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Registered number: 00377635
HANKLEY COMMON GOLF CLUB LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2020
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HANKLEY COMMON GOLF CLUB LIMITED
REGISTERED NUMBER: 00377635
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2020
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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HANKLEY COMMON GOLF CLUB LIMITED
REGISTERED NUMBER: 00377635
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2020
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Hankley Common Golf Club Limited, (00377635), is a private company limited by guarantee without share capital and incorporated in England & Wales. Its registered office is The Clubhouse, Hankley Common, Tilford, Farnham, Surrey, GU10 2DD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The presentation currency of the company is GBP. The financial statements have been rounded to the nearest £.
The following principal accounting policies have been applied:
Revenue comprises income recognised by the Company in respect of goods and services supplied during the year, exclusive of VAT and trade discounts.
Revenue is recognised as follows:
• Subscription income is spread equally over the subscription period;
• Entrance fees are recognised at the start of the Membership period:
• Green fee income is recognised when the round of golf has been played
• Bar & catering income and other income is recognised when the service has been provided or goods despatched.
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.
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Clubhouse & general buildings
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2%, 5% or 10% straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively 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 profit or loss.
As permitted by the transitional provisions under FRS 102 the Company has elected not to adopt a policy of revaluation of tangible fixed assets but to retain within the value of land and buildings, such buildings previously revalued, as deemed cost.
The board operates a policy of constantly maintaining the freehold properties let to staff to a high standard, such that the estimated residual value will never fall below the carrying value in the books. No depreciation is therefore provided on the original cost of these freehold properties. The board considers that the policy of not depreciating these assets is necessary in order for the accounts to show a true and fair view. The board performs annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss account.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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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 from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
The Company only enters into basic financial instrument 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.
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 are charged to profit or loss 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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
Tax for the year comprises current tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax credit is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
The auditors' report on the financial statements for the year ended 31 August 2020 was unqualified.
The audit report was signed on 18 December 2020 by Keely Harvey FCA (Senior statutory auditor) on behalf of Wise & Co.
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on (loss)/profit on ordinary activities
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Factors affecting tax charge for the year
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Taxation is calculated at the small company rate with reference to profits being split between Members and Non-Members.
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Freehold land and buildings
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Charge for the year on owned assets
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Charge for the year on financed assets
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
5.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Charge for the year on financed assets
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Included in land and buildings is freehold land at cost of £28,143 (2019: £28,143), which is not depreciated.
Within freehold land and buildings are assets held at a valuation of £69,165, made in July 1983, resulting in a revaluation reserve of £57,108. The revalued amount has been used as deemed cost.
If held at historic cost, the cost and carrying amount of the assets would be £12,057 and NBV of £3,135 (2019: Cost: £12,057 and NBV £3,376).
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
5.Tangible fixed assets (continued)
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Members' loans are unsecured and interest free. Repayment will be made on the resignation or death of a member.
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing difference
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The financial statements have been restated to incorporate the impact of an omission of an accrual for staff bonuses and Employer's National Insurance thereon in the prior period. The change has resulted in retained earnings as at 31 August 2019 decreasing by £43,437.
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HANKLEY COMMON GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Commitments under operating leases
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At 31 August 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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