The West Hill Golf Club (1959) Limited
The West Hill Golf Club (1959) Limited
Registered number: 00635571
Financial Statements
For The Year Ended
30 June 2021
The West Hill Golf Club (1959) Limited
Financial Statements
For The Year Ended
30 June 2021
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—8 |
The West Hill Golf Club (1959) Limited
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
00635571
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Share premium |
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| Fair Value Reserve | 12 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 2,895,471 | 2,587,833 | |||
The West Hill Golf Club (1959) Limited
Balance Sheet (continued)
As at
30 June 2021
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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Director
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The notes on pages 4 to 8 form part of these financial statements.
The West Hill Golf Club (1959) Limited
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis.
The Directors have reviewed and considered relevant information, including the annual budget and cash flow forecast for the period ending 30 June 2022 in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on the Club of possible scenarios brought on by the impact of COVID-19, alongside the measures they can take to mitigate the impact. Based on these assessments the Directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.
Income from the sale of lifetime membership is deferred and each financial year an amount equal to the annual subscription for that year is recognised as income in the Profit and Loss Account.
1.4.
Tangible Fixed Assets and Depreciation
Capital expenditure is depreciated at the following rates:
| Freehold |
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| Plant & Machinery |
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A professional valuation of the freehold property was obtained in 1998, which indicated a value on an existing use basis of £1,920,000. On the introduction of FRS 102, the freehold property was revalued at this amount in the company’s balance sheet, producing a fair value reserve, and the valuation amount taken forward in future years as deemed cost. The company does not depreciate the stated fair value reserve as the directors' feel that doing so would not result in the financial statements showing a true and fair view. If depreciation had been charged the company would have reported lower net assets as at the year end and a reduced profit for the year, however we are unable to quantify the financial effect of this departure from Financial Reporting Standard 102 and the Companies Act 2006.
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.
All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease.
1.6.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value.
The West Hill Golf Club (1959) Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
1.7.
Financial Instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established where there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company’s cash management.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2021 | 2020 | ||
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| Course |
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| House |
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| Administration |
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5.
Tangible Assets
| Land & Property | |||
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| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
| As at
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| As at
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| Net Book Value | |||
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| As at
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The West Hill Golf Club (1959) Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2021 | 2020 | ||
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| £ | £ | ||
| Plant & Machinery |
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6.
Stocks
| 2021 | 2020 | ||
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| £ | £ | ||
| Stock | 14,653 | 11,619 | |
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7.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT | - |
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8.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Subscriptions in advance |
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| Member card balances |
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| Member 2002 Loan Note |
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| Accruals and deferred income |
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During the year ended 30 June 2021 the Club took out a £50,000 Bounce Back Loan. There is automatically one year with no payments or interest. The Club received a Business interuption payment equivalent to the interest for the first year, £1,250 (£50,000 x 2.5%). Interest is charged at 2.5% and monthly repayments of £887 start one year after the drawdown of the loan.
The West Hill Golf Club (1959) Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
9.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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| Life Membership |
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| Member 2002 Loan Notes |
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| Member 2017 Loan Notes |
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The 2002 Member Loan Notes do not bear interest. The 2002 Member Loan Notes are repayable to each member when the company considers it prudent to do so and in any event no later than the date a member ceases to be a member of West Hill Golf Club.
The 2017 Member Loan Notes do not bear interest; however, for each £500 of Loan Notes held members may introduce two guests in each twelve months period to the Club free of payment of green fees. The company is entitled at any time upon giving six months notice to redeem the Loan Notes at par. After 1 July 2027, the Loan Notes are payable at par upon the request of the note holders with a six months' notice period. If a Loan Note holder ceases to be a member the company shall redeem the Loan Notes within six months after the date of termination unless the Directors determine it is not in the interests of the company to do so.
The hire purchase liabilities are secured over the assets concerned.
During the year ended 30 June 2021 the Club took out a £50,000 Bounce Back Loan. There is automatically one year with no payments or interest. The Club received a Business interuption payment equivalent to the interest for the first year, £1,250 (£50,000 x 2.5%). Interest is charged at 2.5% and monthly repayments of £887 start one year after the drawdown of the loan.
10.
Obligations Under Finance Leases and Hire Purchase
| 2021 | 2020 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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12.
Reserves
| Fair Value Reserve | |
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| £ | |
| As at
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| As at
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The West Hill Golf Club (1959) Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
13.
Related Party Transactions
At 30 June 2021 and 30 June 2020 the company owed the following amounts to directors and connected partners in respect of loan notes:
R Curry £5,250
D Duncan £4,500
B Fraser £250
D Mills £2,250
M Randall £2,250
W Taylor £250
J Thomas £3,000
The directors pay normal golf subscriptions.
14.
General Information
The West Hill Golf Club (1959) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
00635571
. The registered office is Bagshot Road, Brookwood, Woking, GU24 0BH.