Company registration number 05131897 (England and Wales)
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
COMPANY INFORMATION
Directors
Mr E P Blacker
Mr L J Blacker
Secretary
Mr P G Blacker
Company number
05131897
Registered office
Slinfold Golf & Country Club
Stane Street
Slinfold
Horsham
West Sussex
RH13 0RE
Auditor
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

 

Principal activities

The principal activity of the group continued to be that of operating health and fitness, golf and leisure facilities. The strategy of the business is to achieve continued membership and turnover growth through:

 

· reinvestment into and improvement of facilities and infrastructure

· ensuring that capacity in key areas keeps pace with demand

· promoting the highest standards of customer service

· innovation and the use of technology

· competitive and flexible pricing

· maintaining cost control

 

Fair review of the business

The group operates two leisure facilities:

 

 

As reported last year, between April and December 2021, following the end of COVID-19 restrictions, membership numbers grew significantly, by 31%, which provided a solid platform for income growth during 2022.

 

Membership income during 2022 grew by 74% to £1,887,009, and total income grew by 41% to £3,704,243. Gross profit grew during 2022 by 68% to £1,963,904.

 

The resurgence in interest in golf which followed the pandemic has left a lasting legacy, with both facilities enjoying strong golf revenues.

 

The profit before tax and revaluations, amounting to £479,620 (2021 - £448,624), has been applied principally towards improvements to the infrastructure of the club, and to a reduction in borrowings necessitated by the pandemic.

 

Membership numbers continued to grow during 2022, with an overall increase of 8%, with further increases in 2023, showing resilience in the face of cost of living increases. Despite those pressures the results for 2023 are very strong, and the group has continued to be able to invest as well as servicing increased costs of borrowing.

 

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties affecting the group:

 

Economic risk:

Increasing energy costs have been impacting on businesses both in the UK and globally. The group is currently reviewing its energy usage with a view to making as many improvements to efficiencies as are viable. The Government’s recent announcement of a support package for business is welcomed. Presently both our electricity and gas costs are fixed which will help to protect the business during this time.

The impact of increases in the cost of living upon disposable income is significant to our strategy for the period ahead. Passing on increased costs is not always avoidable, but we are making every effort to offer good value for money.

 

Interest rates remain high, and despite the first signs that they may have peaked, the group will continue to retain higher levels of cash and reserves during the period ahead. The group is currently exploring fixed rate options on its loan finance, as well as looking at other funding alternatives to protect short to medium term cash flows.

 

 

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

Spending on leisure activities continues to be affected by consumer confidence, in what remains an unusual set of economic circumstances. The physical and mental health benefits of taking regular exercise, and the positive social impact on well-being enjoyed by our members, are key to our ongoing success. The resurgence in golf participation which arose during the pandemic continues, and helps to mitigate risks elsewhere. The directors will continue to take a conservative view on pricing in order to promote membership growth and protect revenue streams.

 

Actions of competitors:

The increasing public interest in fitness and leisure continues to open the market up to competition, and the group is constantly monitoring competition in the local area. The directors welcome this and believe that it is creating additional demand as has been demonstrated by national gym membership growth in recent years, which the group is well placed to service. The golf offering of the club and its rural, open outdoor setting also makes the specific environment and combination of health & fitness and golf difficult/costly to replicate by competitors, with the number of local golf courses having declined in recent years.

 

Key performance indicators

The directors use a range of financial key performance indicators in addition to those mentioned above, to monitor performance. A number of non-financial measures are continually appraised, the most important of these being changes in membership numbers, usage/capacity in key areas along with a number of other key financial indicators based on budgeted expectations. The introduction of improved technology and accounting processes have allowed the senior management a more transparent view of progress of the KPI’s on a weekly and even daily basis, and in turn allowed a more accurate and responsive approach to performance and forecasting.

 

On behalf of the board

Mr L J Blacker
Director
29 September 2023
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £120,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr E P Blacker
Mr L J Blacker
Financial instruments
Treasury operations and financial instruments

The group operates a treasury function which is responsible for managing the liquidity, interest and credit risks associated with the group’s activities. The group operates the following management policies designed to minimise its exposure to financial risk:

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the businesses.

Interest rate risk

The group operates a number of policies to ensure there is sufficient liquidity and cash. Regular cash flow forecasts are prepared to ensure the company is able to cover its interest payments and continually monitors the market rate of interest.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification purposes. Trade receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The directors believe that there are currently no major developments requiring disclosure.

Auditor

The auditor, Carpenter Box, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
On behalf of the board
Mr L J Blacker
Director
29 September 2023
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -

The directors are responsible for preparing the Strategic Report, directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
- 6 -
Opinion

We have audited the financial statements of British Ensign Golf Ltd t/a Country Club Group (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group statement of total comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: the valuation of land and buildings and compliance with the UK Companies Act.

 

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
- 8 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robin Evans BA FCA CTA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
29 September 2023
Chartered Accountants
Statutory Auditor
Worthing
Carpenter Box is a trading name of Carpenter Box Limited
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
£
£
Revenue
3
3,704,243
2,630,464
Cost of sales
(1,740,339)
(1,461,497)
Gross profit
1,963,904
1,168,967
Administrative expenses
(1,222,071)
(1,051,279)
Other operating income
84,500
606,862
Operating profit
5
826,333
724,550
Finance costs
9
(346,713)
(275,926)
Exceptional impairment reversal
4
1,186,597
-
0
Profit before taxation
1,666,217
448,624
Tax on profit
10
(108,700)
317,650
Profit for the financial year
1,557,517
766,274
Other comprehensive income
Revaluation of property, plant and equipment
216,652
-
0
Total comprehensive income for the year
1,774,169
766,274
Total comprehensive income for the year is all attributable to the owners of the parent company.

The Group Statement of Total Comprehensive Income has been prepared on the basis that all operations are continuing operations.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
12
8,029,422
6,583,892
Current assets
Inventories
15
48,176
57,774
Trade and other receivables
16
2,418,000
2,561,930
Cash and cash equivalents
132,114
58,805
2,598,290
2,678,509
Current liabilities
17
(1,626,817)
(1,934,920)
Net current assets
971,473
743,589
Total assets less current liabilities
9,000,895
7,327,481
Non-current liabilities
18
(4,968,634)
(4,983,889)
Provisions for liabilities
21
(85,300)
(50,800)
Net assets
3,946,961
2,292,792
Equity
Called up share capital
23
167
167
Share premium account
1,121,886
1,121,886
Revaluation reserve
216,652
-
0
Retained earnings
2,608,256
1,170,739
Total equity
3,946,961
2,292,792
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
29 September 2023
Mr E P Blacker
Mr L J Blacker
Director
Director
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
14
1,140,700
1,140,700
Current assets
Trade and other receivables
16
1,694,900
1,421,958
Cash and cash equivalents
96,476
59
1,791,376
1,422,017
Current liabilities
17
(1,384,069)
(1,191,418)
Net current assets
407,307
230,599
Total assets less current liabilities
1,548,007
1,371,299
Non-current liabilities
18
(29,478)
-
0
Net assets
1,518,529
1,371,299
Equity
Called up share capital
23
167
167
Share premium account
1,121,886
1,121,886
Retained earnings
396,476
249,246
Total equity
1,518,529
1,371,299

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £267,230 (2021 - £297,058 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
29 September 2023
Mr E P Blacker
Mr L J Blacker
Director
Director
Company Registration No. 05131897
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Share premium account
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2021
167
1,121,886
-
0
524,465
1,646,518
Year ended 31 December 2021:
Profit and total comprehensive income
-
-
-
766,274
766,274
Dividends
11
-
-
-
(120,000)
(120,000)
Balance at 31 December 2021
167
1,121,886
-
0
1,170,739
2,292,792
Year ended 31 December 2022:
Profit for the year
-
-
-
1,557,517
1,557,517
Other comprehensive income:
Revaluation of property, plant and equipment
-
-
216,652
-
216,652
Total comprehensive income
-
-
216,652
1,557,517
1,774,169
Dividends
11
-
-
-
(120,000)
(120,000)
Balance at 31 December 2022
167
1,121,886
216,652
2,608,256
3,946,961
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2021
167
1,121,886
72,188
1,194,241
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
297,058
297,058
Dividends
11
-
-
(120,000)
(120,000)
Balance at 31 December 2021
167
1,121,886
249,246
1,371,299
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
267,230
267,230
Dividends
11
-
-
(120,000)
(120,000)
Balance at 31 December 2022
167
1,121,886
396,476
1,518,529
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
879,230
482,027
Interest paid
(346,713)
(275,926)
Net cash inflow from operating activities
532,517
206,101
Investing activities
Purchase of property, plant and equipment
(65,927)
(37,216)
Proceeds from disposal of property, plant and equipment
1,095
-
Net cash used in investing activities
(64,832)
(37,216)
Financing activities
Repayment of borrowings
(77,393)
(44,819)
Repayment of bank loans
(114,359)
(19,482)
Payment of finance leases obligations
(82,624)
(74,275)
Dividends paid to equity shareholders
(120,000)
(120,000)
Net cash used in financing activities
(394,376)
(258,576)
Net increase/(decrease) in cash and cash equivalents
73,309
(89,691)
Cash and cash equivalents at beginning of year
58,805
148,496
Cash and cash equivalents at end of year
132,114
58,805
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
1
Accounting policies
Company information

British Ensign Golf Limited t/a Country Club Group (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Slinfold Golf & Country Club, Stane Street, Slinfold, Horsham, West Sussex, RH13 0RE.

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.

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 £1.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated financial statements include the financial statements of the company and all of its subsidiaries that are trading and material to the group. All financial statements are made up to 31 December 2022. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

 

The trading results of all subsidiaries included in note 13, which are all wholly owned subsidiary throughout the year, have been included in the group financial statements. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

 

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
1.4
Revenue

Revenue represents the total amounts receivable by the group derived from its ordinary activities for the provision of goods and services net of VAT.

 

The following criteria must also be met before revenue is recognised:

 

Membership income is accounted for on a time basis. Such income relating to future accounting periods is treated as a creditor and recorded as turnover in the period to which it relates.

 

Green fees, bar and restaurant income, and other income is recognised at the time the goods are sold or the service is delivered.

1.5
Property, plant and equipment

Property, plant and equipment 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:

Land and buildings freehold
2% diminishing balance on the buildings element only
Course improvements
2% diminishing balance
Plant and machinery
20% diminishing balance

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 recognised in the income statement.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in or or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

 

Property and course improvements are maintained to such a standard that any depreciation charge on the freehold buildings or course improvements would not be material to the financial statements.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. A full valuation is obtained from a qualified valuer with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

1.6
Impairment of non-current assets

At each reporting end date, the group 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.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The group 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 group's statement of financial position when the group 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.

 

The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the group 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 group.

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.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

1.12
Employee benefits

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

1.13
Retirement benefits

The group operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
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 statement of financial position 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 leased 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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value of property, plant and equipment

The judgement relating to the fair value of property, plant and equipment is based on the directors' use of the professional valuation carried out on behalf of the group's lenders on 4 July 2023 at £8.0 million, taking into account any additions and depreciation to this date. The valuation was carried out in accordance with the 31 January 2022 edition of RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) by Colliers, an independent firm of Chartered Surveyors with a recognised and relevant professional qualification and with recent experience in the location and category of the property, plant and equipment being valued. The valuation was made on the basis of existing use as a fully-equipped operational entity having regard to trading potential in line with Section 27 of FRS 102.

Freehold land and buildings and course improvements are maintained to such a standard that their estimated residual value is not less than their cost, therefore no depreciation is charged on freehold land and buildings as not material.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
3
Revenue

An analysis of the group's revenue is as follows:

2022
2021
£
£
as restated
Revenue
Membership income
1,887,009
1,084,034
Green fees
718,050
733,923
Food and beverage income
847,979
605,670
Pro shop income
44,740
49,405
Health and fitness
154,395
94,642
Other income
52,070
62,790
3,704,243
2,630,464
Other significant revenue
Grants received
-
480,112

The total revenue of the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

 

The comparative period has been restated within a subsidiary, Finemoss Limited, to provide a more accurate representation of the split of revenue and cost of sales. This is purely for presentational purposes within the detailed disclosure notes in the group financial statements. The net impact on the prior period reported profit is £nil and there is a £nil impact to revenue or cost of sales on the face of the group statement of comprehensive income.

4
Exceptional item
2022
2021
£
£
Reversal of previous impairment of property, plant and equipment
1,186,597
-

During the year ended 31 December 2020 a professional valuation of the company’s property, plant and equipment was undertaken and reflected fair value within the context of the ongoing COVID-19 pandemic. The valuation saw a significant impairment, with the revaluation reserve balance reduced to nil and an exceptional impairment loss charged to the profit and loss account. In the directors' opinion, the pandemic was the most significant factor in this impaired valuation. In the current year, as detailed in note 2, an updated valuation was obtained, this resulted in the reversal of the previous impairment and the creation of a new revaluation reserve amount, as detailed in the statement of changes in equity.

 

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
5
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(480,112)
Depreciation of owned property, plant and equipment
61,917
56,290
Depreciation of property, plant and equipment held under finance leases
31,890
34,275
Profit on disposal of property, plant and equipment
(430)
-
Operating lease charges
55,000
55,000
6
Employees

The average monthly number of persons employed by the group and company during the year was:

 

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Administration
18
16
-
-
Food and beverage
31
38
-
-
Greenkeeping
15
14
-
-
Health and fitness
18
17
-
-
Pro shop
3
3
-
-
Total
85
88
-
0
-
0
Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
1,240,576
1,143,357
-
0
-
0
Social security costs
86,240
76,812
-
-
Pension costs
27,215
25,612
-
0
-
0
1,354,031
1,245,781
-
0
-
0
7
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,500
8,500
Audit of the financial statements of the company's subsidiaries
14,000
12,000
23,500
20,500
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
8
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
-
3,000
Company pension contributions to defined contribution schemes
-
43
-
3,043

The directors are considered to be the only key management personnel of the group.

9
Finance costs
2022
2021
£
£
Interest on bank overdrafts and loans
282,899
219,627
Other interest on financial liabilities
53,065
44,946
Interest on finance leases and hire purchase contracts
10,749
11,353
Total finance costs
346,713
275,926
10
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
124,000
(317,650)
Changes in tax rates
(15,300)
-
0
Total deferred tax
108,700
(317,650)
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Taxation
(Continued)
- 22 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
1,666,217
448,624
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
316,581
85,239
Tax effect of expenses that are not deductible in determining taxable profit
(224,606)
82
Tax effect of utilisation of tax losses not previously recognised
-
0
(61,746)
Unutilised tax losses carried forward
(5,174)
(10,841)
Differences arising between capital allowances and depreciation
-
0
(1,897)
Under/(over) provided in prior years
42,500
-
0
Super deduction 130% capital allowance
(6,430)
-
0
Deferred tax not previously recognised
-
0
(328,487)
Difference between current and deferred tax rate
(15,300)
-
0
Other timing differences
1,129
-
0
Taxation charge/(credit)
108,700
(317,650)

The group has estimated trading losses totalling £2.67 million (2021 - £3.04 million) available for carry forward against future trading profit.

 

The group has estimated non-trading tax losses, capital losses and excess management expenses totalling £2.26 million (2021 - £2.28 million) available to carry forward against relevant future income.

11
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Final paid
120,000
120,000
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
12
Property, plant and equipment
Group
Land and buildings freehold
Course improvements
Plant and machinery
Total
£
£
£
£
Cost or valuation
At 1 January 2022
5,717,856
827,659
1,607,902
8,153,417
Additions
-
0
17,451
119,302
136,753
Disposals
-
0
-
0
(1,095)
(1,095)
Revaluation
1,403,249
-
0
-
0
1,403,249
At 31 December 2022
7,121,105
845,110
1,726,109
9,692,324
Depreciation and impairment
At 1 January 2022
103,073
247,675
1,218,777
1,569,525
Depreciation charged in the year
-
0
3,143
90,664
93,807
Eliminated in respect of disposals
-
0
-
0
(430)
(430)
At 31 December 2022
103,073
250,818
1,309,011
1,662,902
Carrying amount
At 31 December 2022
7,018,032
594,292
417,098
8,029,422
At 31 December 2021
5,614,783
579,984
389,125
6,583,892
The company had no property, plant and equipment at 31 December 2022 or 31 December 2021.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2022
2021
2022
2021
£
£
£
£
Plant and machinery
127,562
139,452
-
0
-
0

The following assets, freehold land and buildings and course improvements, are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2022
2021
£
£
Group
Cost
7,031,539
7,025,768
Accumulated depreciation
(103,073)
(103,073)
Carrying value
6,928,466
6,922,695
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ensign Leisure Limited
Note a)
Ordinary
100.00
Finemoss Limited
Note a)
Ordinary
100.00

Note a)

The registered office for all the subsidiaries above is Slinfold Golf & Country Club, Stane Street, Slinfold, Horsham, West Sussex, RH13 0RE.

14
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,140,700
1,140,700
Movements in non-current investments
Company
Shares
£
Cost or valuation
At 1 January 2022 & 31 December 2022
1,140,700
Carrying amount
At 31 December 2022
1,140,700
At 31 December 2021
1,140,700
15
Inventories
Group
Company
2022
2021
2022
2021
£
£
£
£
Goods held for resale
48,176
57,774
-
0
-
0
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
16
Trade and other receivables
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade receivables
13,403
8,247
-
0
-
0
Other receivables
1,767,493
1,884,128
1,694,900
1,421,958
Prepayments and accrued income
342,854
301,105
-
0
-
0
2,123,750
2,193,480
1,694,900
1,421,958
Deferred tax asset (note 21)
294,250
368,450
-
0
-
0
2,418,000
2,561,930
1,694,900
1,421,958
17
Current liabilities
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans
19
92,037
126,218
-
0
-
0
Obligations under finance leases
20
51,057
75,074
-
0
-
0
Other borrowings
19
185,169
315,266
108,455
252,418
Trade payables
242,118
329,932
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
542,681
415,480
Other taxation and social security
267,204
455,898
-
-
Other payables
624,101
542,010
721,433
512,020
Accruals and deferred income
165,131
90,522
11,500
11,500
1,626,817
1,934,920
1,384,069
1,191,418

Including within other payables is an amount of £137,934 (2021 - £252,418) that both directors and the company secretary have individually guaranteed equally.

18
Non-current liabilities
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
19
4,674,122
4,754,300
-
0
-
0
Obligations under finance leases
20
95,147
82,928
-
0
-
0
Other borrowings
19
199,365
146,661
29,478
-
0
4,968,634
4,983,889
29,478
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
4,024,634
4,183,508
-
-
BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
19
Borrowings
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
4,766,159
4,880,518
-
0
-
0
Other loans
384,534
461,927
137,933
252,418
5,150,693
5,342,445
137,933
252,418
Payable within one year
277,206
441,484
108,455
252,418
Payable after one year
4,873,487
4,900,961
29,478
-
0

In a previous period, the group obtained a loan under the UK Government-backed Coronavirus Business Interruption Loan Scheme ("CBILS"). The loan is subject to interest charges at a rate of 3.85% per annum above LIBOR, with the Government providing a Business Interruption payment to cover the first 12 months of interest payments. The Government has also provided a guarantee for £3,920,000 of the loan.

 

Bank loans have been secured by an unlimited debenture over the group's assets, together with an unlimited all monies guarantee from the parent company and the directors.

 

The other loans are two separate financing arrangements. The first is repayable by equal instalments over repayment terms which expire by November 2024 and interest is payable at a rate of 5.9% per annum. The second was technically overdue as at the year end but has since been refinanced for a longer term, the interest rate of the agreement in force at the year end was 10.0% per annum.

20
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
51,057
75,074
-
0
-
0
In two to five years
95,147
82,422
-
0
-
0
In over five years
-
0
506
-
0
-
0
146,204
158,002
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. No restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Finance leases are secured on the assets to which they relate.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Group
£
£
£
£
Accelerated capital allowances
85,300
50,800
-
-
Tax losses
-
-
294,250
368,450
85,300
50,800
294,250
368,450
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the year:
£
£
Asset at 1 January 2022
(317,650)
-
Charge to profit or loss
108,700
-
Asset at 31 December 2022
(208,950)
-

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature in a future period.

22
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
27,215
25,612

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
16,730
16,730
167
167

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
56,093
64,677
-
-
Between two and five years
126,483
182,576
-
-
182,576
247,253
-
-
25
Related party transactions

Group

 

Included within borrowings is an amount of £nil (2021 - £459,454) due to a connected company with common directorship and shareholding. No interest is payable on these loans and there are no fixed repayment dates. Included within other receivables is an amount due of £142,648 (2021 - £48,564) from this connected company. No interest was payable on the loan and there was no fixed repayment date.

 

The two directors and the former director have provided an unsupported joint and several personal guarantee of £980,000 (2021 - £980,000) with respect to the bank loan and overdraft facilities of the group.

 

Group and company

 

Included within other receivables is an amount due of £1,750,510 (2021 - £1,428,959) from a connected company, in which the directors are shareholders. No interest is payable on the loan and there is no fixed repayment date.

 

Included with other operating income is management charges of £84,500 (2021 - £126,750) received from a connected company with common ownership.

Company

 

Included within other payables is an amount due of £142,678 (2021 - £48,564) to a connected company with common directorship and shareholding. No interest was payable on the loan and there was no fixed repayment date.

26
Controlling party

The company is controlled by its directors and no one party has ultimate control.

BRITISH ENSIGN GOLF LTD T/A COUNTRY CLUB GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
27
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
1,557,517
766,274
Adjustments for:
Taxation charged/(credited)
108,700
(317,650)
Finance costs
346,713
275,926
Gain on disposal of property, plant and equipment
(430)
-
Fair value gain on investment properties
(1,186,597)
-
0
Depreciation and impairment of property, plant and equipment
93,807
90,565
Movements in working capital:
Decrease/(increase) in inventories
9,598
(8,351)
Decrease/(increase) in trade and other receivables
69,730
(301,106)
Decrease in trade and other payables
(119,808)
(23,631)
Cash generated from operations
879,230
482,027
28
Analysis of changes in net debt - group
1 January 2022
Cash flows
New finance leases
31 December 2022
£
£
£
£
Cash at bank and in hand
58,805
73,309
-
132,114
Borrowings excluding overdrafts
(5,342,445)
191,752
-
(5,150,693)
Obligations under finance leases
(158,002)
82,624
(70,826)
(146,204)
(5,441,642)
347,685
(70,826)
(5,164,783)
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr E P BlackerMr L J BlackerMr P G 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