Company registration number 06085861 (England and Wales)
PEACEHAVEN GOLF CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PEACEHAVEN GOLF CLUB LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
PEACEHAVEN GOLF CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
638,468
650,938
Current assets
Inventories
2,500
2,500
Trade and other receivables
6
9,761
12,903
Cash and cash equivalents
1,604
5,862
13,865
21,265
Current liabilities
7
(558,872)
(482,330)
Net current liabilities
(545,007)
(461,065)
Total assets less current liabilities
93,461
189,873
Non-current liabilities
9
(200,593)
(222,547)
Provisions for liabilities
(1,882)
(2,528)
Net liabilities
(109,014)
(35,202)
Equity
Called up share capital
400
400
Revaluation reserve
271,578
274,241
Retained earnings
(380,992)
(309,843)
Total equity
(109,014)
(35,202)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 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 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.

PEACEHAVEN GOLF CLUB LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
Mr B Porter
Director
Company registration number 06085861 (England and Wales)
PEACEHAVEN GOLF CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Share capital
Revaluation reserve
Retained earnings
Total
£
£
£
£
Balance at 1 January 2021
400
276,803
(313,607)
(36,404)
Year ended 31 December 2021:
Profit
-
-
1,202
1,202
Other comprehensive income:
Tax relating to other comprehensive income
-
(1,718)
-
0
(1,718)
Total comprehensive income
-
(1,718)
1,202
(516)
Transfers
-
(844)
2,562
1,718
Balance at 31 December 2021
400
274,241
(309,843)
(35,202)
Year ended 31 December 2022:
Loss
-
-
(73,812)
(73,812)
Other comprehensive income:
Tax relating to other comprehensive income
-
(1,719)
-
0
(1,719)
Total comprehensive income
-
(1,719)
(73,812)
(75,531)
Transfers
-
(944)
2,663
1,719
Balance at 31 December 2022
400
271,578
(380,992)
(109,014)
PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information

Peacehaven Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Hyde Gardens, Eastbourne, East Sussex, BN21 4PT.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Subscription and membership revenue are recognised over the period to which the revenue relates with the excess carried forward as deferred income.

 

Other goods and services are recognised at the point the good or services are provided to the customer.

1.3
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:

Course, clubhouse & car park
50 years straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing 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 credited or charged to profit or loss.

1.4
Impairment of non-current 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.

PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
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.

1.7
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 statement of financial position 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 trade and other receivables 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.

PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
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 income statement 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.11
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 non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

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.

1.14
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.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
6
5
4
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
(646)
(877)

In addition to the amount credited to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2022
2021
£
£
Deferred tax arising on:
Revaluation of property
1,719
1,718

The company has estimated losses of £320,125 (2021: £258,583) available to carry forward against future trading profits.

5
Property, plant and equipment
Course, clubhouse & car park
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 January 2022 and 31 December 2022
701,016
59,743
62,571
823,330
Depreciation and impairment
At 1 January 2022
63,381
49,980
59,031
172,392
Depreciation charged in the year
9,070
2,475
925
12,470
At 31 December 2022
72,451
52,455
59,956
184,862
Carrying amount
At 31 December 2022
628,565
7,288
2,615
638,468
At 31 December 2021
637,635
9,763
3,540
650,938

The freehold land and buildings were valued on an open market basis by Pinders Professional & Consultancy Services Ltd, Chartered Surveyors, on 15 September 2015 at £700,000, including land of £275,000. The directors adopted this as deemed cost on transition to FRS102.

PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Property, plant and equipment
(Continued)
- 9 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2022
2021
£
£
Cost
479,358
479,358
Accumulated depreciation
(112,997)
(104,796)
Carrying value
366,361
374,562
6
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
1,751
4,893
Other receivables
8,010
8,010
9,761
12,903
7
Current liabilities
2022
2021
£
£
Bank loans
8
23,010
24,810
Other borrowings
8
193,490
162,808
Trade payables
15,884
7,860
Taxation and social security
4,598
3,576
Other payables
283,300
258,304
Accruals and deferred income
38,590
24,972
558,872
482,330

Other payables includes amounts due to directors totalling £278,304 (2021: £258,304) which are repayable on demand and interest free.

PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
8
Borrowings
2022
2021
£
£
Bank loans
223,603
247,357
Loans from group undertakings and related parties
193,490
162,808
417,093
410,165
Payable within one year
216,500
187,618
Payable after one year
200,593
222,547

The bank loans and overdrafts represent a commercial mortgage and are secured by a legal mortgage over the freehold property and a fixed and floating charge over the assets of the company.

 

Other borrowings are amount owed to individuals and companies connected with the shareholders and are unsecured, have no fixed repayment date, are interest free and repayable on demand.

9
Non-current liabilities
2022
2021
Notes
£
£
Bank loans and overdrafts
8
200,593
222,547
Amounts included above which fall due after five years are as follows:
Payable by instalments
91,175
123,306
10
Operating lease commitments
Lessee

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

2022
2021
£
£
-
0
1,400
11
Related party transactions

At the balance sheet date the company owed the directors Mr P Lewin and Mr B Porter £75,335 and £202,969 respectively. Mr B Porter made loan advances of £20,000 and there were no movements during the year for Mr P Lewin. The loans are on an interest free basis and repayable on demand.

PEACEHAVEN GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
Related party transactions
(Continued)
- 11 -

There was a movement of £100,691 in the year for the loan from Wingrove House Limited, a company controlled by the directors. The balance of the loan at the year end was £193,490 (2021: £92,799).

 

The interest free loan repayable on demand provided by Alan Saunders was repaid in full during the year. The balance of the loan at the year end was £nil (2021: £70,009). An additional £3,000 was paid during the year to cover management expenses.

12
Control

The company was under the control of the directors P Lewin and B Porter.

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