REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2021 |
for |
Stanmore Links Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2021 |
for |
Stanmore Links Limited |
Stanmore Links Limited (Registered number: 00210169) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Stanmore Links Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
74a High Street |
Wanstead |
London |
E11 2RJ |
Stanmore Links Limited (Registered number: 00210169) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings |
Stanmore Links Limited (Registered number: 00210169) |
Balance Sheet - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Stanmore Links Limited (Registered number: 00210169) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Stanmore Links Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Subscription revenue is recognised in the period to which the subscription relates. |
Entrance fees are recognised in the period in when they are paid or due. |
Revenue in respect of the sale of other services, including green fees, events, buggy hire and locker rental are recognised in the period in which the services are provided. |
Revenue in respect of the sale of goods, including bar sales are recognised on the date the sale of the goods takes place. |
All revenue is recognised net of output VAT and discounts. |
Stanmore Links Limited (Registered number: 00210169) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
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. |
Depreciation 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: |
Clubhouse improvements 10% straight line |
Plant and machinery 15% straight line |
Fixtures and fittings 10% straight line |
Computer equipment 25% straight line |
Irrigation system 5% straight line |
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. |
Revaluation of tangible fixed assets |
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date. |
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Stocks |
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 weighted average basis. |
Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet 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 profit or loss. |
Financial instruments |
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, loans to related parties and investments in ordinary shares. |
Stanmore Links Limited (Registered number: 00210169) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Operating Leases: the Company as lessee |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. |
Leased assets: the Company as lessee |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Stanmore Links Limited (Registered number: 00210169) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The financial statements have been prepared on the going concern basis which assumes that the company will be able to continue trading for the foreseeable future, being not less than twelve months from the date of approval of these financial statements. |
The Company has a net current liability position of £25,099 as at the balance sheet date.The directors believe that this is not indicative of the long term financial viability of the Company and are confident that the Company will return to continue to show profitable results. |
Coronavirus (COVID-19) |
In common with almost every business, the company is likely to be adversely affected by the global outbreak of coronavirus (COVID-19). There is considerable uncertainty as to how big an impact there will be in what manner, and for how long. The directors believe the company to be well placed to manage its affairs, and have sufficient reserves, to allow it to continue to operate throughout and beyond the crisis. |
The directors have considered the company's funding requirements and believe that they are adequate to ensure that the company can meet its liabilities as they fall due. Having taken this into consideration, the directors are satisfied that the going concern basis is appropriate for the presentation of these financial statements. |
Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
Finance costs |
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. |
Exceptional items |
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. |
Non-member income and expenditure |
Income and expenditure relating to non-members is processed through the club's subsidiary, Stanmore Golf & Banqueting Limited. |
Bar income relating to non-members is taken as the total bar income for the year less bar income received on member swipe cards. |
Green fee income relating to non-members is taken as the proportion of total green fee income which is made up of full green fee rates (i.e. not members' guest rates). |
Social event income relating to non-members is taken as an estimate of the room hire income received from non-members for outside functions. |
Other income relating to non-members is an estimate based on total other income less competition income, junior section income, standing order surcharges and buggy rental. |
The expenditure relating to each of the income streams is taken as the same proportion of non-member income to total income for each expense which is directly attributable to the relevant income stream. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Stanmore Links Limited (Registered number: 00210169) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Other debtors |
Stanmore Links Limited (Registered number: 00210169) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Finance leases |
Trade creditors |
Amounts owed to participating interests | 1 | 1 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
Finance leases |
9. | FINANCIAL INSTRUMENTS |
Financial assets |
2021 | 2020 |
Financial assets measured at fair value through profit or loss | 275,505 | 122,728 |
Financial assets measured at fair value through profit or loss comprise cash and cash equivalents. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2021 |
and 31 December 2021 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Stanmore Links Limited (Registered number: 00210169) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
12. | COMMITMENTS UNDER OPERATING LEASES |
At 31 December 2020 the Company had future minimum lease payments due under non cancellable operating leases for each of the following periods: |
2021 | 2020 |
Not later than 1 year | 60,000 | 60,000 |
Later than 1 year and not later than 5 years | 240,000 | 240,000 |
Later than 5 years | 1,335,000 | 1,395,000 |
1,635,000 | 1,695,000 |
Rent is payable to the London Borough of Harrow and is calculated as 20% of the turnover for the prior accounting period. The minimum annual rent is £60,000 so the minimum commitment for the remainder of the lease due in more than 1 year has been disclosed as such. |
13. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |