Lee Park Golf Club Limited (The) - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00516075 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

LEE PARK GOLF CLUB LIMITED (THE)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

P B Graff

T R Trafford

V B Welsh

M Farandos

Mrs J Farley

Mrs J Graff

Mrs V O Graham

P Johnson

D L Keen

P Rastall

R E Robinson

SECRETARY:

Mrs A P Fagan

REGISTERED OFFICE:

Lee Park Golf Club

Childwall Valley Road

Liverpool

L27 3YA

REGISTERED NUMBER:

00516075 (England and Wales)

ACCOUNTANTS:

Musker & Garrett Limited

Chartered Accountants

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

FIXED ASSETS

Tangible assets

4

393,397

382,240

CURRENT ASSETS

Stocks

2,021

100

Debtors

5

11,740

-

Cash at bank and in hand

191,677

135,537

205,438

135,637

CREDITORS

Amounts falling due within one year

6

177,573

147,208

NET CURRENT ASSETS/(LIABILITIES)

27,865

(11,571

)

TOTAL ASSETS LESS CURRENT LIABILITIES

421,262

370,669

CREDITORS

Amounts falling due after more than one year

7

51,833

59,055

NET ASSETS

369,429

311,614

CAPITAL AND RESERVES

Called up share capital

8

84,600

82,395

Revaluation reserve

9

82,552

82,552

Capital redemption reserve

4,480

4,480

Retained earnings

197,797

142,187

369,429

311,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 March 2022 and were signed on its behalf by:

R E Robinson - Director

1.	STATUTORY INFORMATION

Lee Park Golf Club Limited (The) 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 as modified by the revaluation of certain assets.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of any VAT. The fair value of consideration takes into account any trading or settlement discounts.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently at cost or valuation and net of depreciation and any impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Depreciation is recognised so at to write off the cost or valuation of assets less their residual values over their estimated useful lives on the following bases:

Land and buildings - Clubhouse

- not provided

Land and buildings - Clubhouse development and alterations

- 5% on reducing balance

Plant, machinery and equipment

- 20% on reducing balance

Plant and machinery - Course development and construction

- 5% on reducing balance

Plant and machinery - Trophies

- not provided

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds (net of any VAT) and the carrying value of the assets, and is credited or charged to profit or loss in the period of disposal.

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 Statement of Income and Retained Earnings, 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.

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 15 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc.

Totals

£

£

£

COST OR VALUATION

At 1 January 2021

502,959

898,277

1,401,236

Additions

-

31,302

31,302

At 31 December 2021

502,959

929,579

1,432,538

DEPRECIATION

At 1 January 2021

355,176

663,820

1,018,996

Charge for year

6,731

13,414

20,145

At 31 December 2021

361,907

677,234

1,039,141

NET BOOK VALUE

At 31 December 2021

141,052

252,345

393,397

At 31 December 2020

147,783

234,457

382,240

Included in plant and machinery are Trophies, amounting to £86,280. They were revalued by an independent valuer on 31 December 2007.

Cost or valuation at 31 December 2021 is represented by:

Plant and

Land and

machinery

buildings

etc.

Totals

£

£

£

Valuation in 2007

-

82,522

82,522

Cost

502,959

847,057

1,350,016

502,959

929,579

1,432,538

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

35

-

Other debtors

11,705

-

11,740

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

6,944

Trade creditors

10,826

-

Taxation and social security

4,428

5,744

Other creditors

153,986

134,520

177,573

147,208

SUBSCRIPTIONS RECEIVED IN ADVANCE

Included in other creditors are subscriptions received in advance from members amounting to £116,690 (2020 £109,365).

CONTINGENT LIABILITY

There is a contingent liability of £10,000 for FOBS and Swipe card monies received, repayable to members only in the event of the company winding up.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

35,833

43,055

Other creditors

16,000

16,000

51,833

59,055

8.	CALLED UP SHARE CAPITAL

Foundation shares have been issued as follows:

To 23rd March 1973

53,212

24th March 1973 to 30th March 1989

19,944

1st April 1989 to 31st December 2018

6,764

1st January 2019 to 31st December 2019

175

Total foundation shares

£80,095

In the event of a winding up of the company, for the purposes of distribution of the company, any foundation share issued before the 23 March 1973 shall be deemed to have a nominal value ten times that of any foundation share issued after the 30 March 1989; any foundation share issued after the 22nd March 1973, but before the 30th March 1989, shall be deemed to have a nominal value five times that of any foundation share issued after the 30th March 1989.

Total shares are as follows:

Foundation shares

80,095

Members shares at start of year

2,300

Members shares issued during the year

2,205

£84,660

9.

RESERVES

Revaluation

reserve

£

At 1 January 2021

and 31 December 2021

82,552

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lee Park Golf Club Limited (The) for the year ended 31 December 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lee Park Golf Club Limited (The), as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lee Park Golf Club Limited (The) and state those matters that we have agreed to state to the Board of Directors of Lee Park Golf Club Limited (The), as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lee Park Golf Club Limited (The) and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lee Park Golf Club Limited (The) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lee Park Golf Club Limited (The). You consider that Lee Park Golf Club Limited (The) is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lee Park Golf Club Limited (The). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Musker & Garrett Limited

Chartered Accountants

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

9 March 2022