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REGISTERED NUMBER: 03006203 (England and Wales)












Unaudited Financial Statements for the Year Ended 30 September 2023

for

Kings Hill Golf Limited

Kings Hill Golf Limited (Registered number: 03006203)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kings Hill Golf Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: D Hammers
D Kelso



SECRETARY: K Kelso



REGISTERED OFFICE: Kings Hill Golf Club
The Clubhouse Fortune Way
Kings Hill, West Malling
Kent
ME19 4GF



REGISTERED NUMBER: 03006203 (England and Wales)



ACCOUNTANTS: Hawksford UK Services Limited
123 Pall Mall
St. James's
London
SW1Y 5EA



BANKERS: National Westminster Bank Plc
43 Swan Street
West Malling
Kent
ME19 6HF



BANKERS: Barclays Bank Plc
66 High Street
Ashford
Kent
TN24 8TL

Kings Hill Golf Limited (Registered number: 03006203)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,145,280 1,138,308

CURRENT ASSETS
Stocks 5 48,594 43,156
Debtors 6 46,047 44,117
Cash at bank and in hand 805,872 626,282
900,513 713,555
CREDITORS
Amounts falling due within one year 7 (611,776 ) (546,469 )
NET CURRENT ASSETS 288,737 167,086
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,434,017

1,305,394

CREDITORS
Amounts falling due after more than one year 8 (4,860,372 ) (4,858,919 )
NET LIABILITIES (3,426,355 ) (3,553,525 )

CAPITAL AND RESERVES
Called up share capital 60 60
Other reserves 9 318,957 333,386
Members' deposits reserve 9 854,910 818,237
Retained earnings 9 (4,600,282 ) (4,705,208 )
SHAREHOLDERS' FUNDS (3,426,355 ) (3,553,525 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by:





D Kelso - Director


Kings Hill Golf Limited (Registered number: 03006203)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Kings Hill Golf Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in £ Sterling as this is considered by the director to be the company's functional currency.

Going concern
The financial statements have been prepared on a going concern basis even if during the year the company made a profit before taxation of £104,926 (2022: loss before taxation of £45,971) and at the balance sheet date the company had net current assets amounting to £288,737 (2022: current assets of £167,086).

The majority shareholder has expressed his willingness to continue to support the company to enable it to trade for at least the next twelve months from the date of the approval of the financial statements and therefore the directors continue to use the going concern basis.

Turnover
Turnover comprises amounts derived from the provision of activities falling within the company's ordinary activities after deduction of value added tax.

The turnover and loss before taxation is attributable to the one principal activity of the company.

Subscription income from club members is recognised evenly over the period to which it relates. Any income received in advance is shown under deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost

Tangible fixed assets are stated at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Kings Hill Golf Limited (Registered number: 03006203)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Members' deposits reserve
Certain members' deposits are repayable under the terms of the company's golf club's rules. The deposits are unsecured and generally repayable with a premium equal to the increase in the Index of Retail Prices since the date of original receipt of the member's deposit. The directors have reviewed the accounting treatment of the members' deposits and consider that, according to the club's rules, the possibility of these deposits being refunded is remote. In addition there have been a number of legal claims for repayment of similar deposits against golf clubs that have all failed. There have been no repayments by the club of deposits for in excess of six years and it is unlikely that the club will sell these types of membership in the near future.
The deposits are not recorded as a liability but are accounted for as a members' deposits reserve, as the directors consider this to be the most appropriate accounting treatment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 38 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 October 2022 3,145,623 679,924 382,037 4,207,584
Additions 70,923 33,702 11,616 116,241
At 30 September 2023 3,216,546 713,626 393,653 4,323,825
DEPRECIATION
At 1 October 2022 2,097,566 606,759 364,951 3,069,276
Charge for year 65,090 34,970 9,209 109,269
At 30 September 2023 2,162,656 641,729 374,160 3,178,545
NET BOOK VALUE
At 30 September 2023 1,053,890 71,897 19,493 1,145,280
At 30 September 2022 1,048,057 73,165 17,086 1,138,308

Kings Hill Golf Limited (Registered number: 03006203)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2022 76,871
Additions 27,232
At 30 September 2023 104,103
DEPRECIATION
At 1 October 2022 19,218
Charge for year 26,025
At 30 September 2023 45,243
NET BOOK VALUE
At 30 September 2023 58,860
At 30 September 2022 57,653

5. STOCKS
30.9.23 30.9.22
£    £   
Finished goods 48,594 43,156

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 21,733 9,732
Prepayments and accrued income 24,314 34,385
46,047 44,117

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade creditors 116,042 110,948
Social security and other taxes 16,232 15,574
Value Added tax 26,988 12,721
Other creditors 39,709 43,964
Directors' loan accounts 105 105
Accruals and deferred income 412,700 363,157
611,776 546,469

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Hire purchase contracts 66,130 64,677
Director's mortgage 644,096 644,096
Director's loan (note) 4,150,146 4,150,146
4,860,372 4,858,919

Kings Hill Golf Limited (Registered number: 03006203)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The director's mortgage is secured and interest free.

The directors loan is interest free. It may be repayable at any time in multiples of £1,000 with a minimum of £5,000. In the event that all of the issued shares in the company not being owned by the company directors then the loaned amount and interest shall become immediately and wholly repayable in full on demand.

9. RESERVES
Members'
Retained Other deposits
earnings reserves reserve Totals
£    £    £    £   

At 1 October 2022 (4,705,208 ) 333,386 818,237 (3,553,585 )
Profit for the year 104,926 104,926
Amortisation of capital contri
bution - (14,429 ) - (14,429 )
Transfer of members' deposits - - 36,673 36,673
At 30 September 2023 (4,600,282 ) 318,957 854,910 (3,426,415 )

The balance on other reserves represents the unamortised portion of the contribution towards the company's golf club construction costs provided by Rouse Kent Limited, the developer of an adjacent commercial site.

10. RELATED PARTY DISCLOSURES

At the year end the company had a short-term liability of £105 (2022: £105) payable to Duncan Kelso, a director of the company.
At the year end the company had a long-term liability of £4,150,146 (2022: £4,150,146) payable to Duncan Kelso, a director of the company. No interest was charged for the year.
At the year end the company had a long-term liability of £644,096 (2022: £644,096) payable to D C Hammers, a director of the company. No interest was charged for the year.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by D C Hammers by virtue of his interest in the majority of the issued share capital of the company.