INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) |
Financial Statements for the Year Ended 31 December 2022 |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) |
Financial Statements for the Year Ended 31 December 2022 |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
88 Hill Village Road |
Sutton Coldfield |
West Midlands |
B75 5BE |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Statement of Financial Position |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET ASSETS |
RESERVES |
Income and expenditure account | 12 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Incorporated Sutton Coldfield Golf Club(The) is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents golfing income receivable and bar sales (excluding VAT). |
Subscriptions received for life memberships are credited to profit or loss over a period of years. Each year the amount credited is that years equivalent subscription rate, with the remainder of the life membership subscription being carried forward until it has been fully utilised. |
The subscription year runs from 1 April to 31 March. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. |
Depreciation is provided on the following basis: |
Freehold property - 2% reducing balance |
Plant and machinery - 20% straight line |
Fixtures and fittings - 10% and 20% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted retrospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
Land is not depreciated in the accounts. Freehold buildings are maintained to ensure their value does not diminish over time. The maintenance costs are charged to the profit and loss account in the year incurred. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete or slow moving items. |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Operating leases: the company as the lessee |
Rentals paid under operating leases are charged to the statement of Comprehensive Income on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
Pensions |
Defined contribution pension plan |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months form the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable and receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | AUDITORS' REMUNERATION |
2022 | 2021 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
5,954 |
5,461 |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Deferred tax asset |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Social security and other taxes |
VAT | 17,161 | 17,423 |
Other creditors |
Deferred income |
Accrued expenses |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Hire purchase contracts | 104,420 | 102,939 |
Hire purchase debts are secured against the assets included within the agreements. |
INCORPORATED SUTTON COLDFIELD GOLF |
CLUB(THE) (REGISTERED NUMBER: 00038716) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
12. | RESERVES |
Income |
and |
expenditure |
account |
£ |
At 1 January 2022 |
Surplus for the year |
At 31 December 2022 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | COMPANY STATUS |
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. |
15. | PENSION COMMITMENTS |
The company operates a defined contributions pensions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,361 (2021 - £8,189). Contributions totalling £3,012 (2021 - £2,206) were payable to the fund at the balance sheet date. |
16. | RELATED PARTY TRANSACTIONS |
Key management personnel are considered to be the directors. During the year the directors received £nil remuneration for their services to the club (2021 - £nil). |