Lee Park Golf Club Limited (The) - Accounts to registrar (filleted) - small 23.1.2

Lee Park Golf Club Limited (The)

Unaudited Financial Statements for the Year Ended 31 December 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Dunmore

M Farandos

Ms J Farley

I Glassman

Ms V O Graham

P Rastall

T R Trafford

V B Welsh

SECRETARY:

Ms A P Fagan

REGISTERED OFFICE:

Childwall Valley Road

Liverpool

L27 3YA

REGISTERED NUMBER:

00516075 (England and Wales)

ACCOUNTANTS:

Sue Matthews & Co Ltd

Chartered Accountants

Unit 4 Hurricane Drive

Hurricane Business Park

Liverpool

Merseyside

L24 8RL

FIXED ASSETS

Tangible assets

4

466,610

393,397

CURRENT ASSETS

Stocks

4,681

2,021

Debtors

5

22,855

11,740

Cash at bank and in hand

197,805

191,677

225,341

205,438

CREDITORS

Amounts falling due within one year

6

232,128

177,573

NET CURRENT (LIABILITIES)/ASSETS

(6,787

)

27,865

TOTAL ASSETS LESS CURRENT LIABILITIES

459,823

421,262

CREDITORS

Amounts falling due after more than one year

7

24,167

51,833

NET ASSETS

435,656

369,429

CAPITAL AND RESERVES

Called up share capital

8

85,975

84,600

Revaluation reserve

9

128,165

82,552

Capital redemption reserve

4,480

4,480

Retained earnings

217,036

197,797

435,656

369,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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 27 March 2023 and were signed on its behalf by:

J Dunmore - Director

1.	STATUTORY INFORMATION

Lee Park Golf Club Limited (The) is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 any VAT. The fair value of consideration takes into account any trading or settlement discounts.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently at cost or valuation and net of depreciation and any impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives on the following bases:

Land and buildings - Clubhouse - not provided

Land and buildings - Clubhouse development and alterations - 5% on reducing balance

Plant, machinery and equipment - 20% on reducing balance

Plant and machinery - Course development and construction - 5% on reducing balance

Plant and machinery - Trophies - not provided

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds (net of any VAT) and the carrying value of the assets, and is credited or charged to profit or loss in the period of disposal.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings,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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. These held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are deprecated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

502,959

929,579

1,432,538

Additions

24,598

33,201

57,799

Revaluations

-

45,613

45,613

At 31 December 2022

527,557

1,008,393

1,535,950

DEPRECIATION

At 1 January 2022

361,907

677,234

1,039,141

Charge for year

7,624

22,575

30,199

At 31 December 2022

369,531

699,809

1,069,340

NET BOOK VALUE

At 31 December 2022

158,026

308,584

466,610

At 31 December 2021

141,052

252,345

393,397

Included in plant and machinery are Trophies, amounting to £131,893. They were revalued by an independent valuer on 18 June 2022.

Cost or valuation at 31 December 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2022

-

128,135

128,135

Cost

527,557

880,258

1,407,815

527,557

1,008,393

1,535,950

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

781

35

Other debtors

22,074

11,705

22,855

11,740

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

8,333

Trade creditors

19,672

10,828

Taxation and social security

8,143

4,426

Other creditors

194,313

153,986

232,128

177,573

Included in other creditors are subscriptions received in advance from members amounting to £137,141 (2021 £116,390).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

24,167

35,833

Other creditors

-

16,000

24,167

51,833

8.	CALLED UP SHARE CAPITAL

Foundation shares have been issued as follows:

To 23rd March 1973 53,212

24th March 1973 to 30th March 1989 19,944

1st April 1989 to 31st December 2018 6,764

1st January 2019 to 31st December 2019 175

1st January 2022 to 31st December 2022 640

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Total foundation shares £80,735

=======

In the event of a winding up of the company, for the purposes of distribution of the company, any foundation share issued before 23rd March 1973 shall be deemed to have a nominal value ten times that of any foundation share issued after 30th March 1989: any foundation share issued after 22nd March 1973, but before 30th March 1989, shall be deemed to have a nominal value five times that of any foundation share issued after 30th March 1989.

Total shares are as follows:

Foundation shares 80.735

Members shares at start of year 4,505

Members shares movement in year 735

------------

£85,975

=======

9.

RESERVES

Revaluation

reserve

£

At 1 January 2022

82,552

Revaluation

45,613

At 31 December 2022

128,165

10.	CONTINGENT LIABILITY

There is a contingent liability of £10,000 for FOBS and Swipe Card monies received, repayable to members only in the event of the company winding up.