Company No: 05139332 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	1,962,435		1,920,010
		1,962,435		1,920,010
Current assets
Stocks		9,495		8,500
Debtors	4	69,056		80,467
Cash at bank and in hand		190,856		323,041
		269,407		412,008
Creditors
Amounts falling due within one year	5	( 567,283)		( 718,009)
Net current liabilities		(297,876)		(306,001)
Total assets less current liabilities		1,664,559		1,614,009
Creditors
Amounts falling due after more than one year	6	( 46,382)		( 73,333)
Net assets		1,618,177		1,540,676
Capital and reserves
Called-up share capital	7	222,224		222,224
Profit and loss account		1,395,953		1,318,452
Total shareholders' funds		1,618,177		1,540,676

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Merlin Golf Club Limited (registered number: 05139332) were approved and authorised for issue by the Director on 28 April 2022. They were signed on its behalf by:

Mr J A Barlow Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Merlin Golf Club Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is c/o Bishop Fleming, Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities. Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	20 % reducing balance
Fixtures and fittings	25 % reducing balance
Other property, plant and equipment	20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

No depreciation is charged in respect of the freehold property. This is not in accordance with the requirements of FRS102, however the directors are of the opinion that in order for the financial statements to show a true and fair view that this departure is necessary.

In the opinion of the directors the residual value of the freehold property is such that provision for depreciation in the period, and over the life of the asset, would be insignficant. Furthermore it is the company policy to maintain the asset in such condition that the value is not impaired by the passage of time. Such expenditure is charged to the income statement in the year in which it is committed.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		8

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2021	1,655,919		331,722		10,756		97,787		335,904		2,432,088
Additions	23,589		58,434		0		1,125		0		83,148
At 31 December 2021	1,679,508		390,156		10,756		98,912		335,904		2,515,236
Accumulated depreciation
At 01 January 2021	0		273,030		7,636		90,480		140,932		512,078
Charge for the financial year	0		21,276		780		1,873		16,794		40,723
At 31 December 2021	0		294,306		8,416		92,353		157,726		552,801
Net book value
At 31 December 2021	1,679,508		95,850		2,340		6,559		178,178		1,962,435
At 31 December 2020	1,655,919		58,692		3,120		7,307		194,972		1,920,010

4. Debtors

	2021		2020
	£		£
Trade debtors	1,933		5,520
Other debtors	67,123		74,947
	69,056		80,467

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	15,940		13,862
Other creditors	551,208		701,789
Other taxation and social security	135		802
Obligations under finance leases and hire purchase contracts	0		1,556
	567,283		718,009

6. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	36,382		43,333
Other creditors	10,000		30,000
	46,382		73,333

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
22,224 A ordinary shares of £ 1.00 each	22,224		22,224
200,000 B ordinary shares of £ 1.00 each	200,000		200,000
	222,224		222,224