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

REGISTERED NUMBER: 03408462 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

FOR

WEST HOVE GOLF CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Barry

J E Godley

B C Murphy (Chairman)

M Emery

D Gillies

Ms S Gleeson

I Parnell

REGISTERED OFFICE:

Badgers Way

Hangleton

Hove

East Sussex

BN3 8EX

REGISTERED NUMBER:

03408462 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Tangible assets

4

1,847,526

1,797,227

CURRENT ASSETS

Stocks

8,071

6,476

Debtors

5

49,551

13,879

Cash in hand

442,516

274,452

500,138

294,807

CREDITORS

Amounts falling due within one year

6

185,192

164,464

NET CURRENT ASSETS

314,946

130,343

TOTAL ASSETS LESS CURRENT LIABILITIES

2,162,472

1,927,570

CREDITORS

Amounts falling due after more than one year

7

(823,999

)

(713,676

)

PROVISIONS FOR LIABILITIES

9

(24,137

)

(11,778

)

NET ASSETS

1,314,336

1,202,116

CAPITAL AND RESERVES

Called up share capital

45,297

45,297

Share premium

732,926

732,926

Revaluation reserve

10

96,730

96,730

Capital redemption reserve

31

31

Retained earnings

439,352

327,132

SHAREHOLDERS' FUNDS

1,314,336

1,202,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 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 19th February 2024 and were signed on its behalf by:

B C Murphy (Chairman) - Director

1.	STATUTORY INFORMATION

West Hove 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

In common with many other companies, the outbreak of COVID-19 in the UK and the measures taken to control its spread had a detrimental impact on our business. Specifically, there was been a severe decline in our takings from green fees and the bar in the previous year. The position in this year is much improved as the restrictions have eased. With the support of our loyal members and staff, our sponsors, NatWest Bank, Brighton & Hove Council and the Government’s furlough scheme, at the date of approving these accounts the directors have a reasonable expectation that the Company has adequate resources for the foreseeable future.

Significant judgements and estimates

Land and buildings are accounted for at valuation.

Turnover

Turnover represents members' subscriptions and amounts invoiced to third parties, net of value added tax. Members' subscriptions are credited to the profit and loss account on a straight line basis over the accounting period to which they relate.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Land and buildings are accounted for at revaluation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildings

over 50 years straight line

Plant and machinery

over 5 years and 10 years on reducing balance

Club furniture and fittings

over 5 years on reducing balance

Stocks

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

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

Grants receivable

Grants received in respect of tangible fixed assets are credited to the profit and loss account over the expected useful economic lives of the assets to which they relate. Grants received but not yet released to the profit and loss account are included as deferred income in the balance sheet. A grant received for the purpose of giving immediate financial support to the Company with no future related costs is recognised as income in the period in which it is received.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1st September 2022

1,943,018

628,066

2,571,084

Additions

-

96,808

96,808

At 31st August 2023

1,943,018

724,874

2,667,892

DEPRECIATION

At 1st September 2022

207,782

566,075

773,857

Charge for year

14,749

31,760

46,509

At 31st August 2023

222,531

597,835

820,366

NET BOOK VALUE

At 31st August 2023

1,720,487

127,039

1,847,526

At 31st August 2022

1,735,236

61,991

1,797,227

Freehold Land & Buildings

2023

2022

£

£

Historical cost

1,821,990

1,821,990

Cumulative depreciation based on historical cost

1,633,599

1,633,599

The freehold land and buildings, comprising 18 hole golf course, clubhouse, practice range and greenkeepers' maintenance facility are included at directors' valuation. The net book value of plant and machinery held under hire purchase contracts was £62,726 (2022 £22,643).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

12,483

2,137

Other debtors

37,068

11,742

49,551

13,879

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

46,302

51,915

Hire purchase contracts

17,854

3,013

Trade creditors

59,338

42,392

Tax

5,911

7,857

Social security and other taxes

8,680

9,173

VAT

3,015

8,461

Other creditors

27,795

29,629

Accruals and deferred income

16,297

12,024

185,192

164,464

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loan repayable in more

than 5 years by instalments

333,284

361,399

Hire purchase contracts

81,972

-

Subscriptions received in

advance (non-refundable)

402,481

339,763

Deferred government grants

6,262

12,514

823,999

713,676

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable in more

than 5 years by instalments

333,284

361,399

333,284

361,399

8.	SECURED DEBTS

The NatWest bank loan is secured by a fixed and floating charge over the company's assets for 25 years at 1.5% over base.

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

24,137

11,778

Deferred

tax

£

Balance at 1st September 2022

11,778

Provided during year

12,359

Balance at 31st August 2023

24,137

10.

RESERVES

Revaluation

reserve

£

At 1st September 2022

and 31st August 2023

96,730

11.	CONTROLLING PARTY

The company is owned by the members of West Hove Golf Club, none of whom have a controlling interest.