Calcot Golf Club Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00241241 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

CALCOT GOLF CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S W Brooker

L McKay

D Sullivan

Mrs L M Turner

P F Kowalik

A D Hearn

C J Guest

L C Wicks

REGISTERED OFFICE:

The Club House

Calcot Park Golf Club

Calcot

Reading

Berkshire

RG31 7RN

REGISTERED NUMBER:

00241241 (England and Wales)

FIXED ASSETS

Tangible assets

4

638,225

446,924

Investment property

5

1,240,000

1,240,000

1,878,225

1,686,924

CURRENT ASSETS

Stocks

41,331

38,772

Debtors

6

54,571

26,714

Cash at bank and in hand

618,711

956,915

714,613

1,022,401

CREDITORS

Amounts falling due within one year

7

892,973

931,881

NET CURRENT (LIABILITIES)/ASSETS

(178,360

)

90,520

TOTAL ASSETS LESS CURRENT LIABILITIES

1,699,865

1,777,444

PROVISIONS FOR LIABILITIES

198,992

191,821

NET ASSETS

1,500,873

1,585,623

CAPITAL AND RESERVES

Called up share capital

105,001

105,001

Retained earnings

1,395,872

1,480,622

1,500,873

1,585,623

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 25 October 2023 and were signed on its behalf by:

S W Brooker - Director

1.	STATUTORY INFORMATION

Calcot Golf Club Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation of 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 derived from the provision of golf and ancillary facilities and represents membership entrance fees and subscription income receivable in respect of the year. Turnover from membership fees is initially deferred and subsequently recognised over the period that it relates.

Food, beverage and retail sales are made from the on-site restaurant and shop. The turnover is recognised as income at the time the sale is made, at invoice value excluding value added tax. Turnover also includes non-membership golf and leisure income (green fees, competition income and social income) which is also recognised at the time the sale is made.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property

- 4% Straight line

Machinery and equipment

- 10-20% Straight line

Course improvements

- 10% Straight line

Drainage system, fencing and nets

- 10% Straight line

Sheds

- 5-10% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Going concern

The Club meets all of its day to day working capital requirements from existing reserves. The Club's forecasts and projections, taking into account expected increases in membership numbers, as well as a reduction in expected capital expenditure and overheads, show that the Club should be able to operate well within the level of reserves held.

After making enquiries, the Directors have a reasonable expectation that the Club has adequate resources to continue in operation for the foreseeable future. The Club therefore continues to adopt the going concern basis in preparing its financial statements.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Course

Sheds,

improvemen

Freehold

machinery

and

land and

and

sprinkler

buildings

equipment

system

£

£

£

COST

At 1 June 2022

716,019

932,750

419,760

Additions

-

100,149

177,364

At 31 May 2023

716,019

1,032,899

597,124

DEPRECIATION

At 1 June 2022

582,995

813,519

316,365

Charge for year

9,682

31,697

23,630

At 31 May 2023

592,677

845,216

339,995

NET BOOK VALUE

At 31 May 2023

123,342

187,683

257,129

At 31 May 2022

133,024

119,231

103,395

Furniture,

fittings

Drainage,

and

fencing

equipment

and nets

Totals

£

£

£

COST

At 1 June 2022

437,462

237,623

2,743,614

Additions

8,679

-

286,192

At 31 May 2023

446,141

237,623

3,029,806

DEPRECIATION

At 1 June 2022

413,528

170,283

2,296,690

Charge for year

13,329

16,553

94,891

At 31 May 2023

426,857

186,836

2,391,581

NET BOOK VALUE

At 31 May 2023

19,284

50,787

638,225

At 31 May 2022

23,934

67,340

446,924

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2022

and 31 May 2023

1,240,000

NET BOOK VALUE

At 31 May 2023

1,240,000

At 31 May 2022

1,240,000

The last external valuation of the investment properties was undertaken by Prospect in December 2022 on an open market value for existing use basis, representing the fair value of the properties at that date. The directors consider this valuation as an appropriate estimation of the fair value as at 31 May 2023.

The initial cost of the properties was determined on a best estimate basis by the directors. The estimate used the apportioned square footage of the properties.

Fair value at 31 May 2023 is represented by:

£

Valuation in 2015

459,186

Valuation in 2016

90,000

Valuation in 2017

35,000

Valuation in 2022

590,000

Cost

65,814

1,240,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Other debtors

54,571

26,714

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Hire purchase contracts (see note 8)

9,203

12,114

Payments received on account

402,549

444,588

Trade creditors

132,301

85,193

Taxation and social security

14,900

19,866

Other creditors

334,020

370,120

892,973

931,881

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.5.23

31.5.22

£

£

Net obligations repayable:

Within one year

9,203

12,114

Non-cancellable operating

leases

31.5.23

31.5.22

£

£

Within one year

43,067

62,257

Between one and five years

35,167

106,765

78,234

169,022

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lee Gardner FCA (Senior Statutory Auditor)

for and on behalf of Vale & West Accountancy Services Limited