THE_STOCKPORT_GOLF_CLUB_L - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Stockport Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Offerton Road, Offerton, Stockport, Cheshire, SK2 5HL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. However at this time the full impact of the Corona virus pandemic ("COVID-19") on the UK and Global economy is uncertain and the effect, both immediate and long term, this may have on the company is unknown.

The Directors have met regularly during the last six months and have taken all necessary actions to protect the business; an emergency "Cash budget" has been prepared, the anticipated May 2021 cash position being maintained at the May 2020 level.

Member renewals have been much better than anticipated, the current pipeline for new members being buoyant; although Corporate golf days were lost due to COVID-19, Open and Visitor income levels have been maintained.

The company has availed itself of the Job Retention Scheme grant and the rates relief.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements and look forward to another 100 years golf at Stockport Golf Club.

Turnover represents the income for the year excluding value added tax. Income for the year is made up of subscriptions, entrance fees receivable, green fees, bar sales, catering income and other miscellaneous receipts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixed assets are stated at cost less aggregate depreciation and all repairs and renewals are written off as incurred. Irrecoverable VAT is included in the cost of assets where appropriate.

Depreciation is provided at the following annual rates on cost:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks are stated at the lower of cost and estimated selling price.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit or loss account when there is objective evidence that the asset is impaired.

Trade creditors are not interest bearing and are stated at their nominal value.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

The average monthly number of persons (including directors) employed by the company during the year was:30 (2019 - 25).

Their aggregate remuneration comprised:

The above amounts include receipts under the Job Retention Scheme amounting to £26,880.

The net book value of buildings included in the total for freehold land and buildings was £60,982 (2019 - £66,751). The net book value of tangible assets includes £126,960 (2019 - £156,995) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £48,947 (2019 - £36,524) for the year.