Cash at bank and in hand

313,826

252,243

696,633

736,601

CREDITORS

Amounts falling due within one year

7

421,499

385,977

NET CURRENT ASSETS

275,134

350,624

TOTAL ASSETS LESS CURRENT LIABILITIES

2,920,069

3,033,657

CREDITORS

Amounts falling due after more than one year

8

21,017

29,867

NET ASSETS

2,899,052

3,003,790

RESERVES

Retained earnings

2,899,052

3,003,790

2,899,052

3,003,790

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2021 and were signed on its behalf by:

R B Worth - Director

1.	STATUTORY INFORMATION

Chippenham Golf Club Limited is a private company, limited by guarantee , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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. Specifically, bar and catering income is recognised at

the point that the transaction takes place. Golf membership income is recognised in the period to

which they relate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

5% on cost and Over remaining term of the lease

Plant and machinery etc

-

20% on reducing balance and 10% on reducing balance

Included in land and buildings is an asset depreciated over the length of its lease term of 99 years.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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

period of the lease.

Investments

Investments are shown at their fair value as outlined by the market rate. Any movements in fair value

are recognised in the Income Statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2019

2,509,230

255,535

2,764,765

Additions

-

7,520

7,520

Disposals

-

(1,788

)

(1,788

)

At 30 April 2020

2,509,230

261,267

2,770,497

DEPRECIATION

At 1 May 2019

11,553

70,179

81,732

Charge for year

6,283

37,887

44,170

Eliminated on disposal

-

(340

)

(340

)

At 30 April 2020

17,836

107,726

125,562

NET BOOK VALUE

At 30 April 2020

2,491,394

153,541

2,644,935

At 30 April 2019

2,497,677

185,356

2,683,033

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 May 2019

and 30 April 2020

50,076

DEPRECIATION

At 1 May 2019

8,689

Charge for year

10,015

At 30 April 2020

18,704

NET BOOK VALUE

At 30 April 2020

31,372

At 30 April 2019

41,387

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

-

7,205

Other debtors

24,936

50,270

24,936

57,475

6.	CURRENT ASSET INVESTMENTS

30.4.20

30.4.19

£

£

Listed investments

350,978

418,584

This listed investments are held in a portfolio managed by St James's Place Wealth Management.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Hire purchase contracts (see note 9)

10,459

14,549

Trade creditors

70,201

60,293

Taxation and social security

15,869

20,641

Other creditors

324,970

290,494

421,499

385,977

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

£

£

Hire purchase contracts (see note 9)

21,017

29,867

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.20

30.4.19

£

£

Net obligations repayable:

Within one year

10,459

14,549

Between one and five years

21,017

29,867

31,476

44,416

Non-cancellable

operating leases

30.4.20

30.4.19

£

£

Within one year

62,311

62,311

Between one and five years

78,811

135,622

In more than five years

82,500

88,000

223,622

285,933

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julian Duffill FCA (Senior Statutory Auditor)

for and on behalf of Mander Duffill

11.

COVID-19

In March 2020 Coronavirus (Covid-19) was declared a pandemic by the World Health Organisation,

this has a significant impact on leisure industry. The Board of Directors has reviewed and is confident

that the Golf Club is compliant with government advice and legislation. Not only that, but the Board is

determined to minimise impact on the Members and the financial sustainability of the underlying

business.

Due to the golf course being closed, under government restrictions, the Board has approved a way in

which Members will be compensated for lack of access to the Golf Course due to 'Covid' closures. The

Board has also been pro-active in taking action to minimise staffing and many other costs including

business rates and cleaning.

The Board is actively forecasting the Golf Club budget forward by two years and is confident that the

financial situation can be recovered.

The Board has assessed the ongoing impact of Covid-19 and has produced the accounts on the going

concern basis.