Company registration number 03737547 (England and Wales)
SOUTHERN VALLEY GOLF COURSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SOUTHERN VALLEY GOLF COURSE LIMITED
COMPANY INFORMATION
Directors
Mr M Sim
Mr T Barry
Mr S Blenkinsop
Mr W Foster
Mr W Gandy
Secretary
Mr M Sim
Company number
03737547
Registered office
Southern Valley Golf Club
Thong Lane
Gravesend
Kent
DA12 4LT
Accountants
Crossley Financial Accounting
Star House
Star Hill
Rochester
Kent
ME1 1UX
SOUTHERN VALLEY GOLF COURSE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
SOUTHERN VALLEY GOLF COURSE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
251,419
Current assets
Stocks
-
2,826
Debtors
4
100
1,286,510
Cash at bank and in hand
-
0
420,067
100
1,709,403
Creditors: amounts falling due within one year
5
-
0
(250,426)
Net current assets
100
1,458,977
Total assets less current liabilities
100
1,710,396
Creditors: amounts falling due after more than one year
6
-
0
(660,977)
Provisions for liabilities
7
-
0
(131,581)
Net assets
100
917,838
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
-
0
917,738
Total equity
100
917,838
SOUTHERN VALLEY GOLF COURSE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -

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

For the financial period ended 30 June 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 13 July 2023 and are signed on its behalf by:
Mr M Sim
Director
Company Registration No. 03737547
SOUTHERN VALLEY GOLF COURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Southern Valley Golf Course Limited is a private company limited by shares incorporated in England and Wales. The registered office is Southern Valley Golf Club, Thong Lane, Gravesend, Kent, DA12 4LT.

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

The company ceased to trade on 31st August 2022. The financial statements therefore are prepared on a basis other than going concern, which includes, where appropriate, writing down the company assets to net realisable value. Provision has also been made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for future costs of terminating the activities of the company except to the extent that such costs were committed at the balance sheet date.true

1.3
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.

1.4
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:

Freehold land and buildings
Straight line over 25 years
Plant and equipment
25% Reducing Balance
Fixtures and fittings
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.

1.5
Stocks

Stocks 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 stocks to their present location and condition.

 

Stocks 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.

SOUTHERN VALLEY GOLF COURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

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.

1.6
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 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.

 

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

 

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.

1.8
Taxation

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

SOUTHERN VALLEY GOLF COURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

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

 

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 any employee to to provide termination benefits.

 

1.11
Retirement benefits

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

 

1.12
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.

SOUTHERN VALLEY GOLF COURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.13
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.

2
Employees

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

2023
2022
Number
Number
Total
12
16
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 March 2022
429,412
157,037
87,537
673,986
Disposals
(3,950)
(157,037)
(87,537)
(248,524)
Transfers
(425,462)
-
0
-
0
(425,462)
At 30 June 2023
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 March 2022
205,328
129,702
87,537
422,567
Depreciation charged in the period
8,588
-
0
-
0
8,588
Eliminated in respect of disposals
(1,185)
(129,702)
(87,537)
(218,424)
Transfers
(212,731)
-
0
-
0
(212,731)
At 30 June 2023
-
0
-
0
-
0
-
0
Carrying amount
At 30 June 2023
-
0
-
0
-
0
-
0
At 28 February 2022
224,084
27,335
-
0
251,419
SOUTHERN VALLEY GOLF COURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
1,280,647
Other debtors
-
0
5,490
Prepayments and accrued income
-
0
373
100
1,286,510
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
85,367
Other borrowings
-
0
1,001
Trade creditors
-
0
23,126
Corporation tax
-
0
59,372
Other taxation and social security
-
0
64,950
Other creditors
-
0
12,550
Accruals and deferred income
-
0
4,060
-
0
250,426

A cross guarantee and debenture exists between this company and its parent, GRT Holdings Limited, supported by an existing charge over land at Thong Lane, Shorne, Gravesend held in the name of GRT Holdings Limited.

 

Unlimited Guarantee given by GRT Holdings Limited dated 06/09/1999.

Debenture on the Banks standard form dated 06/09/1999.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
660,977

A cross guarantee and debenture exists between this company and its parent, GRT Holdings Limited, supported by an existing charge over land at Thong Lane, Shorne, Gravesend held in the name of GRT Holdings Limited.

 

Unlimited Guarantee given by GRT Holdings Limited dated 06/09/1999.

Debenture on the Banks standard form dated 06/09/1999.

SOUTHERN VALLEY GOLF COURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
7
Provisions for liabilities
2023
2022
£
£
Costs of closure
-
130,393
Deferred tax liabilities
-
0
1,188
-
0
131,581
8
Ultimate parent undertaking and controlling party

The ultimate parent company is GRT Holdings Limited, a company incorporated in Jersey.

9
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:

2023
2022
£
£
-
0
15,606
10
Related party transactions

GRT Holdings Limited – parent company

 

Rent of £25,000 (2022 - £50,000) was charged to the subsidiary company.

 

As at 30 June 2023 £Nil (28 February 2022 - £1,280,647) was due from GRT Holdings Limited.

2023-06-302022-03-01false20 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr T BarryMr S BlenkinsopMr W FosterMr W GandyMr W GandyMr M Sim037375472022-03-012023-06-3003737547bus:CompanySecretaryDirector12022-03-012023-06-3003737547bus:Director12022-03-012023-06-3003737547bus:Director22022-03-012023-06-3003737547bus:Director32022-03-012023-06-3003737547bus:Director42022-03-012023-06-3003737547bus:CompanySecretary12022-03-012023-06-3003737547bus:Director52022-03-012023-06-3003737547bus:RegisteredOffice2022-03-012023-06-30037375472023-06-30037375472022-02-2803737547core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3003737547core:PlantMachinery2023-06-3003737547core:FurnitureFittings2023-06-3003737547core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-2803737547core:PlantMachinery2022-02-2803737547core:FurnitureFittings2022-02-2803737547core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003737547core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2803737547core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3003737547core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2803737547core:CurrentFinancialInstruments2023-06-3003737547core:CurrentFinancialInstruments2022-02-2803737547core:ShareCapital2023-06-3003737547core:ShareCapital2022-02-2803737547core:RetainedEarningsAccumulatedLosses2023-06-3003737547core:RetainedEarningsAccumulatedLosses2022-02-2803737547core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012023-06-3003737547core:PlantMachinery2022-03-012023-06-3003737547core:FurnitureFittings2022-03-012023-06-30037375472021-03-012022-02-2803737547core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-2803737547core:PlantMachinery2022-02-2803737547core:FurnitureFittings2022-02-28037375472022-02-2803737547core:Non-currentFinancialInstruments2023-06-3003737547core:Non-currentFinancialInstruments2022-02-2803737547bus:PrivateLimitedCompanyLtd2022-03-012023-06-3003737547bus:SmallCompaniesRegimeForAccounts2022-03-012023-06-3003737547bus:FRS1022022-03-012023-06-3003737547bus:AuditExempt-NoAccountantsReport2022-03-012023-06-3003737547bus:FullAccounts2022-03-012023-06-30xbrli:purexbrli:sharesiso4217:GBP