Company Registration No. 09897879 (England and Wales)
BISHOPSWOOD GOLF LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
BISHOPSWOOD GOLF LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BISHOPSWOOD GOLF LIMITED
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 1 -
2022
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,457
11,750
Current assets
Stocks
2,614
3,114
Debtors
4
20,233
31,269
Cash at bank and in hand
105,172
25,795
128,019
60,178
Creditors: amounts falling due within one year
5
(127,666)
(58,555)
Net current assets
353
1,623
Total assets less current liabilities
11,810
13,373
Creditors: amounts falling due after more than one year
6
(37,499)
(38,654)
Net liabilities
(25,689)
(25,281)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(25,789)
(25,381)
Total equity
(25,689)
(25,281)
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 period ended 30 April 2022 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 period 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.
BISHOPSWOOD GOLF LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2022
30 April 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2022 and are signed on its behalf by:
Mr D N Penson
Director
Company Registration No. 09897879
BISHOPSWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
- 3 -
1
Accounting policies
Company information
Bishopswood Golf Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Eastwood Court, Broadwater Road, Romsey, Hampshire, United Kingdom, SO51 8JJ. The principal place of business is Bishopswood Golf Course, Bishopswood Lane, Tadley, RG26 4AT.
1.1
Accounting convention
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.
1.2
Going concern
Despite the company having an insolvent balance sheet, the company has enjoyed small profits for the last two years and with there being no Covid 19 restrictions in place at the start of the new financial year, the directors believe trade will improve further. Therefore, at 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements present information for the 1 month period ended 30 April 2022. The period was changed in order to align the accounting period with the membership year. The comparative figures relate to the 12 month period to 31 March 2022 and are, therefore, not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Membership fees are apportioned over the subscription year and accounted for in the relevant period.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% straight line
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.
BISHOPSWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
BISHOPSWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
BISHOPSWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2022
Number
Number
Total
10
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 30 April 2022
11,750
Depreciation and impairment
At 1 April 2022
(1)
Depreciation charged in the period
294
At 30 April 2022
293
Carrying amount
At 30 April 2022
11,457
At 31 March 2022
11,750
Last year c/fwd depreciation
-
Differs from this year b/fwd by
(1)
4
Debtors
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
3,577
500
Other debtors
16,656
30,769
20,233
31,269
BISHOPSWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 7 -
5
Creditors: amounts falling due within one year
2022
2022
£
£
Bank loans
10,000
10,000
Trade creditors
9,697
25,408
Taxation and social security
16,318
3,361
Other creditors
91,651
19,786
127,666
58,555
The figure for "Other creditors" includes £3,779 (2022 - £nil) in respect of hire purchase and finance lease obligations which are secured on the assets concerned.
6
Creditors: amounts falling due after more than one year
2022
2022
£
£
Bank loans and overdrafts
30,833
31,667
Other creditors
6,666
6,987
37,499
38,654
The figure for "Other creditors" is amounts in respect of hire purchase and finance lease obligations which are secured on the assets concerned.
7
Called up share capital
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100