Cretingham Golf Club Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03667874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 December 2022

for

Cretingham Golf Club Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T W Coe

Mr N A Jackson

Mrs K A Jackson

Mrs I R Coe

SECRETARY:

Mrs K A Jackson

REGISTERED OFFICE:

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

REGISTERED NUMBER:

03667874 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

FIXED ASSETS

Intangible assets

4

16,192

17,144

Tangible assets

5

1,297

1,621

Investment property

6

256,788

256,788

274,277

275,553

CURRENT ASSETS

Stocks

200

200

Debtors

7

207,229

265,282

Cash at bank and in hand

8,506

81,200

215,935

346,682

CREDITORS

Amounts falling due within one year

8

98,646

104,078

NET CURRENT ASSETS

117,289

242,604

TOTAL ASSETS LESS CURRENT LIABILITIES

391,566

518,157

CREDITORS

Amounts falling due after more than one year

9

33,864

50,305

NET ASSETS

357,702

467,852

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

357,612

467,762

SHAREHOLDERS' FUNDS

357,702

467,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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 21 August 2023 and were signed on its behalf by:

Mrs K A Jackson - Director

Mr T W Coe - Director

Mrs I R Coe - Director

Mr N A Jackson - Director

1.	STATUTORY INFORMATION

Cretingham Golf Club Ltd. 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.

Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Lease

During the year the company purchased a 21 year lease for £20,000. This is being written off evenly through the Profit and Loss Account over it's expected useful economic life of 21 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Government grants

Operating Grants, including the Job Retention Scheme and Small Business Grant Fund Income are recognised in the Profit & Loss Account in the period to which they relate and are included in Other Operating Income.

Where the Company has borrowed funds under Government provided Bounce Back Loans (BBL) or the Coronavirus Business Interruption Loan Scheme (CBILS), details of the amounts outstanding can be found in the balance sheet and related notes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Lease

£

COST

At 31 December 2021

and 30 December 2022

20,000

AMORTISATION

At 31 December 2021

2,856

Amortisation for year

952

At 30 December 2022

3,808

NET BOOK VALUE

At 30 December 2022

16,192

At 30 December 2021

17,144

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 31 December 2021

and 30 December 2022

3,165

DEPRECIATION

At 31 December 2021

1,544

Charge for year

324

At 30 December 2022

1,868

NET BOOK VALUE

At 30 December 2022

1,297

At 30 December 2021

1,621

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 December 2021

and 30 December 2022

256,788

NET BOOK VALUE

At 30 December 2022

256,788

At 30 December 2021

256,788

For the year ended 31st December 2022 the Directors' reviewed the valuation of the investment property on an open market basis and were of the opinion that no revaluation adjustment was required.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

159,356

159,356

Directors' current accounts

37,645

85,170

VAT

3,024

6,661

Prepayments and accrued income

7,204

14,095

207,229

265,282

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 10)

20,150

20,148

Trade creditors

57,408

69,934

Tax

5,265

6,230

Social security and other taxes

5,823

1,766

Accrued expenses

10,000

6,000

98,646

104,078

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 10)

33,864

50,305

10.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

20,150

20,148

Amounts falling due between one and two years:

Bank loans - 1-2 years

19,374

20,150

Amounts falling due between two and five years:

Bank loans - 2-5 years

14,490

30,155

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

54,014

70,453

Amounts owing under hire purchase contracts are secured on the assets to which they relate.

Bank borrowings are secured by a charge over the company's assets.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 December 2022 and 30 December 2021:

2022

2021

£

£

Mr T W Coe and Mrs I R Coe

Balance outstanding at start of year

30,518

39,806

Amounts repaid

(30,000

)

(9,288

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

518

30,518

Mr N A Jackson and Mrs K A Jackson

Balance outstanding at start of year

54,652

44,110

Amounts advanced

12,475

10,542

Amounts repaid

(30,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

37,127

54,652