REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
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 |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
4th Floor Tuition House |
27/37 St George's Road |
Wimbledon |
London |
SW19 4EU |
BANKERS: |
120/124 High Street |
Dorking |
Surrey |
RH4 1BB |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Betchworth Park Golf Club (Dorking) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared using the going concern basis notwithstanding the net current liabilities position at the balance sheet date. |
The company is reliant on Lloyds Bank plc in providing financing, including two 25 year mortgages and an overdraft facility. The directors have prepared cash flow forecasts which indicate that the company will remain reliant of the financing provided, but this will not be exceeded and the directors are not aware of any reasons why such funding should not be available for the foreseeable future. |
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
Turnover |
Turnover represents the amounts invoiced for subscriptions, green fees, guest golf days, catering and bar facilities. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. |
The turnover and pre-tax surplus are wholly attributable to the company's main activity. The turnover arises entirely in the United Kingdom. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
For tax purposes the company has a non-trading status and its results other than interest received are not subject to corporation tax. |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in operating expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exist, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Pension costs |
The company operates a defined contribution pension scheme and an insured death in service benefit scheme. Contributions to the schemes are charged to the income and expenditure account in the period to which they relate. These contributions are invested separately from the company's assets. |
Government Grants |
Government grants are recognised when the entity has reasonable assurance that conditions attached to the grant will be complied with and that the grant will be received. |
Revenue grants are recognised using the accrual model and are therefore recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Revenue grants are measured at fair value, being the amount of cash receivable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
The land and buildings were valued by GVA in July 2011. The land and buildings were valued at a market value of £2.5m in accordance with the RICS Appraisal and Valuation Standards (7th Edition) using the Comparison Method of valuation. |
On the historical cost basis the net book value of the land and buildings would have been £1,363,183 (2022: £1,385,032). |
Analysis of net book value of land and buildings: | 2023 | 2022 |
£ | £ |
Freehold Land | 1,972,199 | 1,972,199 |
Freehold Buildings | 460,795 | 416,263 |
2,432,994 | 2,388,462 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Bar stock | 8,441 | 6,961 |
Catering stock |
Sundry stock |
Pro Shop stock | 34,061 | 35,802 |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Loan notes | 358,000 | 360,000 |
Hire purchase contracts (see note 9) |
Trade creditors |
Social security and other taxes |
VAT | 3,177 | 14,649 |
Other creditors |
Deferred income |
Accrued expenses |
Included in other creditors is an amount of £83,422 (2022: £84,508) owed to club members on their club cards. |
The obligations under finance lease contracts are secured against the assets to which they relate. |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Debentures - more than 5 years | 10,500 | 14,050 |
Mortgage - between 2 and 5 years | 59,481 | 55,497 |
Bank loan - between 2 and 5 years | 50,000 | 80,000 |
Mortgage - more than 5 years | 234,798 | 251,581 |
Hire purchase contracts | 91,551 | 144,607 |
Loan notes | 1,101,000 | - |
1,547,330 | 545,735 |
Amounts falling due in more than five years: |
Debentures - more than 5 years | 10,500 | 14,050 |
Mortgage - more than 5 years | 234,798 | 251,581 |
245,297 | 265,631 |
The two mortgages are being repaid over 25 years on a fixed rate agreement, starting on 28 February 2013 and 25 February 2014. Both these loans are secured on the freehold property. |
The bank loan relates to the Coronavirus Business Interruption Loan scheme, which is to be repaid over 5 years. The loan is secured on the freehold property. |
The redeemable debentures are secured by a charge |
on the assets of the company and are made up as |
follows: |
TBC2023 | 2022 |
£ | £ |
A class debentures | 8,150 | 11,700 |
B class debentures | 2,350 | 2,350 |
10,500 | 14,050 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
BETCHWORTH PARK GOLF CLUB (DORKING) |
LIMITED (REGISTERED NUMBER: 00365609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,364 | 1,364 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2022 | 1,924,063 |
Profit for the year |
At 30 September 2023 | 2,082,333 |
Retained Earnings includes amounts collected from the 100 Club members which is set aside by the company for use on projects as agreed by the 100 Club members only, and cannot be used without their express permission. The balance attributable to the 100 Club at the year end was £15,462 (2021: £6,084). |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
During the year all directors were members of the golf club and all paid fees at the appropriate rate, including subscriptions, pro-shop and bar charges. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
15. | PENSION COSTS |
Defined contribution pension scheme |
The company operates a defined contribution Group Personal Pension scheme. The assets of the scheme are held separately for each individual from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £25,155 (2022: £21,920) of which £4,179 (2022: £3,317) was due to the fund at the year end. |