Arcot Hall Golf Club Limited Filleted accounts for Companies House (small and micro)

The financial statements have been prepared on the historical cost basis. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no judgements, estimates and assumptions that affect the amounts reported. Revenue recognition Turnover represents income from members and temporary members attributable to subscriptions and bar takings, competitions and other associated golfing activities, stated net of value added tax where appropriate. Revenue is recognised in the financial year in which the income arises. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Tangible assets Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. 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:

No depreciation has been provided on freehold land and buildings, as in the opinion of the Committee the residual value would be sufficiently high to make any depreciation charge immaterial. Impairment of fixed assets 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.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Bank loans comprise: (1) A loan of £302,000 taken out in April 2005 for a term of 20 years. The current rate of interest is 3.15% above base rate. The balance at 31 December 2022 was £52,419 (2021: £72,957) (2) A loan of £150,000 taken out in June 2005 for 20 years. The current rate of interest is 2.95% above base rate. The balance at 31 December 2022 was £29,018 (2021: £39,626) The above loans are secured on the freehold land and buildings. (3) A Bounce Back loan was taken out in June 2020 for a term of 5 years, extended in June 2021 to 10 years. The effective rate of interest on this loan is 2.50%.

At 31 December 2022 the company had total commitments under non cancellable operating leases over the remaining life of those leases of £40,012 (2021: £53,865). The leases expire in 2025.

The club received a loan in the year of £20,000 from a member of the committee.(2021: £NIL). This will be repaid in 2023.