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Unaudited Financial Statements for the Year Ended 31st December 2017 |
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North Worcestershire Golf Club Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st December 2017 |
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for |
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North Worcestershire Golf Club Limited |
North Worcestershire Golf Club Limited (Registered number: 00115951) |
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Contents of the Financial Statements |
for the Year Ended 31st December 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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North Worcestershire Golf Club Limited |
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Company Information |
for the Year Ended 31st December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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North Worcestershire Golf Club Limited (Registered number: 00115951) |
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Balance Sheet |
31st December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
North Worcestershire Golf Club Limited (Registered number: 00115951) |
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Balance Sheet - continued |
31st December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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North Worcestershire Golf Club Limited (Registered number: 00115951) |
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Notes to the Financial Statements |
for the Year Ended 31st December 2017 |
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1. | STATUTORY INFORMATION |
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North Worcestershire Golf Club Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have not been prepared on a going concern basis, because the company ceased to operate as |
a golf club in May 2016, and auctioned off all of its golf equipment and other movable assets during the year. Any |
remaining assets are shown at their estimated realisable values, with provision for any further liabilities that may |
arise. |
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Turnover |
Turnover comprises mobile phone mast and substation income only. |
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Tangible fixed assets |
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Freehold Property - Not Depreciated |
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Neither the freehold land nor the freehold property is depreciated. The freehold property is not depreciated because |
the directors believe that any element of depreciation is immaterial to the financial statements. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit & loss account in administrative |
expenses. |
North Worcestershire Golf Club Limited (Registered number: 00115951) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they |
are measured at amortised cost using the effective interest rate method, less impairment. If any arrangement |
constitutes a finance transaction it is measured at present value. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, It |
is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably |
estimated. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - 4 ). |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST |
At 1st January 2017 |
and 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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Included in cost of land and buildings is freehold land of £16,603 (2016 - £16,603) which is not depreciated. |
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The directors consider that the current value of the company's freehold land is approximately £750,000. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Included within "Other Creditors" is £130,000 (2016 - £130,000), which is refundable, under an incentive scheme, to |
those 2014/15 members who went on to renew their subscriptions for the 2015/16 year. |
North Worcestershire Golf Club Limited (Registered number: 00115951) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 36,412 | 36,416 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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Bank borrowings are secured by means of an unlimited debenture over the company's assets, and a 1st legal charge |
over its freehold property. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary Shares | 10p | 386 | 386 |
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10. | CONTINGENT LIABILITIES |
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The company's solicitors are involved in correspondence with the legal representatives of a number of |
ex-shareholders regarding the cancellation of their shares. No proceedings have been issued against the company, |
and the directors are of the opinion that these claims have no merit, but are nonetheless taking counsel's opinion upon |
this. If such claims were to prove successful, or were conceded, the principal cost would fall on other members (by |
way of dilution of their interest). The cost to date of obtaining council's opinion, has totalled £11,008. |