Company registration number 00195492 (England and Wales)
KNOLE PARK GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KNOLE PARK GOLF CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
KNOLE PARK GOLF CLUB LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,808
4,520
Tangible assets
5
1,372,587
1,274,110
Investment properties
6
395,000
430,000
1,769,395
1,708,630
Current assets
Stocks
21,901
16,646
Debtors
7
121,637
106,040
Cash at bank and in hand
1,206,915
1,167,651
1,350,453
1,290,337
Creditors: amounts falling due within one year
8
(1,345,896)
(1,215,145)
Net current assets
4,557
75,192
Total assets less current liabilities
1,773,952
1,783,822
Creditors: amounts falling due after more than one year
9
(61,152)
(91,572)
Provisions for liabilities
10
(55,588)
(43,866)
Net assets
1,657,212
1,648,384
Reserves
Competition fund
72,403
83,527
Clubhouse rebuild/renovation reserve
125,000
Investment property fair value reserve
332,919
367,919
Income and expenditure account
1,251,890
1,071,938
Members' funds
1,657,212
1,648,384
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KNOLE PARK GOLF CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
M Desmond (Chair)
D King
Director
Director
Company Registration No. 00195492
KNOLE PARK GOLF CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Competition fund
Clubhouse renovation reserve
Greenshed reserve
Investment property fair value reserve
Income and expenditure
Total
£
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
54,607
125,000
30,000
307,919
859,883
1,377,409
Prior period adjustment (note 16)
-
-
-
-
53,567
53,567
As restated
54,607
125,000
30,000
307,919
913,450
1,430,976
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
60,000
157,408
217,408
Movement in competition funds
28,920
-
-
-
(28,920)
-
Release of reserve
-
-
(30,000)
-
30,000
-
Balance at 31 December 2022
83,527
125,000
-
367,919
1,071,938
1,648,384
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
(35,000)
43,828
8,828
Movement in competition funds
(11,124)
-
-
-
11,124
-
Release of reserve
-
(125,000)
-
-
125,000
-
Balance at 31 December 2023
72,403
-
332,919
1,251,890
1,657,212
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Knole Park Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Seal Hollow Road, Sevenoaks, Kent, TN15 0HJ.
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 on the going concern basis of preparation and under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year ended 31 December 2022 the Club has had a full membership and has a waiting list that the Board considers is sufficient to maintain a full membership for the foreseeable future.true
Hence the Board consider that the club can generate sufficient income to meet its expenses and liabilities for a period of at least 12 months from the date of approval of the financial statements. Consequently the Board believe that the company will continue as a going concern, and the financial statements have been prepared on a going concern basis.
1.3
Income and expenditure
Income is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be reliably measured. Income is measured as the fair value of the consideration received or receivable. Income is recognised for the different income streams as follows;
Golf membership subscription income is recognised in the income and expenditure account in the period to which it relates.
Other income streams are recognised as the activity arises.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
Straight line over 4 years
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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. Assets with a cost of less than £1,000 are written off in the year acquired.
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:
Long-term leasehold property
Over remaining life of the lease or straight line over 20 to 30 years
Plant and equipment
Straight line over 4 to 20 years
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 surplus or deficit.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in income and expenditure.
1.7
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.
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.
1.8
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.
1.9
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in income and expenditure.
Hire purchase liabilities are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.10
Taxation
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.
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
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 fixed 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
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to income and expenditure so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income and expenditure 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.
1.13
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.
1.14
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.
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property fair value
The fair value of the investment property is estimated at each year end by the Management Committee. At 31 December 2023, their estimate was based on a market valuation carried out by a local firm of estate agents with knowledge of the local property market.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year ended 31 December 2022 was 22 (2022 - 21). This is split between 15 permanent staff (2022 - 17) and 7 temporary staff (2022 - 4).
2023
2022
Number
Number
Total
22
21
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
10,848
Amortisation and impairment
At 1 January 2023
6,328
Amortisation charged for the year
2,712
At 31 December 2023
9,040
Carrying amount
At 31 December 2023
1,808
At 31 December 2022
4,520
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
1,379,893
1,055,360
2,435,253
Additions
243,878
61,022
304,900
Disposals
(20,513)
(20,513)
At 31 December 2023
1,623,771
1,095,869
2,719,640
Depreciation and impairment
At 1 January 2023
582,304
578,839
1,161,143
Depreciation charged in the year
96,055
99,769
195,824
Eliminated in respect of disposals
(9,914)
(9,914)
At 31 December 2023
678,359
668,694
1,347,053
Carrying amount
At 31 December 2023
945,412
427,175
1,372,587
At 31 December 2022
797,589
476,521
1,274,110
6
Investment property
2023
£
Fair value
At 1 January 2023
430,000
Revaluations
(35,000)
At 31 December 2023
395,000
On a historical cost basis, the investment property would have been included at a cost of £62,081.
A local firm of estate agents provided a guide price in the region of £395,000 for the investment property as at February 2024, which has been used by the Management Committee as their estimate of the fair value of the property at 31 December 2023.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
73,711
64,259
Prepayments and accrued income
47,926
41,781
121,637
106,040
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Rent payable
8,334
41,667
Obligations under finance leases
30,764
36,443
Trade creditors
100,561
111,376
Corporation tax
9,397
3,113
Other taxation and social security
37,841
44,766
Other creditors
73,983
63,452
Accruals and deferred income
1,085,016
914,328
1,345,896
1,215,145
Obligations under finance leases are secured on the assets concerned.
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
61,152
91,572
Obligations under finance leases are secured on the assets concerned.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
55,588
43,866
11
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
We wish to draw attention to the disclosures in Note 16 to the financial statements concerning a material prior period adjustment. Our opinion is not modified in respect of this matter.
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Amy Healey FCA CTA DChA
Statutory Auditor:
Lindeyer Francis Ferguson Limited
13
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
£
£
500,000
600,000
In addition to the lease commitment noted above, the company is also contractually committed to pay an annual Turnover Rent, which is calculated as the lower of £100,000 and 15.56% of golf subscription and green fee income. At the balance sheet date, the future commitment in respect of the Turnover Rent cannot be quantified.
14
Related party transactions
During the year, five members of the Management Committee received subscription discounts totalling £11,511 (2022: four members, £8,324).
15
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Expenditure capitalised
53,567
54,342
Equity as previously reported
1,377,409
1,594,042
Equity as adjusted
1,430,976
1,648,384
Analysis of the effect upon equity
Profit and loss reserves
53,567
54,342
Reconciliation of changes in surplus for the previous financial period
2022
£
Adjustments to prior year
Expenditure capitalised
775
Surplus as previously reported
216,633
Surplus as adjusted
217,408
KNOLE PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Prior period adjustment
(Continued)
- 11 -
Notes to reconciliation
Expenditure capitalised
Up to 31 December 2022, some items of expenditure that were capital in nature had been incorrectly expensed. This mainly related to expenditure from funds generated from competitions and specific fundraising events. Whilst the company's members have input into how such funds are utilised, these funds are controlled by the company and any assets bought with those funds are owned by the company for its ongoing use. These items have therefore been capitalised and the effect on prior periods adjusted.
2023-12-312023-01-01false12 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedM Desmond (Chair)D KingC GrayJames NewboldMark ScorgieDerek WightmanJ Somerville-Hendriefalse2024-03-12001954922023-01-012023-12-31001954922023-12-31001954922022-12-3100195492core:IntangibleAssetsOtherThanGoodwill2023-12-3100195492core:IntangibleAssetsOtherThanGoodwill2022-12-3100195492core:LandBuildings2023-12-3100195492core:OtherPropertyPlantEquipment2023-12-3100195492core:LandBuildings2022-12-3100195492core:OtherPropertyPlantEquipment2022-12-3100195492core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100195492core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3100195492core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3100195492core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3100195492core:CurrentFinancialInstruments2023-12-3100195492core:CurrentFinancialInstruments2022-12-3100195492core:HedgingReserve2023-12-3100195492core:HedgingReserve2022-12-3100195492core:CapitalRedemptionReserve2023-12-3100195492core:CapitalRedemptionReserve2022-12-3100195492core:FurtherSpecificReserve1ComponentTotalEquity2023-12-3100195492core:FurtherSpecificReserve1ComponentTotalEquity2022-12-3100195492core:RetainedEarningsAccumulatedLosses2023-12-3100195492core:RetainedEarningsAccumulatedLosses2022-12-3100195492core:HedgingReserve2021-12-3100195492core:CapitalRedemptionReserve2021-12-3100195492core:FurtherSpecificReserve1ComponentTotalEquity2021-12-3100195492core:RetainedEarningsAccumulatedLosses2021-12-3100195492core:PreviouslyStatedAmount2021-12-3100195492core:PreviouslyStatedAmount2022-12-31001954922021-12-3100195492core:PriorPeriodIncreaseDecrease2021-12-3100195492core:PriorPeriodIncreaseDecrease2022-12-3100195492bus:Director12023-01-012023-12-3100195492bus:Director22023-01-012023-12-3100195492core:RevaluationReserve2022-01-012022-12-3100195492core:RevaluationReserve2023-01-012023-12-3100195492core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31001954922022-01-012022-12-3100195492core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100195492core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3100195492core:ComputerSoftware2023-01-012023-12-3100195492core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3100195492core:PlantMachinery2023-01-012023-12-3100195492core:IntangibleAssetsOtherThanGoodwill2022-12-3100195492core:LandBuildings2022-12-3100195492core:OtherPropertyPlantEquipment2022-12-31001954922022-12-3100195492core:LandBuildings2023-01-012023-12-3100195492core:OtherPropertyPlantEquipment2023-01-012023-12-3100195492core:Non-currentFinancialInstruments2023-12-3100195492core:Non-currentFinancialInstruments2022-12-3100195492bus:CompanyLimitedByGuarantee2023-01-012023-12-3100195492bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3100195492bus:FRS1022023-01-012023-12-3100195492bus:Audited2023-01-012023-12-3100195492bus:Director32023-01-012023-12-3100195492bus:Director42023-01-012023-12-3100195492bus:Director52023-01-012023-12-3100195492bus:Director62023-01-012023-12-3100195492bus:CompanySecretary12023-01-012023-12-3100195492bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP