BUCKINGHAM GOLF CLUB LIMITED Filleted accounts for Companies House (small and micro)

BUCKINGHAM GOLF CLUB LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08882890

BUCKINGHAM GOLF CLUB LIMITED

Company Limited by Guarantee

Filleted Financial Statements

31 August 2021

BUCKINGHAM GOLF CLUB LIMITED

Company Limited by Guarantee

Statement of Financial Position

31 August 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		1,481,885	1,471,497

Current assets

Stocks		11,692	8,650
Debtors	7	46,192	27,889
Cash at bank and in hand		316,598	249,836
		---------	---------
		374,482	286,375

Creditors: amounts falling due within one year	8	480,576		396,872
		---------		---------
Net current liabilities			106,094	110,497
			------------	------------
Total assets less current liabilities			1,375,791	1,361,000

Creditors: amounts falling due after more than one year	9	46,399	60,390
		------------	------------
Net assets		1,329,392	1,300,610
		------------	------------

Capital and reserves

Profit and loss account	1,329,392	1,300,610
	------------	------------
Members funds	1,329,392	1,300,610
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 24 January 2022 , and are signed on behalf of the board by:

Mr S Green

Director

Company registration number: 08882890

BUCKINGHAM GOLF CLUB LIMITED

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 August 2021

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Tingewick Road, Buckingham, Buckinghamshire, MK18 4AE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	0%- 10% on cost
Plant and machinery	-	10%- 50% on cost or reducing balance
Fixtures and fittings	-	10% - 50%% on cost or reducing balance
Equipment	-	33% - 50% on cost or reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

Enter your own text here to describe the nature of the guarantee of members including liability of members in case of winding up.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2020: 20 ).

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 September 2020	1,735,540	333,308	242,641	31,273	2,342,762
Additions	12,527	29,885	4,895	–	47,307
	------------	---------	---------	--------	------------
At 31 August 2021	1,748,067	363,193	247,536	31,273	2,390,069
	------------	---------	---------	--------	------------
Depreciation
At 1 September 2020	347,007	307,589	190,395	26,273	871,264
Charge for the year	34,256	11,194	( 9,932)	1,402	36,920
	------------	---------	---------	--------	------------
At 31 August 2021	381,263	318,783	180,463	27,675	908,184
	------------	---------	---------	--------	------------
Carrying amount
At 31 August 2021	1,366,804	44,410	67,073	3,598	1,481,885
	------------	---------	---------	--------	------------
At 31 August 2020	1,388,533	25,719	52,246	5,000	1,471,498
	------------	---------	---------	--------	------------

7. Debtors

	2021	2020
	£	£
Trade debtors	691	8,510
Other debtors	45,501	19,379
	--------	--------
	46,192	27,889
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	45,452	–
Trade creditors	25,915	1,636
Social security and other taxes	7,498	9,990
Other creditors	401,711	385,246
	---------	---------
	480,576	396,872
	---------	---------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	39,499	50,000
Other creditors	6,900	10,390
	--------	--------
	46,399	60,390
	--------	--------

10. Operating leases

As lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Later than 5 years	36,476	–
	--------	----

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	75,273	53,026
Later than 1 year and not later than 5 years	168,370	94,312
	---------	---------
	243,643	147,338
	---------	---------

11. Summary audit opinion

The auditor's report for the year dated 24 January 2022 was unqualified.

The senior statutory auditor was Shaun Craven , for and on behalf of Sadler Talbot Ltd .