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 2022
The West Hill Golf Club (1959) Limited
Financial Statements
For The Year Ended
30 June 2022
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
The West Hill Golf Club (1959) Limited
Balance Sheet
As at
30 June 2022
Balance Sheet
Registered number:
00635571
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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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 | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium |
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| Fair Value Reserve | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 3,219,001 | 2,895,471 | |||
The West Hill Golf Club (1959) Limited
Balance Sheet (continued)
As at
30 June 2022
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 3 to 7 form part of these financial statements.
The West Hill Golf Club (1959) Limited
Notes to the Financial Statements
For The Year Ended
30 June 2022
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 2023. Based on this assessment, 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 2022
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:
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| Course |
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| House |
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| Administration |
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3.
Tangible Assets
| Land & Property | |||
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| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
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| Additions |
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| Disposals |
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| Depreciation | |||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||
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The West Hill Golf Club (1959) Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2022 | 2021 | ||
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| £ | £ | ||
| Plant & Machinery |
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4.
Stocks
| 2022 | 2021 | ||
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| £ | £ | ||
| Stock | 16,417 | 14,653 | |
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5.
Debtors
| 2022 | 2021 | ||
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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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6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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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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| Leaver Member 2002 Loan |
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| Accruals and deferred income |
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During the year ended 30 June 2021 the Club took out a six year £50,000 Bounce Back Loan which is guaranteed by the UK Goverment. No value accounting recognistion has been given to the guarantee provided by the UK Goverment. There is automatically one year with no re-payments or interest charged. The interest free benefit received by the Club for the first year of £1,250 has been recorded in other operating income. Interest is charged at 2.5% and monthly repayments of £833 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 2022
7.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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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 |
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| Member 2017 Loan Notes |
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The 2002 Member Loan does not bear interest. The 2002 Member Loan is 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.
8.
Obligations Under Finance Leases and Hire Purchase
| 2022 | 2021 | ||
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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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10.
Reserves
| Fair Value Reserve | |
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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 2022
11.
Related Party Transactions
At 30 June 2022 and 30 June 2021 the company owed the following amounts to directors and connected partners in respect of loan notes:
D Duncan £4,500
B Fraser £250
D Mills £2,250
M Randall £2,250
J Thomas £3,000
L Daniel £1,000
N Sellars £2,250
A Passmore £1,750
The directors pay normal golf subscriptions.
12.
Other Operating Income
2022 2021
£ £
Retail, Hospitality and Leisure Grant 9,150 44,578
Coronavirus Job Retension Scheme Grant 0 85,835
Interuption of Business Insurance 45,052 51,649
Grant income attributable to bounce-back loan 774 476
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£54,976£182,538
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The company received a Retail, Hospitality, and Leisure (RHL) grant of £9,150 (2021 £44,578) in the year ended 30 June 2022. The RHL grant received from Woking Borough Council compensated the company for the time that they were required to close due to restrictions imposed by the UK government.
The company received a Coronavirus Job Retention Scheme (CJRS) grant of £0 (2021 £85,835) in the year ended 30 June 2022. The CJRS grant received from the UK government compensated the company for part of the wages of those employees who were placed on furlough (i.e. placed on a temporary leave of absence from working for the company) during this financial year. Staff costs shown in the financial statements are shown without any offset of the CJRS grant against the costs.
A claim for business interruption was made by the company under its insurance policy, which provided cover for losses arising from the compulsory closure of the business due to a restriction or order made by a public authority. An offer in full and final settlement of the claim in the sum of £87,271 was made to the company of which £35,622 is recognised in the year ended 30 June 2022 (2021 £51,649). In addition £9,430 of interest was received in respect of the claim.
13.
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.