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REGISTERED NUMBER: 00365609 (England and Wales)









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: N R Beard
W Mundie
M J Stanger
D Taylor
A Tickner
N Adderley



SECRETARY: M J Stanger



REGISTERED OFFICE: The Club House,
Reigate Road,
Dorking
Surrey
RH4 1NZ



REGISTERED NUMBER: 00365609 (England and Wales)



AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27/37 St George's Road
Wimbledon
London
SW19 4EU



BANKERS: Lloyds Bank plc
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 3,231,588 2,835,687

CURRENT ASSETS
Stocks 5 58,791 56,734
Debtors 6 102,510 15,182
Cash at bank and in hand 1,591,846 889,307
1,753,147 961,223
CREDITORS
Amounts falling due within one year 7 1,353,708 1,325,747
NET CURRENT ASSETS/(LIABILITIES) 399,439 (364,524 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,631,027

2,471,163

CREDITORS
Amounts falling due after more than one
year

8

1,547,330

545,736
NET ASSETS 2,083,697 1,925,427

CAPITAL AND RESERVES
Called up share capital 10 1,364 1,364
Revaluation reserve 11 1,165,324 1,165,324
Retained earnings 11 917,009 758,739
SHAREHOLDERS' FUNDS 2,083,697 1,925,427

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

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

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




N R Beard - Director



M J Stanger - Director


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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 20% on cost, 10% on cost, 2% on cost and not provided
Plant and machinery - 20% on cost and 20% on reducing balance
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 20% on cost

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 35 (2022 - 33 ) .

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 2,643,596 104,643 1,249,031
Additions 66,620 326,759 133,327
Disposals - - (43,782 )
At 30 September 2023 2,710,216 431,402 1,338,576
DEPRECIATION
At 1 October 2022 255,134 176 1,019,013
Charge for year 22,088 5,178 93,653
Eliminated on disposal - - (43,782 )
At 30 September 2023 277,222 5,354 1,068,884
NET BOOK VALUE
At 30 September 2023 2,432,994 426,048 269,692
At 30 September 2022 2,388,462 104,467 230,018

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2022 904,285 22,645 4,924,200
Additions 27,894 - 554,600
Disposals - - (43,782 )
At 30 September 2023 932,179 22,645 5,435,018
DEPRECIATION
At 1 October 2022 793,432 20,758 2,088,513
Charge for year 35,893 1,887 158,699
Eliminated on disposal - - (43,782 )
At 30 September 2023 829,325 22,645 2,203,430
NET BOOK VALUE
At 30 September 2023 102,854 - 3,231,588
At 30 September 2022 110,853 1,887 2,835,687

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:20232022
£   £   

Freehold Land1,972,1991,972,199
Freehold Buildings460,795416,263
2,432,9942,388,462

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 331,735 34,120 365,855
DEPRECIATION
At 1 October 2022 162,033 12,511 174,544
Charge for year 59,301 6,824 66,125
At 30 September 2023 221,334 19,335 240,669
NET BOOK VALUE
At 30 September 2023 110,401 14,785 125,186
At 30 September 2022 169,702 21,609 191,311

5. STOCKS
2023 2022
£    £   
Bar stock 8,441 6,961
Catering stock 3,523 3,203
Sundry stock 12,766 10,768
Pro Shop stock 34,061 35,802
58,791 56,734

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 14,141 10,336
Other debtors 181 1,250
Prepayments 88,188 3,596
102,510 15,182

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 42,799 42,239
Loan notes 358,000 360,000
Hire purchase contracts (see note 9) 55,166 63,950
Trade creditors 69,650 56,110
Social security and other taxes 14,992 14,384
VAT 3,177 14,649
Other creditors 116,335 123,087
Deferred income 682,913 640,052
Accrued expenses 10,676 11,276
1,353,708 1,325,747

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

20232022
£ £
Debentures - more than 5 years10,50014,050
Mortgage - between 2 and 5 years59,48155,497
Bank loan - between 2 and 5 years50,00080,000
Mortgage - more than 5 years234,798251,581
Hire purchase contracts91,551144,607
Loan notes1,101,000-
1,547,330545,735

Amounts falling due in more than five years:

Debentures - more than 5 years10,50014,050
Mortgage - more than 5 years234,798251,581
245,297265,631

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:

TBC20232022
£   £   
A class debentures8,15011,700
B class debentures2,3502,350
10,50014,050

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 55,166 63,950
Between one and five years 91,551 144,607
146,717 208,557

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 1,483 930
Between one and five years 5,192 -
6,675 930

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,364 Ordinary £1 1,364 1,364

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2022 758,739 1,165,324 1,924,063
Profit for the year 158,270 158,270
At 30 September 2023 917,009 1,165,324 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.

Jonathan Askew (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

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 The Trustees of The Andy Kirk Trust.

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.