Penrith Golf Club Limited

Penrith Golf Club Limited

PENRITH GOLF CLUB LIMITED - Company Information

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Penrith Golf Club Limited

Registered Number
09862315
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

Penrith Golf Club Limited
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

Leslie John Balmer
Stephen Andrew Johnson

Registered Address

4 Mason Court Gillan Way
Penrith 40 Business Park
Penrith
CA11 9GR

Place of Business

Penrith Golf Club

Salkeld Road

Penrith

CA11 8SG


Registered Number

09862315 (England and Wales)
Penrith Golf Club Limited
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Current assets
Cash at bank and on hand8,160119,840
8,160119,840
Creditors amounts falling due within one year11(720)(720)
Net current assets (liabilities)7,440119,120
Total assets less current liabilities7,440119,120
Creditors amounts falling due after one year12(7,439)(119,119)
Net assets11
Capital and reserves
Profit and loss account11
Reserves11
  • The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The financial statements were approved and authorised for issue by the Board of Directors on 5 February 2024, and are signed on its behalf by:
Leslie John Balmer
Director
Stephen Andrew Johnson
Director

Registered Company No. 09862315
Penrith Golf Club Limited
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in 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).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Valuation of financial instruments policy
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
5.Critical estimates and judgements
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. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
6.Sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
7.Employee information

20232022
Average number of employees during the year00
8.Any off-balance sheet arrangements including nature, purpose and financial impact on entity
Penrith Golf Club Limited is a company limited by guarantee. It is the trading subsidiary of Penrith Golf Club which is a members club. Its principal place of business is Salkeld Road, Penrith, Cumbria, CA11 8SG. Within the articles of association the company is required to donate any profits generated back to Penrith Golf Club and on liquidation all remaining reserves are required to be transferred to the Golf Club.
9.Description of nature of transactions and balances with related parties
During the year Penrith Golf Club has invoiced the limited company for a share of the course expenses and administration costs. This figure was calculated at £12,600 (2022 - £12,600). As per the articles of association the company will be donating the profits to Penrith Golf Club, the figure to be donated this year is £115,559 (2022 - £121,610). At the end of the year the company owed its parent organisation £7,439 (2022 - £119,119).
10.Guarantees and their terms, directors
Every Member of the Company undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up while he is a member or within one year after he ceases to be a member, for payment of the company's debts and liabilities contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.
11.Creditors within one year

2023

2022

££
Accrued liabilities and deferred income720720
Total720720
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors after one year

2023

2022

££
Amounts owed to related parties7,439119,119
Total7,439119,119