THE KINGSTON HILL GOLF CLUB LIMITED
Company registration number 01037841 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE KINGSTON HILL GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE KINGSTON HILL GOLF CLUB LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,145,971
3,192,796
Current assets
Stocks
6,893
7,075
Debtors
4
51,496
209,949
Cash at bank and in hand
1,773,447
1,428,196
1,831,836
1,645,220
Creditors: amounts falling due within one year
5
(465,877)
(418,369)
Net current assets
1,365,959
1,226,851
Total assets less current liabilities
4,511,930
4,419,647
Creditors: amounts falling due after more than one year
6
(17,579)
(27,406)
Net assets
4,494,351
4,392,241
Capital and reserves
Called up share capital
7
677
677
Capital reserve
8
3,505,169
3,357,917
Profit and loss reserves
988,505
1,033,647
Total equity
4,494,351
4,392,241

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 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 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.

THE KINGSTON HILL GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2023-11-27
..............................
Mr T  Richards
Director
Company Registration No. 01037841
THE KINGSTON HILL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

The Kingston Hill Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Ingestre Park Golf Club, Ingestre, Stafford, Staffordshire, ST18 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 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
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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:

Land and buildings Freehold
2% straight line basis
Plant and machinery
20% reducing balance basis
Fixtures, fittings & equipment
10% reducing balance basis/25% straight line basis
Assets under construction
Not depreciated

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 fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

THE KINGSTON HILL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

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

1.11
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.

2
Employees

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

2023
2022
Number
Number
Total
20
18
THE KINGSTON HILL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
9,575,525
867,586
10,443,111
Additions
1,416,933
21,925
1,438,858
Disposals
-
0
(272,887)
(272,887)
At 30 September 2023
10,992,458
616,624
11,609,082
Depreciation and impairment
At 1 October 2022
6,575,525
674,790
7,250,315
Depreciation charged in the year
26,476
23,466
49,942
Impairment losses
1,390,457
-
0
1,390,457
Eliminated in respect of disposals
-
0
(227,603)
(227,603)
At 30 September 2023
7,992,458
470,653
8,463,111
Carrying amount
At 30 September 2023
3,000,000
145,971
3,145,971
At 30 September 2022
3,000,000
192,796
3,192,796

To date the cost of building new holes and upgrading existing holes amounts to £9,659,884. The directors have taken the view that the entire improved course and clubhouse has a value of £3,000,000.

 

They consider that the cost value is impaired and they have recognised the accumulative impairment loss of £7,366,683 in the Statement of Changes in Equity as a reduction in the capital reserve representing the funds received to enable the club to overcome the impact of HS2.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
125
125
Other debtors
51,371
209,824
51,496
209,949
THE KINGSTON HILL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,839
35,989
Trade creditors
119,257
26,524
Taxation and social security
3,525
25
Other creditors
333,256
355,831
465,877
418,369

The amount of £9,839 (2022 - £9,839) included in creditors within one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,579
27,406

The amount of £17,579 (2022 - £27,406) included in creditors after one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
677
677
677
677
8
Capital reserve

The capital reserve represents funds received to enable the club to redevelop its course and mitigate the disruption caused by the transit of the HS2 railway track. The funds received have been calculated to put the club in the position it would have been in if HS2 had not been developed and there is no element of profit in the arrangement. The reserve has been reduced by the impairment deficit explained in note 3.

 

9
Financial commitments, guarantees and contingent liabilities

The total amount of commitments guarantees and contingencies is £19,089 (2022 - £25,170).

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