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Registration number: 03594411

Altonwood Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2023

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Altonwood Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 5

Directors' Report

6 to 7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 12

Consolidated Statement of Income and Retained Earnings

13

Consolidated Statement of Financial Position

14

Statement of Financial Position

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 34

 

Altonwood Holdings Limited

Company Information

Directors

Mr S Hodsdon

Mrs N L Nugee

Mr R O Noades

Mr C G Honeywill

Mr P G Bevis

Mr I C Granne

Registered office

Streete Court
Rooks Nest Park
Godstone
Surrey
RH9 8BY

Auditor

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Altonwood Holdings Limited

Strategic Report for the Year Ended 30 April 2023

The directors present their strategic report for the year ended 30 April 2023.

Principal activity

The principal activity of the group is that of leisure operations which includes the ownership and management of golf and hospitality venues.

Fair review of the business

Altonwood has continued to provide golfers with excellent golf course facilities and value for money, evidenced with the continued increase in the number of rounds played.

The group made further significant capital investments in its golf courses and club house facilities during the year, spending over £520,000 on various new greenkeeping items across the group.These investments will assist in providing golfers with an even better experience when playing the Altonwood Group of golf clubs.

The offering of five golf courses is still very attractive to local golfers, for both members and visitors alike. The Loyalty Card continues to be a success and almost 15,000 golfers have signed up to receive discounted green fees, buggy hire and range balls. The group has a diverse range of golf courses ideal for all golfers, from complete beginners through to the most experienced of players.

Following the removal of all Covid-19 restrictions in the previous year, the business has continued to grow in the current year, with an increase in both catering and golf income streams. The group continues to have some of the busiest golf clubs in Surrey and Kent. The directors pride themselves on the growing reputation of these clubs within their market place and the continuing support and development they offer to members.

The consolidated results for the year show turnover increased by 8.49% to £9.42 million, which resulted in gross profit of £6.23 million, an increase of £305,000 over the prior year. The gross profit margin has fallen slightly from 68% to 66% and despite the various inflationary increases during the 'cost of living crisis', the directors were able to exercise good control over overheads during the period. During the year, the group completed various course works (in particular at the Addington) which resulted in a significant increase in maintenance costs. As a result overall profit before tax has decreased from £1.38 million to £440,000.

The directors recognise the importance of the staff employed within the group and would like to thank them for all their hard work and efforts throughout the year.

Financial Key Performance Indicators

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£m

9.42

8.68

Percentage change

%

8.49

58.47

Gross profit

£m

6.23

5.92

Gross profit percentage

%

66.14

68.24

 

Altonwood Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Non-Financial Key Performance Indicators

Non-financial KPIs

The group seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of reasonable business practice is essential for operational excellence which in turn ensures the delivery of its core objective of sustained profitability.

In a group of this size the directors consider there are collectively numerous non-financial performance indicators but that individually none are key.

Operational risk

Operational risk is caused by failures in business processes, systems or physical infrastructure that support them that have the potential to result in financial loss or reputation damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts of fraud.

The directors impose continuing self assessment and appraisals along with continually seeking to improve its operating efficiencies and standards.

Credit risk

The group places its cash with creditworthy institutions and performs ongoing credit evaluation of its debtors financial condition. The carrying amount of cash and debtors represents the maximum credit risk to which the group is exposed. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

Liquidity risk

The group ensures that liquidity is maintained by monitoring the cash balances on a daily basis to ensure it retains flexibility in the management of cash flow.

Market risk

The group is exposed to market risk as there are nearby golf courses as competitors. The group regularly monitors its prices and services offered to maintain its customer base.

Foreign currency risk

As the group's transactions are solely designated in sterling, it is not exposed to foreign currency risk.

Interest rate risk

The group is exposed to interest rate risk on bank overdrafts. Interest rates are regularly monitored by the directors.

Risk Summary

The directors continuously monitor and respond to changes in the group's risk environment, so ensuring that the group remains well placed to address operational, reputational, financial and business risks in a timely and appropriate manner.

 

Altonwood Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Section 172(1) statement

The Companies (Miscellaneous Reporting) Regulations 2018 require Directors to explain how they considered the interest of key stakeholders; as set out in section 172(1) (A) to (F) of the Companies Act 2006 when performing their duty to promote the success of the group. The following paragraphs summarise how the Directors fulfil their duties:


Long term decision making

By operating in a competitive market, it has remained necessary for the group to continue adapting and expanding their business. Over recent years, the group has concentrated on expanding the various income streams, including golf, catering and rental income achieved from their growing investment property portfolio. They continue to invest in both the courses and clubhouses year on year to ensure a high quality product is provided to its customers, ensuring they maintain their strong position in the market.

The group have a number of long- standing supplier and member relationships and continues to invest resources in maintaining and developing these relationships. The directors are aware of the significance of maintaining a high level of customer satisfaction and the growth achieved as a result.

Sustainability of the business is also considered to be an important factor in long term decision making.


Employees interests

The group management has remained consistent for a number of years and is made up of a small group of employees with extensive knowledge and understanding of the business.

The workforce includes a number of long standing employees who have grown with the business over the years and the business actively encourages internal growth with existing employees. In addition to this however the business also regularly hires recent school leavers, ensuing opportunities and experience are offered to the younger generation too.

The directors note the importance of employees having good job satisfaction.


Relationships with suppliers, customers and others

The group recognises the need to work with and support both customers and suppliers of the business and is proud of the relationships they have established. The directors maintain continuous communication to ensure both parties needs are met. The directors will continue developing these relationships and identifying any new opportunities as they arise.


Impact on the community and environment

As the environmental aspects of a business continue to become more and more significant, the group is continuing to adapt their business and find ways to minimise their impact on the environment.

Legislation has changed in recent years with chemicals, including fungicides, insecticides and pesticides being removed from the market, The directors always strive to utilise the most environmentally friendly products on the group’s courses. They also look to utilise scarce water resources in the optimum way so they can provide year-round quality golf.

The group are actively trying to minimise their carbon footprint by reducing the amount of printing and instead storing information electronically.

 

Altonwood Holdings Limited

Strategic Report for the Year Ended 30 April 2023


Reputation for high standards and business control

The directors consider it crucial that the group maintains a reputation for high standards of business conduct.

The director's will continue to review the business policies and standards and adapt as and when required to ensure the highest standards are achieved.


Need to act fairly between members

The group is a family owned business and therefore ensures shareholders are treated fairly. In addition to this, the group has created a business culture with open communication from the top down and ensures that each group member feels involved and appreciated. Relevant managers are given control over specific areas of the business and encouraged to drive growth in these areas.

Future developments

The directors always look to ensure that there are appropriate cash and cost management measures in place to provide suitable working capital facilities at Group level. They have also prepared projected cashflows and budgets that cover the period to 30 April 2024 to ensure the Group has sufficient working capital for the foreseeable future.

The directors continue to actively manage the subsidiary undertakings, with a focus on making targeted investments in the companies to ensure they maintain their reputation in the South East as renowned golf and leisure clubs.

 

Approved by the Board on 2 January 2024 and signed on its behalf by:

...........................................
Mr S Hodsdon
Director

 

Altonwood Holdings Limited

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the for the year ended 30 April 2023.

Directors

The directors who held office during the year were as follows:

Mr S Hodsdon

Mrs N L Nugee

Mr R O Noades

Mr C G Honeywill

Mr P G Bevis

Mr I C Granne

Dividends

Particulars of dividends paid in the year are detailed in note 25 to the financial statements. No final dividend is proposed.

Disclosure of information in the Strategic Report

The group has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees through meetings, on matters likely to affect employees' interests.

Information on matters of concern to employees is communicated internally to achieve a common awareness of the financial and economic factors affecting the performance of the group. Regular meetings are also held between the local management and employees to allow a free flow of information and ideas.

Directors' liabilities

The group maintains Directors' and Officers' liability insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Altonwood Holdings Limited

Directors' Report for the Year Ended 30 April 2023

Approved by the Board on 2 January 2024 and signed on its behalf by:

.........................................
Mr S Hodsdon
Director

 

Altonwood Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Altonwood Holdings Limited

Independent Auditor's Report to the Members of
Altonwood Holdings Limited

Opinion

We have audited the financial statements of Altonwood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Cash Flows, 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 Financial Reporting Standard 102 '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 group's and the company's affairs as at 30 April 2023 and of the group's profit 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 group 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 group'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 directors are responsible for the 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.

 

Altonwood Holdings Limited

Independent Auditor's Report to the Members of
Altonwood Holdings 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have 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 Strategic Report and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 8], 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.

 

Altonwood Holdings Limited

Independent Auditor's Report to the Members of
Altonwood Holdings Limited

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:

Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, health and safety legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the Group is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Altonwood Holdings Limited

Independent Auditor's Report to the Members of
Altonwood Holdings Limited

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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

2 January 2024

 

Altonwood Holdings Limited

Consolidated Statement of Income and Retained Earnings for the Year Ended 30 April 2023

Note

2023
£

2022
£

Turnover

3

9,418,450

8,681,579

Cost of sales

 

(3,188,932)

(2,757,076)

Gross profit

 

6,229,518

5,924,503

Administrative expenses

 

(5,649,405)

(4,535,041)

Other operating income

4

15,965

40,557

Operating profit

6

596,078

1,430,019

Other interest receivable and similar income

7

143,868

170,547

Interest payable and similar charges

8

(300,112)

(216,966)

 

(156,244)

(46,419)

Profit before tax

 

439,834

1,383,600

Taxation

12

(92,916)

(324,354)

Profit for the financial year

 

346,918

1,059,246

Profit/(loss) attributable to:

 

Owners of the company

 

346,918

1,059,246

Retained earnings brought forward

 

17,973,861

17,118,697

Dividends paid

 

(408,164)

(204,082)

Retained earnings carried forward

 

17,912,615

17,973,861

 

Altonwood Holdings Limited

Consolidated Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

31,140,918

31,034,500

Investment property

14

3,670,000

3,519,821

 

34,810,918

34,554,321

Current assets

 

Stocks

16

333,929

238,119

Debtors

17

1,727,866

1,521,236

Cash at bank and in hand

 

243,518

164,773

 

2,305,313

1,924,128

Creditors: Amounts falling due within one year

19

(4,135,584)

(3,134,493)

Net current liabilities

 

(1,830,271)

(1,210,365)

Total assets less current liabilities

 

32,980,647

33,343,956

Creditors: Amounts falling due after more than one year

19

(5,475,421)

(5,784,466)

Provisions for liabilities

21

(403,563)

(396,581)

Net assets

 

27,101,663

27,162,909

Capital and reserves

 

Called up share capital

23

9,189,048

9,189,048

Profit and loss account

24

17,912,615

17,973,861

Equity attributable to owners of the company

 

27,101,663

27,162,909

Total equity

 

27,101,663

27,162,909

Approved and authorised by the Board on 2 January 2024 and signed on its behalf by:
 

.........................................

Mr S Hodsdon
Director

.........................................

Mr R O Noades
Director

Company registration number: 03594411

 

Altonwood Holdings Limited

Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

15

13,140,526

13,140,526

Current assets

 

Debtors

17

542,297

538,297

Cash at bank and in hand

 

815

9,995

 

543,112

548,292

Creditors: Amounts falling due within one year

19

(1,264,804)

(1,257,650)

Net current liabilities

 

(721,692)

(709,358)

Net assets

 

12,418,834

12,431,168

Capital and reserves

 

Called up share capital

23

9,189,048

9,189,048

Other reserves

3,214,874

3,214,874

Retained earnings

14,912

27,246

Shareholders' funds

 

12,418,834

12,431,168

The company made a profit after tax for the financial year of £395,830 (2022 - £186,117).

Approved and authorised by the Board on 2 January 2024 and signed on its behalf by:
 

.........................................

Mr S Hodsdon
Director

.........................................

Mr R O Noades
Director

Company registration number: 03594411

 

Altonwood Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

346,918

1,059,246

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

416,307

359,131

Profit on disposal of tangible assets

5

-

(26,873)

Profit from sales of investment properties

5

-

(18,823)

Finance income

7

(143,868)

(170,547)

Finance costs

8

300,112

216,966

Income tax expense

12

92,916

324,354

 

1,012,385

1,743,454

Working capital adjustments

 

Increase in stocks

 

(95,810)

(50,201)

(Increase)/decrease in trade and other debtors

 

(201,617)

316,466

Increase/(decrease) in trade and other creditors

 

233,572

(725,907)

Cash generated from operations

 

948,530

1,283,812

Income taxes paid

 

(227,482)

(63,757)

Net cash flow from operating activities

 

721,048

1,220,055

Cash flows from investing activities

 

Interest received

544

547

Acquisitions of tangible assets

(482,058)

(559,991)

Proceeds from sale of tangible assets

 

-

33,389

Acquisition of investment properties

14

(6,855)

(1,058,750)

Proceeds from sale of investment properties

 

-

418,823

Net cash flows from investing activities

 

(488,369)

(1,165,982)

Cash flows from financing activities

 

Interest paid

 

(300,112)

(216,966)

Proceeds from bank borrowing draw downs

 

-

5,300,000

Repayment of bank borrowing

 

(177,886)

(6,292,919)

Repayment of other borrowing

 

-

(250,000)

Payments to finance lease creditors

 

(159,032)

505,082

Dividends paid

(408,164)

(204,082)

Net cash flows from financing activities

 

(1,045,194)

(1,158,885)

Net decrease in cash and cash equivalents

 

(812,515)

(1,104,812)

Cash and cash equivalents at 1 May

 

63,420

1,168,232

Cash and cash equivalents at 30 April

 

(749,095)

63,420

 

Altonwood Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Streete Court
Rooks Nest Park
Godstone
Surrey
RH9 8BY

The principal activity of the group is that of leisure operations which includes the management of golf clubs and venue hire, alongside property investment.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Summary of disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined by FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

a) No cash flow statement has been presented for the company.
b) Disclosures in respect of financial instruments have not been presented.
c) No disclosure has been given for the aggregate remuneration of key management personnel..

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April each year.

 

Altonwood Holdings Limited

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The group made a profit for the year ended 30 April 2023 and had net assets at that date of £27,101,663.

The directors have considered the impact of the ongoing economic uncertainty in the UK and the war between Ukraine and Russia and do not believe these events will have a significant impact on the group.

The group has prepared projected cashflows and budgets and considered the groups position for a period of greater than 12 months from the date of approval of the financial statements.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Altonwood Holdings Limited

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities.

Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The group exercises judgement to determine these useful lives and residual values.

Investment Properties are reflected at their fair value. The directors exercise their judgement, two of whom of chartered surveyors to determine the fair value.

Revenue recognition

Turnover comprises amounts receivable for goods and services net of value added tax. Intra-group sales and transactions are eliminated on consolidation.

Membership turnover is recognised evenly over the period of the membership. Shop turnover is recognised when the customers take delivery of the goods and bar and catering revenue is recognised when the services are provided. Rental income is recognised over the period of the leases. Venue hire turnover is recognised on the date of the event.

Government grants

Grants are accounted under the accruals model. Grants of a revenue nature are recognised in other income in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Altonwood Holdings Limited

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

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% straight line

Freehold buildings

2% straight line

Freehold buildings are depreciated over their economic useful life at cost less estimated residual value. The estimated residual value is such that no material annual depreciation charge arises.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 group 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Altonwood Holdings Limited

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

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 income statement 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 group 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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Altonwood Holdings Limited

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

3

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods and services

9,329,248

8,469,874

Rental income from investment property

30,000

56,034

Other revenue

59,202

155,671

9,418,450

8,681,579

The whole of the turnover is attributable to the principal activity of the group undertaken in the United Kingdom.

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

15,965

40,557

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of Tangible assets

-

26,873

Gain from sales of investment properties

-

18,823

-

45,696

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

416,307

359,131

Operating lease expense - plant and machinery

20,224

20,448

Profit on disposal of property, plant and equipment

-

(26,873)

 

Altonwood Holdings Limited

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

7

Other interest receivable and similar income

2023
£

2022
£

Net changes in fair value of investment property

143,324

170,000

Other finance income

544

547

143,868

170,547

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

245,897

144,962

Interest on obligations under finance leases and hire purchase contracts

54,215

57,135

Interest expense on other finance liabilities

-

14,869

300,112

216,966

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

3,422,180

2,940,886

Social security costs

317,935

272,503

Pension costs, defined contribution scheme

56,592

47,289

Other employee expense

50,629

56,613

3,847,336

3,317,291

The average number of persons employed by the group during the year, analysed by category, was as follows:

2023
No.

2022
No.

Green-keeping and course management

61

62

Administration and support

21

18

Food & Beverage

120

128

Kitchen

24

20

Pro-shop and reception

20

22

Management

4

4

250

254

 

Altonwood Holdings Limited

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

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

780,554

665,161

Contributions paid to money purchase schemes

8,041

7,881

788,595

673,042

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

2023
£

2022
£

Remuneration

373,941

329,328

11

Auditor's remuneration

2023
£

2022
£

Audit of these financial statements

6,000

5,000

Other fees to auditors

Audit of the financial statements of subsidiary undertakings

55,000

48,000

Taxation compliance services

1,000

1,000

All other non-audit services

11,950

12,850

67,950

61,850


 

12

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

85,934

197,482

Deferred taxation

Arising from origination and reversal of timing differences

6,982

126,872

Tax expense in the income statement

92,916

324,354

 

Altonwood Holdings Limited

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

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19.49% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

439,834

1,383,600

Corporation tax at standard rate

85,737

262,884

Effect of expense not deductible in determining taxable profit (tax loss)

22,771

2,622

Deferred tax expense relating to changes in tax rates or laws

-

85,128

Effect of fair value adjustments

(27,938)

(32,300)

Tax increase from effect of capital allowances and depreciation

22,023

5,628

Tax (decrease)/increase from other short-term timing differences

(9,677)

392

Total tax charge

92,916

324,354

In its Spring 2021 budget, the UK government announced that from 1 April 2023 the corporation tax rate would increase from 19% to 25%. This was substantively enacted for UK GAAP purposes on 10 June 2021.

The deferred tax movements have been measured using the enacted rate of 25% (2022: 25%).

Deferred tax

Group

2023

Liability
£

Capital allowances

330,492

Fair value adjustments

118,571

Other timing differences

(45,500)

403,563

2022

Liability
£

Capital allowances

310,982

Fair value adjustments

85,599

396,581

 

Altonwood Holdings Limited

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

13

Tangible assets

Group

Freehold Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 May 2022

29,430,405

1,176,652

90,378

3,349,008

34,046,443

Additions

63,526

96,079

30,995

332,126

522,726

At 30 April 2023

29,493,931

1,272,731

121,373

3,681,134

34,569,169

Depreciation

At 1 May 2022

-

1,006,321

60,767

1,944,856

3,011,944

Charge for the year

-

71,807

12,688

331,812

416,307

At 30 April 2023

-

1,078,128

73,455

2,276,668

3,428,251

Carrying amount

At 30 April 2023

29,493,931

194,603

47,918

1,404,466

31,140,918

At 30 April 2022

29,430,405

170,332

29,611

1,404,152

31,034,500

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant and equipment

982,092

1,065,229

     
 

Altonwood Holdings Limited

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

14

Investment properties

Group

2023
£

Fair value

At 1 May 2022

3,519,821

Additions

6,855

Fair value adjustments

143,324

At 30 April 2023

3,670,000

The investment properties are reflected at fair value at 30 April 2023 as estimated by the directors, two of whom are chartered surveyors, based upon their experience and qualifications, at an amount of £3,670,000.

15

Investments

Company

2023
£

2022
£

Investments in subsidiaries

13,140,526

13,140,526

£

Cost or valuation

At 1 May 2022 and 30 April 2023

13,140,526

Carrying amount

At 30 April 2023

13,140,526

At 30 April 2022

13,140,526

 

Altonwood Holdings Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Altonwood Limited

Ordinary

100%

100%

 

     

Country & Metropolitan Investments Limited

Ordinary

100%

100%

 

     

Noood Limited

Ordinary

100%

100%

 

     

Noood London Limited

Ordinary

100%

100%

 

     

Streete Court Leisure Limited

Ordinary

100%

100%

 

     

Surrey National Golf Club Limited

Ordinary

100%

100%

 

     

The Addington Golf Club Limited

Ordinary

100%

100%

 

     

The Novello Collection Limited

Ordinary

100%

100%

 

     

The Novello Wool Shop Limited

Ordinary

100%

100%

 

     

Westerham Golf Club Limited

Ordinary

100%

100%

 

     

Woldingham Golf Club Limited

Ordinary

100%

100%

 

     

Zinckirk Properties Limited

Ordinary

100%

100%

 

     

Altonwood Limited is a direct subsidiary of the company. The other investments are held indirectly.

All subsidiaries are included in the consolidated financial statements.

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Finished goods and goods for resale

333,929

238,119

-

-

 

Altonwood Holdings Limited

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

17

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

254,778

171,071

-

-

Amounts owed by group undertakings

-

-

542,297

538,297

Other debtors

1,218,830

1,070,378

-

-

Prepayments

249,245

279,787

-

-

Corporation tax asset

5,013

-

-

-

1,727,866

1,521,236

542,297

538,297

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

3,658

3,555

-

-

Cash at bank

239,860

161,218

815

9,995

243,518

164,773

815

9,995

Bank overdrafts

(992,613)

(101,353)

-

-

Cash and cash equivalents in statement of cash flows

(749,095)

63,420

815

9,995

 

Altonwood Holdings Limited

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

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

20

1,614,752

719,560

-

-

Trade creditors

 

642,611

542,832

-

-

Amounts due to group undertakings

 

-

-

1,084,005

1,076,851

Social security and other taxes

 

325,109

274,441

-

-

Other payables

 

186,294

181,935

168,799

168,799

Accruals

 

1,305,871

1,218,243

12,000

12,000

Corporation tax liability

 

60,947

197,482

-

-

 

4,135,584

3,134,493

1,264,804

1,257,650

Due after one year

 

Loans and borrowings

20

5,418,169

5,718,351

-

-

Other non-current financial liabilities

 

57,252

66,115

-

-

 

5,475,421

5,784,466

-

-

Amounts due to group undertakings are interest free, unsecured and payable on demand.

 

Altonwood Holdings Limited

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

20

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank loans

458,633

458,633

-

-

Bank overdrafts

992,613

101,353

-

-

Hire purchase obligations

163,506

159,574

-

-

1,614,752

719,560

-

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank loans

4,724,151

4,902,037

-

-

Hire purchase obligations

694,018

816,314

-

-

5,418,169

5,718,351

-

-

Bank loans and overdrafts are secured by a fixed charge over certain freehold properties owned by the group and by a fixed and floating charge over the other assets and undertakings of the group.

Hire purchase obligations are secured on the assets concerned.

Group

Included in loans and borrowings are the following amounts payable by instalments due after more than five years:

2023
£

2022
£

After more than five years

2,925,048

3,067,506

21

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 May 2022

396,581

396,581

Increase (decrease) in existing provisions

6,982

6,982

At 30 April 2023

403,563

403,563

 

Altonwood Holdings Limited

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

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £56,592 (2022 - £47,289).

23

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

9,189,048

9,189,048

9,189,048

9,189,048

         

There are no restrictions on the repayment of capital or the declaration of dividends.

24

Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

25

Dividends paid

   

2023
£

 

2022
£

Dividends of £0.444 (2022 - £0.222) per Ordinary share

 

408,164

 

204,082

         

26

Contingencies and guarantees

Company

The parent company has jointly guaranteed the group's bank loan and overdraft facilities.

 

Altonwood Holdings Limited

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

27

Analysis of changes in net debt

Group

At 1 May 2022
£

Financing cash flows
£

At 30 April 2023
£

Cash and cash equivalents

Cash at bank and in hand

164,772

78,746

243,518

Overdrafts

(101,353)

(891,260)

(992,613)

63,419

(812,514)

(749,095)

Borrowings

Long term borrowings

(4,902,037)

177,886

(4,724,151)

Short term borrowings

(458,633)

-

(458,633)

Lease liabilities

(975,888)

118,364

(857,524)

(6,336,558)

296,250

(6,040,308)

 

(6,273,139)

(516,264)

(6,789,403)

28

Related party transactions

Summary of transactions with subsidiaries

Exemption has been taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts falling due with companies that are wholly owned within the group.

Compensation to key management personnel

The directors are considered to be the key management personnel. Compensation in the year is disclosed in note 10.

Summary of transactions with entities with joint control or significant interest

At 30 April 2023 an amount of £917,237 (2023: £823,360) was due from a company that is considered to be related by virtue of being a significant shareholder.
 

29

Transactions with directors

At 30 April 2023 an amount of £30,172 (£6,910) was due from the directors. During the year there were advances of £91,941 and repayments of £69,132. Interest charged in the year amounted to £453 (2022: £547) at 2% pa. There are no agreed terms.

Dividends amounting to £206,531 (2022: £103,265) were paid to directors during the year.

 

Altonwood Holdings Limited

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

30

Ultimate control

The ultimate controlling party is The Trustees of the Ron Noades Childrens Trust and The Ron Noades Trust for his Wife Novello.