St. Augustines Golf Club (Ramsgate) Limited 31/12/2022 iXBRL

St. Augustines Golf Club (Ramsgate) Limited 31/12/2022 iXBRL

ST. AUGUSTINES GOLF CLUB (RAMSGATE) LIMITED - Company Information

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Company registration number: 00183486
St. Augustines Golf Club (Ramsgate) Limited
Unaudited filleted financial statements
31 December 2022
St. Augustines Golf Club (Ramsgate) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
St. Augustines Golf Club (Ramsgate) Limited
Directors and other information
Directors Mr N B W Cole
Mr P J Caswell
Mr A T Anderson
Mr T J Deakin
Mr G R Snell
Mr P L Dunster-Price
Mrs Deborah Swan
Secretary Mr N A M Irwin
Company number 00183486
Registered office Cottington Road
Cliffsend
Ramsgate
Kent
CT12 5JN
Accountants PG Lemon LLP
22 - 26 Bank Street
Herne Bay
Kent
CT6 5EA
St. Augustines Golf Club (Ramsgate) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of St. Augustines Golf Club (Ramsgate) Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of St. Augustines Golf Club (Ramsgate) Limited for the year ended 31 December 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of St. Augustines Golf Club (Ramsgate) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of St. Augustines Golf Club (Ramsgate) Limited and state those matters that we have agreed to state to the board of directors of St. Augustines Golf Club (Ramsgate) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St. Augustines Golf Club (Ramsgate) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that St. Augustines Golf Club (Ramsgate) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of St. Augustines Golf Club (Ramsgate) Limited. You consider that St. Augustines Golf Club (Ramsgate) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of St. Augustines Golf Club (Ramsgate) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PG Lemon LLP
Chartered Certified Accountants
22 - 26 Bank Street
Herne Bay
Kent
CT6 5EA
22 June 2023
St. Augustines Golf Club (Ramsgate) Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 3 128,213 128,251
Investments 4 50,000 50,000
_______ _______
178,213 178,251
Current assets
Debtors 5 90,371 90,371
Cash at bank and in hand 130,088 126,677
_______ _______
220,459 217,048
Creditors: amounts falling due
within one year 6 ( 10,021) ( 8,333)
_______ _______
Net current assets 210,438 208,715
_______ _______
Total assets less current liabilities 388,651 386,966
Provisions for liabilities ( 6,876) ( 6,876)
_______ _______
Net assets 381,775 380,090
_______ _______
Capital and reserves
Called up share capital 4,581 4,973
Share premium account 2,040 2,040
Revaluation reserve 118,695 118,695
Capital redemption reserve 517 125
Profit and loss account 255,942 254,257
_______ _______
Shareholders funds 381,775 380,090
_______ _______
For the year ending 31 December 2022 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 June 2023 , and are signed on behalf of the board by:
Mr N B W Cole
Director
Company registration number: 00183486
St. Augustines Golf Club (Ramsgate) Limited
Statement of changes in equity
Year ended 31 December 2022
Called up share capital Share premium account Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £ £
At 1 January 2021 4,973 2,040 118,695 125 239,081 364,914
Profit for the year 17,703 17,703
_______ _______ _______ _______ _______ _______
Total comprehensive income for the year - - - - 17,703 17,703
Dividends paid and payable ( 2,527) ( 2,527)
_______ _______ _______ _______ _______ _______
Total investments by and distributions to owners - - - - ( 2,527) ( 2,527)
_______ _______ _______ _______ _______ _______
At 31 December 2021 and 1 January 2022 4,973 2,040 118,695 125 254,257 380,090
Profit for the year 24,237 24,237
_______ _______ _______ _______ _______ _______
Total comprehensive income for the year - - - - 24,237 24,237
Dividends paid and payable ( 6,872) ( 6,872)
Cancellation of subscribed capital - 392 - 392
Redemption of shares ( 392) - - ( 15,680) ( 16,072)
_______ _______ _______ _______ _______ _______
Total investments by and distributions to owners ( 392) - - 392 ( 22,552) ( 22,552)
_______ _______ _______ _______ _______ _______
At 31 December 2022 4,581 2,040 118,695 517 255,942 381,775
_______ _______ _______ _______ _______ _______
St. Augustines Golf Club (Ramsgate) Limited
Notes to the financial statements
Year ended 31 December 2022
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 33.3 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2022 and 31 December 2022 128,100 1,874 723 130,697
_______ _______ _______ _______
Depreciation
At 1 January 2022 - 1,754 692 2,446
Charge for the year - 30 8 38
_______ _______ _______ _______
At 31 December 2022 - 1,784 700 2,484
_______ _______ _______ _______
Carrying amount
At 31 December 2022 128,100 90 23 128,213
_______ _______ _______ _______
At 31 December 2021 128,100 120 31 128,251
_______ _______ _______ _______
4. Investments
Other loans Total
£ £
Cost
At 1 January 2022 and 31 December 2022 50,000 50,000
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 50,000 50,000
_______ _______
At 31 December 2021 50,000 50,000
_______ _______
5. Debtors
2022 2021
£ £
Other debtors 90,371 90,371
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax 5,682 4,225
Other creditors 4,339 4,108
_______ _______
10,021 8,333
_______ _______