Company Registration No. 8882890 (England and Wales)
Buckingham Golf Club Limited
Unaudited accounts
for the year ended 31 August 2023
Buckingham Golf Club Limited
Unaudited accounts
Contents
Buckingham Golf Club Limited
Company Information
for the year ended 31 August 2023
Directors
S Brown
S Green
T Poil
A Moore
C Ledward
Company Number
8882890 (England and Wales)
Registered Office
Tingewick Road
Buckingham
Buckinghamshire
MK18 4AE
Accountants
Anthistle Craven
Moreton House
31 High Street
Buckingham
Bucks
MK18 1NU
Buckingham Golf Club Limited
Statement of financial position
as at 31 August 2023
Tangible assets
1,440,534
1,472,341
Cash at bank and in hand
335,461
322,554
Creditors: amounts falling due within one year
(506,754)
(451,930)
Net current liabilities
(105,042)
(92,355)
Total assets less current liabilities
1,335,492
1,379,986
Creditors: amounts falling due after more than one year
(21,850)
(34,703)
Net assets
1,313,642
1,345,283
Profit and loss account
1,313,642
1,345,283
Members' funds
1,313,642
1,345,283
For the year ending 31 August 2023 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by
A Moore
Director
Company Registration No. 8882890
Buckingham Golf Club Limited
Notes to the Accounts
for the year ended 31 August 2023
Buckingham Golf Club Limited is a private company, limited by guarantee, registered in England and Wales, registration number 8882890. The registered office is Tingewick Road, Buckingham, Buckinghamshire, MK18 4AE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
The accounts are presented in £ sterling.
Turnover represents net invoiced subscriptions, fees and sales of goods, excluding value added tax.
Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised in the period in which the services are provided.
Subscriptions income received in respect of future periods is recorded as income in advance within creditors and released as it is due.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to income and expenditure account.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land & buildings
2-4% on cost of greens improvements
Plant & machinery
10-20% on cost
Fixtures & fittings
10-20% on cost
Computer equipment
33% on cost
Buckingham Golf Club Limited
Notes to the Accounts
for the year ended 31 August 2023
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment are also recognised in profit and loss.on.
Cash at bank and in hand are basic financial assets and include cash deposits held at call with banks and other short-term liquid investments with original maturities of three months or less
Current tax
The tax is payable on surplus arising from trading with non-members
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to income or expenditure account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
The Company's principal financial instruments comprise cash, short term deposits and trade creditors that arise directly from its operation. The main purpose of these financial instruments is to fund the company's operation as well as working capital, liquidity and invest surplus funds.
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost. Where contractual obligations of financial instruments are equivalent similar to debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Buckingham Golf Club Limited
Notes to the Accounts
for the year ended 31 August 2023
At 31 August 2023 the company had net current liabilities of £10,043 (2022 - £92,354). The directors continue to prepare the financial statements on a going concern basis, as they are of the opinion that the company has sufficient resources available to it to enable it to meet its liabilities as and when they fall due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2022
1,748,067
391,399
248,886
31,273
2,419,625
Additions
37,134
3,698
-
-
40,832
Disposals
-
(22,500)
-
-
(22,500)
At 31 August 2023
1,785,201
372,597
248,886
31,273
2,437,957
At 1 September 2022
388,043
318,411
211,154
29,676
947,284
Charge for the year
28,932
14,201
9,909
1,597
54,639
On disposals
-
(4,500)
-
-
(4,500)
At 31 August 2023
416,975
328,112
221,063
31,273
997,423
At 31 August 2023
1,368,226
44,485
27,823
-
1,440,534
At 31 August 2022
1,360,024
72,988
37,732
1,597
1,472,341
The clubhouse premises and course have not been revalued. The cost represents accumulated expenditure incurred over the years.
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
-
10,048
Amounts falling due within one year
Accrued income and prepayments
49,881
20,956
Buckingham Golf Club Limited
Notes to the Accounts
for the year ended 31 August 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
2,853
2,512
Trade creditors
60,300
37,402
Taxes and social security
9,123
5,198
Other creditors
98,179
90,869
Deferred income
321,048
299,492
Hire purchase contracts and finance leases are secured against the tangible fixed assets to which they relate.
The bank overdraft and loan is secured with a bank charge over the land property of the Company.
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
2,683
5,536
Hire purchase contracts and finance leases are secured against the tangible fixed assets to which they relate.
The bank overdraft and loan is secured with a bank charge over the land property of the Company.
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Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes that in the event of a winding up, while he or she is a member or within twelve months after he or she ceases to be a member, to contribute such sum as may be required, not exceeding £5.
9
Transactions with related parties
No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.
10
Average number of employees
During the year the average number of employees was 19 (2022: 19).
