Cretingham Golf Club Ltd. - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03667874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

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:

Grove Farm

Cretingham

WOODBRIDGE

Suffolk

IP13 7BA

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

-

-

Tangible assets

5

1,000,503

1,026,538

Investment property

6

510,586

510,586

1,511,089

1,537,124

CURRENT ASSETS

Stocks

17,300

17,300

Debtors

7

-

8,250

Cash at bank

50,925

2,107

68,225

27,657

CREDITORS

Amounts falling due within one year

8

1,620,043

1,246,190

NET CURRENT LIABILITIES

(1,551,818

)

(1,218,533

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(40,729

)

318,591

CREDITORS

Amounts falling due after more than one year

9

184,250

436,431

NET LIABILITIES

(224,979

)

(117,840

)

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

(225,069

)

(117,930

)

SHAREHOLDERS' FUNDS

(224,979

)

(117,840

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 6 September 2017 and were signed on its behalf by:

Mr N A Jackson - Director

Mr T W Coe - 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

At the 31 December 2016 the Company was insolvent. The financial statements however have been

prepared on a going concern basis. In meeting the Company's working capital requirements the

directors have agreed to continue to support the Company for the next 12 months. On the basis that

the directors consider, with their support, it appropriate to prepare the financial statements on a going

concern basis, the financial statements do not contain any adjustments that would result from the

withdrawal of their support.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1998, is being amortised evenly over its estimated useful life of ten 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.

Freehold property

-

not provided

Improvements to property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Website & ITcosts

-

20% on cost

The directors consider that freehold properties are maintained in such a state of repair that their

residual value is at least equal to their net book value. As a result, the corresponding depreciation

would not be material and therefore is not charged in the profit and loss account.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2015 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

20,000

AMORTISATION

At 1 January 2016

and 31 December 2016

20,000

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2016

and 31 December 2016

551,541

497,976

233,470

DEPRECIATION

At 1 January 2016

-

105,310

165,324

Charge for year

-

9,570

13,629

At 31 December 2016

-

114,880

178,953

NET BOOK VALUE

At 31 December 2016

551,541

383,096

54,517

At 31 December 2015

551,541

392,666

68,146

Fixtures

and

Website &

fittings

ITcosts

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

90,047

7,775

1,380,809

DEPRECIATION

At 1 January 2016

75,862

7,775

354,271

Charge for year

2,836

-

26,035

At 31 December 2016

78,698

7,775

380,306

NET BOOK VALUE

At 31 December 2016

11,349

-

1,000,503

At 31 December 2015

14,185

-

1,026,538

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

510,586

NET BOOK VALUE

At 31 December 2016

510,586

At 31 December 2015

510,586

For the year ended 31st December 2016 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

2016

2015

£

£

Prepayments and accrued income

-

8,250

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts (see note 10)

719,151

303,482

Hire purchase contracts

5,057

9,390

Trade creditors

9,175

12,997

VAT

2,764

1,016

Other creditors

75,000

75,000

Pre-Paid Subscriptions

14,555

17,901

Directors' current accounts

759,091

775,444

Accruals and deferred income

11,250

22,500

Accrued expenses

24,000

28,460

1,620,043

1,246,190

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans (see note 10)

184,250

436,431

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

33,507

65,395

10.

LOANS

An analysis of the maturity of loans is given below:

2016

2015

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

34,596

Bank loans

719,151

268,886

719,151

303,482

Amounts falling due between one and two years:

Bank loans - 1-2 years

41,123

256,833

Amounts falling due between two and five years:

Bank loans - 2-5 years

109,620

114,203

Amounts falling due in more than five years:

2016

2015

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

33,507

65,395

11.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdraft

-

34,596

Bank loans

903,401

705,317

Hire purchase contracts

5,057

9,390

908,458

749,303

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.	FIRST YEAR ADOPTION

The policies applied under the entities previous accounting framework are not materially different to

FRS 102 Section 1a and have not impacted on equity or profit or loss.