THE_GRIM'S_DYKE_GOLF_CLUB - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Grim's Dyke Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oxhey Lane, Hatch End, Pinner, Middlesex, HA5 4AL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

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:

Freehold buildings are maintained as a matter of policy by a programme of repair and refurbishment such that residual values of the buildings taken as a whole are at least equivalent to their net book value. Having regard to this, it is the opinion of the directors that the depreciation of freehold buildings (other than that of the new roof on the greenkeeper's shed and bar improvements) required by the Companies Act 2006 would be immaterial.

Impairment reviews of freehold land and buildings are carried out by the Directors on an annual basis.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

Stocks are stated at the lower of cost and net realisable value.

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.

The company has elected to apply the provisions of Section 11 ‘Basic 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities 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.

Equity instruments issued by the company are recorded at the proceeds received.

The tax expense represents the sum of the tax currently payable and deferred tax.

The costs of short-term employee benefits are recognised as a liability and an expense.

Government grants are recognised at the fair value received.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Since the year end, the club has been under enforced closure due to the Covid-19 pandemic. The club has taken advantage of the grants available from the Government and local authorities in order to assist with the running costs of the club during this period of closure.

The club re-opened in April 2021. Assuming there are no further lockdowns, the Directors are satisfied that the club will continue as a going concern. If there are further lockdowns, the Directors expect there to be government grants available to support the club during any further periods of enforced closure.

Should there not be any Government support during any further lockdown period, the Board of Directors will take the necessary steps in order to ensure that they are able to manage with the reserves it has accumulated.

Accordingly, the board have concluded that the society is a going concern and the financial statements should be prepared on a going concern basis.

The average monthly number of persons employed by the company during the year was 17 (2020 - 15).

The directors do not receive any remuneration.

The cost of freehold land and buildings comprise the valuation on 8 June 1949, deemed as an approximate cost, plus subsequent additions at cost.

Impairment review - Freehold land and buildings

During the year the Directors performed an impairment review and in their opinion the market value of the land and buildings is in excess of the carrying value in the financial statements.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

A claim has been made against the Club in respect of nuisance and damages caused by golf balls. The consequence of this case is such that it could lead to reconstruction of certain parts of the golf course to prevent any further damage being caused.

Should the case against the club be successful, then it is estimated that the club will have an economic transfer of benefit of £170,000 in respect of legal fees and reconstruction costs to the course. This is totally dependent on the outcome of the case and the level of remedial work required to the course.  

The club’s insurance policy will partially cover some of these costs.