Cretingham Golf Club Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03667874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

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:

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

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

Investment property

6

510,586

510,586

510,586

1,511,089

CURRENT ASSETS

Stocks

-

17,300

Debtors

7

178,587

-

Cash at bank and in hand

221,014

50,925

399,601

68,225

CREDITORS

Amounts falling due within one year

8

325,496

1,620,043

NET CURRENT ASSETS/(LIABILITIES)

74,105

(1,551,818

)

TOTAL ASSETS LESS CURRENT LIABILITIES

584,691

(40,729

)

CREDITORS

Amounts falling due after more than one year

9

147,807

184,250

NET ASSETS/(LIABILITIES)

436,884

(224,979

)

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

436,794

(225,069

)

SHAREHOLDERS' FUNDS

436,884

(224,979

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 13 September 2018 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 NIL (2016 - 9 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

20,000

AMORTISATION

At 1 January 2017

and 31 December 2017

20,000

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2017

551,541

497,976

233,470

Disposals

(551,541

)

(383,096

)

(233,470

)

At 31 December 2017

-

114,880

-

DEPRECIATION

At 1 January 2017

-

114,880

178,953

Eliminated on disposal

-

-

(178,953

)

At 31 December 2017

-

114,880

-

NET BOOK VALUE

At 31 December 2017

-

-

-

At 31 December 2016

551,541

383,096

54,517

Fixtures

and

Website &

fittings

ITcosts

Totals

£

£

£

COST

At 1 January 2017

90,047

7,775

1,380,809

Disposals

(90,047

)

-

(1,258,154

)

At 31 December 2017

-

7,775

122,655

DEPRECIATION

At 1 January 2017

78,698

7,775

380,306

Eliminated on disposal

(78,698

)

-

(257,651

)

At 31 December 2017

-

7,775

122,655

NET BOOK VALUE

At 31 December 2017

-

-

-

At 31 December 2016

11,349

-

1,000,503

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

and 31 December 2017

510,586

NET BOOK VALUE

At 31 December 2017

510,586

At 31 December 2016

510,586

For the year ended 31st December 2017 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

2017

2016

£

£

Other debtors

159,356

-

VAT

19,231

-

178,587

-

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 10)

68,618

719,151

Hire purchase contracts

724

5,057

Trade creditors

4,583

9,175

Tax

31,446

-

VAT

-

2,764

Other creditors

120,000

75,000

Pre-Paid Subscriptions

-

14,555

Directors' current accounts

55,885

759,091

Accruals and deferred income

-

11,250

Accrued expenses

44,240

24,000

325,496

1,620,043

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 10)

147,807

184,250

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

18,835

33,507

10.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank loans

68,618

719,151

2017

2016

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

36,540

41,123

Amounts falling due between two and five years:

Bank loans - 2-5 years

92,432

109,620

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

18,835

33,507

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

216,425

903,401

Hire purchase contracts

724

5,057

217,149

908,458

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.