RYDE GOLF CLUB LIMITED - Filleted accounts

RYDE GOLF CLUB LIMITED - Filleted accounts

RYDE GOLF CLUB LIMITED - Company Information

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Registered number
01453099
RYDE GOLF CLUB LIMITED
Filleted Accounts
31 March 2018
RYDE GOLF CLUB LIMITED
Registered number: 01453099
Balance Sheet
as at 31 March 2018
Notes 2018 2016
£ £
Fixed assets
Tangible assets 2 391,448 400,998
Current assets
Stocks 5,500 4,281
Debtors 3 4,067 3,498
Cash at bank and in hand 18,989 8,207
28,556 15,986
Creditors: amounts falling due within one year 4 (97,858) (53,915)
Net current liabilities (69,302) (37,929)
Net assets 322,146 363,069
Capital and reserves
Revaluation reserve 5 220,628 220,628
Profit and loss account 101,518 142,441
Shareholder's funds 322,146 363,069
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Wilkins
Director
Approved by the board on 12 December 2018
RYDE GOLF CLUB LIMITED
Notes to the Accounts
for the period from 1 January 2017 to 31 March 2018
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. 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
Computer Equipment 25% on cost
Plant and machinery 20% reducing balance basis
Fixtures, fittings, tools and equipment 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Buildings Plant and machinery etc Land Total
£ £ £ £
Cost
At 1 January 2017 240,672 323,916 206,806 771,394
Additions - 411 - 411
At 31 March 2018 240,672 324,327 206,806 771,805
Depreciation
At 1 January 2017 - 285,788 84,608 370,396
Charge for the period - 5,825 4,136 9,961
At 31 March 2018 - 291,613 88,744 380,357
Net book value
At 31 March 2018 240,672 32,714 118,062 391,448
At 31 December 2016 240,672 38,128 122,198 400,998
3 Debtors 2018 2016
£ £
Other debtors 4,067 3,498
4 Creditors: amounts falling due within one year 2018 2016
£ £
Trade creditors 3,314 7,032
Payments received on account 29,443 2,740
Other taxes and social security costs 1,206 1,242
Other creditors 63,895 42,901
97,858 53,915
5 Revaluation reserve 2018 2016
£ £
At 1 January 2017 220,628 220,628
At 31 March 2018 220,628 220,628
6
Other information
RYDE GOLF CLUB LIMITED is a private company limited by guarantee and incorporated in England. Its registered office is:
The Club House
Ryde Golf Club
Ryde
Isle of Wight
PO33 3NF
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