Hesketh Golf Club Limited - Accounts to registrar (filleted) - small 18.2
Hesketh Golf Club Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Hesketh Golf Club Limited |
| Financial Statements for the Year Ended 31 December 2020 |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Hesketh Golf Club Limited |
| Company Information |
| for the Year Ended 31 December 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 71/73 Hoghton Street |
| Southport |
| Merseyside |
| PR9 0PR |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Balance Sheet |
| 31 December 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Capital redemption reserve | 13 |
| Dilapidation reserve | 13 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| 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 |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| Hesketh Golf Club Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| The principal accounting policies adopted are set out below. |
| 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 VAT. Revenue is recongised in line with the timing of service delivery. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Long leasehold | 5% on reducing balance and at variable rates on reducing balance |
Plant and machinery | 33% on reducing balance, 25% on reducing balance, 20% on costs, 10% on reducing balance and 5% on reducing balance |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
| Cash at bank and in hand |
| Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
| 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. |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Retirement benefits |
| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
| Irrecoverable vat |
| All VAT which can not be recovered because of partial exemption regulations is shown separately in the Profit and Loss account. |
| Course improvements |
| The costs of significant course improvements are written off against profits in the year in which they are incurred. |
| Going concern |
| The accounts show a net asset position at 31 December 2020 and reflect the positive impact that Government support has had, during the pandemic, to mitigate the significant reduction in income. This support has enabled the club to achieve exactly what the Government intended businesses to do, which included retaining staff and meeting obligations as they fell due. The board of directors continue to review current performance, are seeking available Government support and have prepared forecasts alongside setting achievable budgets for the next 12 months, although the impact of the pandemic and the gradual lifting of restrictions will mean changes to those figures are likely to be made before the next year end. |
| The realisation of these forecasts will continue to be influenced by a number of factors outside the Directors control, however, the board have continued to implement measures, including securing support available from the Government, to mitigate the continued reduction in income, especially from visitors and across the bar & catering operation. The Directors are confident of the ongoing support of the members, on which they continue to remain dependent, during this time. Further measures will continue to be considered and taken by the directors, to ensure that the Company has adequate resources to continue its operations for the foreseeable future, especially as Government support is reduced. |
| For these reasons, they continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| 6. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Stocks |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other debtors |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts and finance leases (see note 10) |
| Trade creditors |
| Social security and other taxes |
| VAT | 3,939 | 3,635 |
| Other creditors |
| Income in advance | 189,974 | 177,423 |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans - more than 1 yr |
| Income in advance | 24,722 | 11,799 |
| Hire purchase contracts and finance leases (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts | Finance leases |
| 2020 | 2019 | 2020 | 2019 |
| £ | £ | £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | 5 | 2,880 | 3,220 |
| Hesketh Golf Club Limited (Registered number: 00170373) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 13. | RESERVES |
| During the year, a dilapidation reserve was established. This reserve comprises funds set aside for future dilapidation costs in relation to the clubhouse and course. |
| 14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 15. | RELATED PARTY DISCLOSURES |
| No transactions with related parties were undertaken such as are required to be disclosed in the financial statements. |