Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3137No description of principal activity282022-04-01falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02562444 2022-04-01 2023-03-31 02562444 2021-04-01 2022-03-31 02562444 2023-03-31 02562444 2022-03-31 02562444 2021-04-01 02562444 c:Director4 2022-04-01 2023-03-31 02562444 d:Buildings 2022-04-01 2023-03-31 02562444 d:Buildings 2023-03-31 02562444 d:Buildings 2022-03-31 02562444 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02562444 d:LandBuildings 2023-03-31 02562444 d:LandBuildings 2022-03-31 02562444 d:PlantMachinery 2022-04-01 2023-03-31 02562444 d:PlantMachinery 2023-03-31 02562444 d:PlantMachinery 2022-03-31 02562444 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02562444 d:MotorVehicles 2022-04-01 2023-03-31 02562444 d:MotorVehicles 2023-03-31 02562444 d:MotorVehicles 2022-03-31 02562444 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02562444 d:FurnitureFittings 2022-04-01 2023-03-31 02562444 d:FurnitureFittings 2023-03-31 02562444 d:FurnitureFittings 2022-03-31 02562444 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02562444 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02562444 d:CurrentFinancialInstruments 2023-03-31 02562444 d:CurrentFinancialInstruments 2022-03-31 02562444 d:Non-currentFinancialInstruments 2023-03-31 02562444 d:Non-currentFinancialInstruments 2022-03-31 02562444 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02562444 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02562444 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02562444 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02562444 d:ShareCapital 2023-03-31 02562444 d:ShareCapital 2022-03-31 02562444 d:RevaluationReserve 2023-03-31 02562444 d:RevaluationReserve 2022-03-31 02562444 d:RetainedEarningsAccumulatedLosses 2023-03-31 02562444 d:RetainedEarningsAccumulatedLosses 2022-03-31 02562444 c:OrdinaryShareClass1 2022-04-01 2023-03-31 02562444 c:OrdinaryShareClass1 2023-03-31 02562444 c:FRS102 2022-04-01 2023-03-31 02562444 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02562444 c:FullAccounts 2022-04-01 2023-03-31 02562444 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02562444 d:WithinOneYear 2023-03-31 02562444 d:WithinOneYear 2022-03-31 02562444 d:BetweenOneFiveYears 2023-03-31 02562444 d:BetweenOneFiveYears 2022-03-31 02562444 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02562444 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 02562444 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02562444 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 02562444 d:RetirementBenefitObligationsDeferredTax 2023-03-31 02562444 d:RetirementBenefitObligationsDeferredTax 2022-03-31 02562444 5 2022-04-01 2023-03-31 02562444 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 02562444 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-03-31 02562444 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 02562444 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 02562444 d:LeasedAssetsHeldAsLessee 2023-03-31 02562444 d:LeasedAssetsHeldAsLessee 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02562444









BIRD HILLS (UK) LTD.







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BIRD HILLS (UK) LTD.
REGISTERED NUMBER: 02562444

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
2,942,574
2,823,176

Current assets
  

Stocks
 5 
55,357
49,314

Debtors: amounts falling due within one year
 6 
254,490
275,594

Cash at bank and in hand
 7 
9,451
7,993

  
319,298
332,901

Creditors: amounts falling due within one year
 8 
(716,319)
(510,241)

Net current liabilities
  
 
 
(397,021)
 
 
(177,340)

Total assets less current liabilities
  
2,545,553
2,645,836

Creditors: amounts falling due after more than one year
 9 
(1,278,632)
(1,348,127)

Provisions for liabilities
  

Deferred tax
 10 
(46,289)
(50,806)

Net assets
  
1,220,632
1,246,903


Capital and reserves
  

Called up share capital 
 11 
6,554,935
6,554,935

Revaluation reserve
  
137,196
137,196

Profit and loss account
  
(5,471,499)
(5,445,228)

  
1,220,632
1,246,903

Page 1

 
BIRD HILLS (UK) LTD.
REGISTERED NUMBER: 02562444
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2023.




E Aizawa
Director


The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Bird Hills (UK) Ltd. is a company limited by shares, incorporated in England and Wales. The address of the registered office is Drift Road, Hawthorn Hill, Nr.Maidenhead, Berkshire, SL6 3ST.
The principal activity of the company is that of the management of a golf centre and related activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

At the Statement of financial position date, the company had net current liabilities of £397,021 (2022 - £177,340). The director confirms that Ichi Corporation, the former parent company, has provided an undertaking that it will continue to provide financial support, as necessary, for the foreseeable future and specifically for a period of not less than 12 months from the date of signing these financial statements. On the above basis, the directors consider that the preparation of the financial statements on a going concern basis is appropriate.

Page 3

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property
-
2% straight line and 10% reducing balance
Plant & machinery
-
10% straight line and 25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.11

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.

Page 6

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income  except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
-Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers or the directors.
Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 37 (2022 - 28).

Page 7

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
2,500,000
449,031
16,295
409,067
3,374,393


Additions
-
102,161
58,190
105,267
265,618


Disposals
-
(22,000)
(16,295)
-
(38,295)



At 31 March 2023

2,500,000
529,192
58,190
514,334
3,601,716



Depreciation


At 1 April 2022
-
217,774
8,316
325,127
551,217


Charge for the year
-
62,275
14,548
47,302
124,125


Disposals
-
(7,883)
(8,317)
-
(16,200)



At 31 March 2023

-
272,166
14,547
372,429
659,142



Net book value



At 31 March 2023
2,500,000
257,026
43,643
141,905
2,942,574



At 31 March 2022
2,500,000
231,257
7,979
83,940
2,823,176




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
2,500,000
2,500,000

2,500,000
2,500,000


The fair value of the freehold property at 31 March 2023 was estimated to be £2.5m (2022 - £2.5m) by the directors, who are not qualified surveyors.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£


Plant and machinery
87,351
121,295

Motor vehicles
43,643
-
Page 8

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           4.Tangible fixed assets (continued)


130,994
121,295

Cost or valuation at 31 March 2023 is as follows:

Land and buildings
£


At cost
9,755,402
At valuation:

Net revaluation
(7,255,402)



2,500,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£


Cost
9,755,402
9,755,402

Accumulated depreciation
(7,297,388)
(7,297,388)

Net book value
2,458,014
2,458,014


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
55,357
49,314

55,357
49,314



6.


Debtors

2023
2022
£
£


Trade debtors
7,882
17,649

Amounts owed by group undertakings
213,700
213,700

Other debtors
14,192
1,581

Prepayments and accrued income
18,716
42,664
Page 9

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.Debtors (continued)


254,490
275,594



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,451
7,993

Less: bank overdrafts
(182,038)
(57,816)

(172,587)
(49,823)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
182,038
57,816

Bank loans
106,000
106,000

Trade creditors
100,703
94,033

Corporation tax
-
2,781

Other taxation and social security
206,727
160,253

Obligations under finance lease and hire purchase contracts
49,226
54,970

Other creditors
71,625
31,388

Accruals and deferred income
-
3,000

716,319
510,241


The company's bank borrowings are secured by debenture over its freehold land and buildings.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 10

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,065,065
1,145,700

Net obligations under finance leases and hire purchase contracts
79,669
43,253

Other creditors
133,898
159,174

1,278,632
1,348,127


The company's bank borrowings are secured by debenture over its freehold land and buildings.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
Included within creditors falling due after more than one year is an amount of £651,898 
(2022 - £722,533) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.

Page 11

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
50,806
26,700


(Credited)/charged to Statement of comprehensive income
(4,517)
24,106



At end of year
46,289
50,806

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
109,384
77,267

Tax losses carried forward
(60,082)
(22,475)

Pension surplus
(3,013)
(3,986)

46,289
50,806


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6,554,935 Ordinary shares of £1 each
6,554,935
6,554,935



12.


Pension commitments

The company operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  The pension cost charge represents contributions payable by the company to the fund and amounted to £3,405 (2022 - £3,105). Pension contributions outstanding at the period end were £12,052 (2022 - £15,943).

Page 12

 
BIRD HILLS (UK) LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
10,415
11,107

Later than 1 year and not later than 5 years
-
10,415

10,415
21,522


14.


Related party transactions

Included in debtors is a loan of £213,700 (2022 - £213,700) to the Ichi Corporation, the company's former parent undertaking. The loan is unsecured, and interest free.
Included in creditors falling due after more than one year are amounts totalling £98,323
 (2022 - £110,627) owed to the officers of the company. The loans are unsecured, accrue interest at 5% and are considered to be repayable mainly after more than one year from the balance sheet date.


15.


Ultimate parent undertaking and controlling party

Up until 15 November 2023, Bird Hills (UK) Ltd was a wholly owned subsidiary of the Ichi Corporation, a company incorporated in Japan. The Ichi Corporation was considered to be the immediate and ultimate parent undertaking. The ultimate controlling party was a Chifumi Aizawa by virtue of her majority shareholding in the parent company.
From 15 November 2023, the company is wholly owned and controlled by E Aizawa, the director.

 
Page 13