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Registration number: 00938680

The Basingstoke Golf Club Limited

(A company limited by guarantee)

Annual Report and Financial Statements (Filleted)

for the Year Ended 31 December 2023

image-name
 

The Basingstoke Golf Club Limited

Contents

Company Information

1

Independent Auditor's Report

2 to 5

Balance Sheet

6

Notes to the Financial Statements

7 to 14

 

The Basingstoke Golf Club Limited

Company Information

Directors

S R Taylor - Chairman

J G Butler

M S Dyke

C O'Herlihy

Mr D J Rushbrook

R J Sexton

R F Taylor

Registered office

Basingstoke Golf Club
Down Street
Dummer
Basingstoke
RG25 2AD

Solicitors

Lamb Brooks LLP
Victoria House
39 Winchester Street
Basingstoke
Hampshire
RG21 7EQ

Trowers & Hamlins LLP
3 Bunhill Row
London
EC1Y 8YZ

Auditors

Ritchie Phillips LLP
Chartered Accountants and Statutory Auditors
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

 

The Basingstoke Golf Club Limited

Independent Auditor's Report to the Members of The Basingstoke Golf Club Limited

Opinion

We have audited the financial statements of The Basingstoke Golf Club Limited (the 'company') for the year ended 31 December 2023, which comprise the Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

The Basingstoke Golf Club Limited

Independent Auditor's Report to the Members of The Basingstoke Golf Club Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 

The extent to which the audit was considered capable of detecting irregularities, including fraud is detailed below:

 

The Basingstoke Golf Club Limited

Independent Auditor's Report to the Members of The Basingstoke Golf Club Limited

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the golf club sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting underlying supporting documentation; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

• investigated the rationale behind significant or unusual transactions; and

• reviewed the procurement process for significant contracts relating to replacement land and buildings.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential financial claims; and

• reviewing correspondence with HMRC and relevant regulators including the Health and Safety Executive.

 

The Basingstoke Golf Club Limited

Independent Auditor's Report to the Members of The Basingstoke Golf Club Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Stuart Ritchie (Senior Statutory Auditor)
For and on behalf of Ritchie Phillips LLP, Statutory Auditor

Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

11 March 2024

 

The Basingstoke Golf Club Limited

(Registration number: 00938680)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,432,916

4,249,122

Investments

6

1,854,802

4,804,767

 

12,287,718

9,053,889

Current assets

 

Stocks

7

10,469

11,801

Debtors

8

14,495,555

25,678,248

Cash at bank and in hand

 

19,242,978

11,923,879

 

33,749,002

37,613,928

Creditors: Amounts falling due within one year

9

(1,406,057)

(483,325)

Net current assets

 

32,342,945

37,130,603

Total assets less current liabilities

 

44,630,663

46,184,492

Creditors: Amounts falling due after more than one year

9

(400)

(400)

Net assets

 

44,630,263

46,184,092

Reserves

 

Members' funds

44,630,263

46,184,092

Surplus

 

44,630,263

46,184,092

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 

.........................................
S R Taylor
Director

.........................................
Mr D J Rushbrook
Director

 
     
 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. In the event that the company is wound up, every member and those who have been members in the last year are liable to pay a sum not exceeding £2.

The address of its registered office is:
Basingstoke Golf Club
Down Street
Dummer
Basingstoke
RG25 2AD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Consolidated financial statements

The company is part of a small group. The company has taken advantage of the exemption provided under Section 399 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis as the company holds significant cash balances in excess of its liabilities and planned capital expenditure.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

The Club's subscription year ends on 31 March. A proportion of each year's subscriptions and locker fees are therefore carried forward at 31 December. Full credit is taken for entrance fees as they are received.

 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Government grants

Grants are accounted for under the accruals method. Grants of a revenue nature are recognised in "other income" within the profit and loss account in the same period as the related expenditure.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than assets under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 - 20% straight line

Office equipment

20 - 33.33% straight line

Fixtures & fittings

10 - 20% straight line

Fixed asset investment in subsidiary

The company's investment in its wholly owned subsidiary company is recognised at cost less an impairment provision.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Pension obligations

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Taxation

2023
 £

2022
 £

UK corporation tax

62,143

8,000

UK corporation tax adjustment to prior periods

(1,370,147)

-

(1,308,004)

8,000

The company is not liable to corporation tax on any profits arising from mutual trading with members, only on profits from trading with non-members and from other income and capital gains.

In the year ended 31 December 2021, the company disposed of its freehold land and realised a capital gain which is subject to corporation tax. The capital gain has been calculated and this involves a consideration of the base cost of the freehold land, both its market value at March 1982 and subsequent enhancement expenditure, and the costs of disposing of the freehold land. The company has made a provisional rollover relief claim for the reinvestment of part of the proceeds of sale into replacement freehold land and buildings.

The company made a payment on account of the corporation tax liability on the capital gain from the sale of the freehold land of £8 million. Based on the provisional rollover relief claim, the company calculates it is entitled to a refund of part of the corporation tax paid of £1,362,147 which is reflected in the Profit and Loss Account. At the balance sheet date, of this corporation tax refund, £396,953 has been received and £973,194 has been claimed from HM Revenue and Customs, which has been received after the balance sheet date.

Once the reinvestment is complete, the company will make a final rollover relief claim in respect of the expenditure on the replacement freehold land and buildings.

4

Staff numbers

The average number of persons employed by the company during the year was 19 (2022 - 22).

 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Assets under construction
£

Other tangible assets
£

Total
£

Cost

At 1 January 2023

4,163,365

646,418

4,809,783

Additions

5,985,578

245,531

6,231,109

At 31 December 2023

10,148,943

891,949

11,040,892

Depreciation

At 1 January 2023

-

560,661

560,661

Charge for the year

-

47,315

47,315

At 31 December 2023

-

607,976

607,976

Carrying amount

At 31 December 2023

10,148,943

283,973

10,432,916

At 31 December 2022

4,163,365

85,757

4,249,122


 

Asset in the course of construction

Within assets in the course of contruction is a new clubhouse facility including a driving range. Integral to the driving range is the import of inert landfill to re-profile the grounds in order to bring the asset into its intended operating condition. Receipts of £65,000 have been credited against the costs of the driving range.

 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,854,802

4,804,767

Subsidiaries

£

Cost

At 1 January 2023

4,804,767

Provision

(2,949,965)

Carrying amount

At 31 December 2023

1,854,802

At 31 December 2022

4,804,767

Provision has been made against the cost of the investment in the subsidiary company, Dummer Golf Limited. The provision is the difference between the cost of acquisition and the loans made to the subsidiary company and the book value of the land and buildings of £1,854,802 owned by the subsidiary company transferred to the company on 17 January 2024.

In addition, provision of £208,574 has been made against loans made to the subsidiary company included within debtors. The total provision expensed to the Profit and Loss Account is £3,158,539.

Details of undertakings

Details of the subsidiary company are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Dummer Golf Limited

Down Street
Dummer
Basingstoke
Hampshire
RG25 2AD

England and Wales

Ordinary shares of £1

100%

100%

Subsidiary undertakings

Dummer Golf Limited

The principal activity of Dummer Golf Limited is the ownership of a golf course.

 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Stocks

2023
£

2022
£

Other inventories

10,469

11,801

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

828,923

1,535

Amounts owed by related parties

12

-

203,074

Prepayments

 

26,772

54,405

Corporation tax recoverable

 

973,194

-

Other debtors

 

12,666,666

25,419,234

   

14,495,555

25,678,248

Other debtors includes the balance due on the sale of land of £12,666,666 which is due within one year.

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

686,085

87,884

Taxation and social security

292,276

18,267

Accruals and deferred income

393,695

355,311

Other creditors

34,001

21,863

1,406,057

483,325

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

400

400

 

The Basingstoke Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Secured debentures

400

400

Other creditors due after more than one year consists of 2 Mark "A" Debentures of £200 each, carrying interest at 4% p.a. and not redeemable except at the option of the company on the death of the holder.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,650,000 (2022 - £10,000,000).

12

Related party transactions

The company has taken advantage of the exemption available under FRS 102 "Related Party Disclosures" Paragraph 33.1A and has not disclosed transactions entered into between the company and its subsidiary company.

13

Company limited by guarantee

The company is limited by guarantee and consequently does not have share capital. In the event that the company is wound up, every member and those who have been members in the last year are liable to pay a sum not exceeding £2.

14

Subsequent events

On 4 January 2024, the company was subject to a bank fraud. The company is presently seeking recovery of the funds fraudulently transferred from the company's bank account. The directors consider it premature to estimate the financial effect of this bank fraud.

The company operates from the land and buildings owned by its subsidiary company Dummer Golf Limited. The land and buildings were transferred from the ownership of the subsidiary company to the ownership of the company on 17 January 2024 at their original cost of £1,854,802.