REGISTERED NUMBER: |
CREIGIAU GOLF CLUB LIMITED |
COMPANY LIMITED BY GUARANTEE |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
REGISTERED NUMBER: |
CREIGIAU GOLF CLUB LIMITED |
COMPANY LIMITED BY GUARANTEE |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CREIGIAU GOLF CLUB LIMITED |
COMPANY LIMITED BY GUARANTEE |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Tudor House |
16 Cathedral Road |
Cardiff |
CF11 9LJ |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
STATEMENT OF FINANCIAL POSITION |
31ST JANUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
1. | STATUTORY INFORMATION |
Creigiau Golf Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Income is accounted for on a cash received basis other than to the extent that there are significant amounts of income, principally sources of membership income, received in respect of other accounting periods, which are then carried forward to one or more following accounting periods. |
Turnover as shown in the statement of income and retained earnings comprises income from bar sales and is shown exclusive of Value Added Tax. Subscriptions and other income from members and third parties is shown as other operating income. |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Course development capital expenditure is capitalised and included in fixed assets. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold buildings - 2% & 10% straight line |
Plant & machinery - 33% reducing balance |
Fixtures and Fittings - 15% straight line |
Computer Equipment - 33% straight line |
No depreciation is provided on freehold land or golf courses. |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the club will comply with the conditions attaching to them and the grants will be received. |
Government grants are recognised using the performance model. |
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. |
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 Statement of Income and Retained Earnings, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
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. |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
As at 31 January 2023, the company had net current liabilities of £88,875 (2022: net current liabilities of £24,423) after making a loss of £31,396 (2022: profit of £6,493) in the year then ended. Included within the company's current liabilities are deferred subscriptions of £101,691 at the year-end. |
The management committee has been working proactively and have revisited their forecasts and cash flows in response to the ever-changing economic environment and putting measures in place to improve income streams and control spending. As a result, after making enquiries, the management committee believe they have a reasonable expectation that the company can build up adequate resources to allow the company to continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements. |
The longer-term effects of the Covid-19 pandemic are now combined with political and economic instabilities over the last year which have led to significant price increases across the board and cost-of-living crisis. It is difficult to accurately quantify the effects this will have on the company, but the management committee are committed to monitoring the situation closely and make timely decisions to reduce the impact. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1st February 2022 |
Additions |
At 31st January 2023 |
DEPRECIATION |
At 1st February 2022 |
Charge for year |
At 31st January 2023 |
NET BOOK VALUE |
At 31st January 2023 |
At 31st January 2022 |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Cups & | Computer |
Trophies | equipment | Totals |
£ | £ | £ |
COST |
At 1st February 2022 |
Additions |
At 31st January 2023 |
DEPRECIATION |
At 1st February 2022 |
Charge for year |
At 31st January 2023 |
NET BOOK VALUE |
At 31st January 2023 |
At 31st January 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
CREIGIAU GOLF CLUB LIMITED (REGISTERED NUMBER: 00395626) |
COMPANY LIMITED BY GUARANTEE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued |
Material uncertainty relating to going concern |
We draw attention to note 2 in the financial statements, which indicates that, as at 31 January 2023, the company had net current liabilities of £88,875 (2022: net current liabilities of £24,423) after making a loss of £31,396 (2022: profit of £6,493) in the year then ended. Included within the company's current liabilities are deferred subscriptions of £101,691 at the year-end. |
The management committee are aware of the situation and, after making enquiries, are putting measures in place to improve income streams and control spending which they anticipate will build adequate resources to allow the company to continue operating for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements. |
It is also noted that the company and wider country are still suffering the longer-term effects of the Covid-19 pandemic, combined with the more recent instabilities and cost of living increases. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
In auditing the financial statements, we have concluded that the management committee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the management committee with respect to going concern are described in the relevant sections of this report. |