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 2021

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

17,144

18,096

Tangible assets

5

1,621

2,026

Investment property

6

256,788

510,586

275,553

530,708

CURRENT ASSETS

Stocks

200

200

Debtors

7

265,282

264,288

Cash at bank and in hand

81,200

37,810

346,682

302,298

CREDITORS

Amounts falling due within one year

8

104,078

256,468

NET CURRENT ASSETS

242,604

45,830

TOTAL ASSETS LESS CURRENT LIABILITIES

518,157

576,538

CREDITORS

Amounts falling due after more than one year

9

50,305

109,365

NET ASSETS

467,852

467,173

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

467,762

467,083

SHAREHOLDERS' FUNDS

467,852

467,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2021 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 26 September 2022 and were signed on its behalf by:

Mrs K A Jackson - 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.

Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

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

Government grants

Operating Grants, including the Job Retention Scheme and Small Business Grant Fund Income are recognised in the Profit & Loss Account in the period to which they relate and are included in Other Operating Income.

Where the Company has borrowed funds under Government provided Bounce Back Loans (BBL) or the Coronavirus Business Interruption Loan Scheme (CBILS), details of the amounts outstanding can be found in the balance sheet and related notes.

Interest charged on these loans during the first 12 months is to be settled by the Government. This additional Government Grant support is also included within Other Operating Income.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Lease

£

COST

At 31 December 2020

and 30 December 2021

20,000

AMORTISATION

At 31 December 2020

1,904

Amortisation for year

952

At 30 December 2021

2,856

NET BOOK VALUE

At 30 December 2021

17,144

At 30 December 2020

18,096

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 31 December 2020

and 30 December 2021

3,165

DEPRECIATION

At 31 December 2020

1,139

Charge for year

405

At 30 December 2021

1,544

NET BOOK VALUE

At 30 December 2021

1,621

At 30 December 2020

2,026

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 December 2020

510,586

Disposals

(253,798

)

At 30 December 2021

256,788

NET BOOK VALUE

At 30 December 2021

256,788

At 30 December 2020

510,586

For the year ended 31st December 2021 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

2021

2020

£

£

Trade debtors

-

11,250

Other debtors

159,356

159,356

Directors' current accounts

85,170

83,916

VAT

6,661

672

Prepayments and accrued income

14,095

9,094

265,282

264,288

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 10)

20,148

38,778

Trade creditors

69,934

44,989

Tax

6,230

6,394

Social security and other taxes

1,766

2,067

Other creditors

-

120,000

Accrued expenses

6,000

44,240

104,078

256,468

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 10)

50,305

109,365

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

50,000

10.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank loans

20,148

38,778

Amounts falling due between one and two years:

Bank loans - 1-2 years

20,150

26,280

Amounts falling due between two and five years:

Bank loans - 2-5 years

30,155

33,085

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

50,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

70,453

148,143

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 years ended 30 December 2021 and 30 December 2020:

2021

2020

£

£

Mr T W Coe and Mrs I R Coe

Balance outstanding at start of year

39,806

49,200

Amounts repaid

(9,288

)

(9,394

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,518

39,806

Mr N A Jackson and Mrs K A Jackson

Balance outstanding at start of year

44,110

20,168

Amounts advanced

10,542

23,942

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

54,652

44,110