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Registration number: 01841889

Dwellcourt Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 October 2023

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

 

Dwellcourt Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Income Statement

10

Consolidated Statement of Comprehensive Income

11

Consolidated Statement of Financial Position

12

Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 35

 

Dwellcourt Limited

Company Information

Directors

J T Hilliard

T K Sims

S J Turnbull

Company secretary

J T Hilliard

Registered office

The Downs Farm
Reigate Road
Ewell
Surrey
KT17 3BY

Auditors

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

 

Dwellcourt Limited

Strategic Report for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Principal activity

The principal activities of the group are the maintenance and conduct of sports complexes and the related business of licensed victuallers and restaurateurs, the operation of golf professional shops and warehousing, distribution and property development.

Fair review of the business

Dwellcourt Limited is the parent company of the group responsible for the management of the sports complexes and the retail of golf equipment and related golf products by the subsidiary undertakings. The group continued to be the home to some of the most accessible golf centres in the South East, set amongst some of Surrey's finest countryside.

Within the group portfolio is Golf Retail Group Limited, which owns one of Europe's largest golf superstores, Doug McClelland Golf Stores and a specialised unique Left Handed Golf Store, both based at the Silvermere complex. Their reputation continues to grow as a stockist of the leading golf club and clothing manufacturers and they are home to some of the largest offerings of Men's and Ladies' Apparel in Europe. There is a choice of over 230 models of golf shoes, 4 Custom Fit Centres, offering expert advice and the well renowned "try before you buy" feature, all ensuring the ultimate shopping experience for golfers. Turnover of the companies that make up the Golf Retail Group reduced slightly to £15.44 million compared to £15.94 million in 2022. However, this was against the backdrop of exceptional increases in turnover in the two previous years of 21% and 12% as restrictions were eased in 2021 following the Covid-19 pandemic, which led to a positive surge in activity in the golf sector. As anticipated by the directors turnover has now fallen slightly as the effects of the Covid bounce back receded. Gross profit margins were maintained at around 25% and overall the Golf Retail Group contributed an increase in net assets of £1.95 million to the group.

Both Silvermere Golf & Leisure Limited and Kingswood Golf & Country Club Limited generated an increase in turnover compared to the previous year. The pre-tax profitability at Silvermere fell slightly from £719,000 in 2022 to £591,000 in 2023 as there was a significant increase in course maintenance expenditure, aimed at further enhancing the playing experience. Kingswood reported an increase in pre-tax profit from £190,000 in 2022 to £238,000 in 2023.

The directors pride themselves on the growing reputation of the golf clubs within their market place and therefore continue to invest and implement improvements ensuring ongoing support from loyal members.

The investment arm of the group, made up of Claredale Warehousing Limited and Hilliard Brothers (Ewell) Limited, continues to provide strong returns and the directors regularly monitor movements in the property market to ensure the properties are reflected at their fair value in the financial statements. The directors are pleased to note an increase in rental income from around £810,000 in 2022 to nearly £850,000 in 2023.

The group profit for the year after taxation was £2.72m (2022: £3.04 million) and the group's net assets increased by £1.99 to £32.57 million.

Group turnover amounted to £24.93 million compared to £24.81 million in the previous year. The directors are pleased with the performance of the group and expect continued strong profitability in the year ended 31 October 2024.

 

Dwellcourt Limited

Strategic Report for the Year Ended 31 October 2023

Financial Key Performance Indicators

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

 

Unit

2023

2022

Turnover

£000

24,929

24,812

Turnover Percentage change

%

0

23

Gross Profit

£000

8,128

8,440

Gross Profit Percentage

%

33

34

EBITDA

£000

3,855

4,242

Non-Financial Key Performance Indicators

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.

The group will continue to invest in the underlying systems, governance and infrastructure to support the group going forward.

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 or the systems or physical infrastructure that support them that have the potential to result in financial loss or damage the reputation of the group. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud.

The directors impose continuing self assessment and appraisals along with continually seeking to improve its operating efficiencies and standards. The directors endeavour to limit cost increases wherever possible and actively negotiate best terms with their major suppliers. The group governs its own price risk based on the directors' expectations for the group.

Credit Risk

Credit risk is the risk that counter-parties will not be able to meet their obligations as they fall due. The group closely monitors outstanding debts from all sources resulting in minimal exposure to bad debts. The group's credit risk is managed by active credit control including the use of credit checking.

Liquidity Risk

The group ensures that liquidity is maintained and financial obligations are met by monitoring the cash balances daily to ensure it retains flexibility in the management of cash flow. In the event that cash flows would not cover financial obligations the group has credit facilities available.

 

Dwellcourt Limited

Strategic Report for the Year Ended 31 October 2023

Market Risk

Golf-related income is a discretionary spend and the directors are aware that the group may have some exposure to the current climate and its impact on consumer spending. However the directors note that Golf was able to continue and abide by Government restrictions and therefore has not been overly affected by market risk. The directors also feel the reputation and position in the South East ensure it is not exposed to significant market risk.

Foreign Currency Risk

The group only sells a small proportion overseas and deals in sterling predominantly, therefore it is not exposed to significant forex fluctuations.

Interest Rate Risk

The group's facilities are subject to commercial market interest rates calculated as a percentage above bank base rate. The group is therefore exposed to the risk of increases in the bank base rate. The group had no hedging arrangements at 31 October 2023. The directors continue to monitor interest rates, and ensure that sufficient resources are available so obligations can be met when they fall due.

Risk summary

The directors continuously monitor and respond to changes in the group's risk environment and this has been subject to regular and heightened review processes during Covid-19, so ensuring that the group remains well placed to address operational, financial and business risks in a timely and appropriate manner.

Future developments

Based on the information available and the group's current trading performance the directors continue to invest in its facilities to ensure the group maintains its reputation as a renowned provider of leisure, retail, catering and property interests. The directors continue to develop and enhance their knowledge and experience, and a focus is being placed on staff training and welfare whilst also ensuring a better understanding to meet the needs of each individual customer. The principal activity of the group is expected to remain consistent for the foreseeable future.

Approved by the Board on 30 July 2024 and signed on its behalf by:

.........................................
J T Hilliard
Director

 

Dwellcourt Limited

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the for the year ended 31 October 2023.

Directors of the group

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

J T Hilliard

T K Sims

S J Turnbull

Dividends

An interim dividend of £734,000 (2022: £655,000) was declared and paid during the year. No final dividend is recommended.

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 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.

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.

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.

Approved by the Board on 30 July 2024 and signed on its behalf by:

.........................................
J T Hilliard
Director

 

Dwellcourt 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.

 

Dwellcourt Limited

Independent Auditor's Report to the Members of
Dwellcourt Limited

Opinion

We have audited the financial statements of Dwellcourt Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, 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 31 October 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 directors' 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.

 

Dwellcourt Limited

Independent Auditor's Report to the Members of
Dwellcourt 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 6], 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.

 

Dwellcourt Limited

Independent Auditor's Report to the Members of
Dwellcourt 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.

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.

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

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

31 July 2024

 

Dwellcourt Limited

Consolidated Income Statement for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

3

24,929,258

24,811,711

Cost of sales

 

(16,801,099)

(16,371,365)

Gross profit

 

8,128,159

8,440,346

Administrative expenses

 

(4,892,383)

(4,866,788)

Other operating income

4

155,113

141,670

Operating profit

6

3,390,889

3,715,228

Other interest receivable and similar income

7

117,513

76,762

Interest payable and similar expenses

8

(33,445)

(45,419)

   

84,068

31,343

Profit before tax

 

3,474,957

3,746,571

Tax on profit

12

(754,786)

(706,048)

Profit for the financial year

 

2,720,171

3,040,523

The group has no recognised gains or losses for the year other than the results above.

 

Dwellcourt Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

2,720,171

3,040,523

Total comprehensive income for the year

2,720,171

3,040,523

Total comprehensive income attributable to:

Owners of the company

2,520,508

2,824,851

Non-controlling interests

199,663

215,672

2,720,171

3,040,523

 

Dwellcourt Limited

Consolidated Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

14

20,059,762

20,678,672

Investment property

15

8,843,200

7,653,836

Other financial assets

17

150,000

150,000

 

29,052,962

28,482,508

Current assets

 

Stocks

18

3,703,494

4,257,613

Debtors

19

1,469,211

2,710,416

Cash at bank and in hand

 

5,731,559

2,914,284

 

10,904,264

9,882,313

Creditors: Amounts falling due within one year

21

(6,246,980)

(6,670,232)

Net current assets

 

4,657,284

3,212,081

Total assets less current liabilities

 

33,710,246

31,694,589

Creditors: Amounts falling due after more than one year

21

(30,000)

(45,925)

Provisions for liabilities

22

(1,109,893)

(1,064,482)

Net assets

 

32,570,353

30,584,182

Capital and reserves

 

Called up share capital

24

233,757

233,757

Capital redemption reserve

25

16,243

16,243

Capital reserve

25

7,593

7,593

Profit and loss account

25

30,000,580

27,985,072

Equity attributable to owners of the company

 

30,258,173

28,242,665

Non-controlling interests

 

2,312,180

2,341,517

Total equity

 

32,570,353

30,584,182

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
J T Hilliard
Director

.........................................
S J Turnbull
Director

 
     

Company registration number: 01841889

 

Dwellcourt Limited

Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

14

17,113

32,164

Investments

16

1,740,242

1,740,242

Other financial assets

17

150,000

150,000

 

1,907,355

1,922,406

Current assets

 

Debtors

19

10,383,311

11,759,935

Cash at bank and in hand

 

4,162,048

925,704

 

14,545,359

12,685,639

Creditors: Amounts falling due within one year

21

(11,350,367)

(8,983,337)

Net current assets

 

3,194,992

3,702,302

Net assets

 

5,102,347

5,624,708

Capital and reserves

 

Called up share capital

24

233,757

233,757

Capital redemption reserve

16,243

16,243

Retained earnings

4,852,347

5,374,708

Shareholders' funds

 

5,102,347

5,624,708

The company made a loss after tax for the financial year of £17,361 (2022 - £25,347).

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
J T Hilliard
Director

.........................................
S J Turnbull
Director

 
     

Company registration number: 01841889

 

Dwellcourt Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 October 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 November 2022

233,757

16,243

7,593

27,985,072

28,242,665

2,341,517

30,584,182

Profit for the year

-

-

-

2,520,508

2,520,508

199,663

2,720,171

Total comprehensive income

-

-

-

2,520,508

2,520,508

199,663

2,720,171

Dividends

-

-

-

(505,000)

(505,000)

(229,000)

(734,000)

At 31 October 2023

233,757

16,243

7,593

30,000,580

30,258,173

2,312,180

32,570,353

Share capital
£

Capital redemption reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 November 2021

233,757

16,243

7,593

25,815,221

26,072,814

2,354,845

28,427,659

Profit for the year

-

-

-

2,824,851

2,824,851

215,672

3,040,523

Total comprehensive income

-

-

-

2,824,851

2,824,851

215,672

3,040,523

Dividends

-

-

-

(655,000)

(655,000)

(229,000)

(884,000)

At 31 October 2022

233,757

16,243

7,593

27,985,072

28,242,665

2,341,517

30,584,182

 

Dwellcourt Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

233,757

16,243

5,374,708

5,624,708

Loss for the year

-

-

(17,361)

(17,361)

Total comprehensive income

-

-

(17,361)

(17,361)

Dividends

-

-

(505,000)

(505,000)

At 31 October 2023

233,757

16,243

4,852,347

5,102,347

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 November 2021

233,757

16,243

6,004,361

6,254,361

Profit for the year

-

-

25,347

25,347

Dividends

-

-

(655,000)

(655,000)

At 31 October 2022

233,757

16,243

5,374,708

5,624,708

 

Dwellcourt Limited

Consolidated Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

2,720,171

3,040,523

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

515,425

526,253

Changes in fair value of investment property

15

(51,177)

-

Profit on disposal of tangible assets

5

(15,400)

(18,746)

Finance income

7

(117,513)

(76,762)

Finance costs

8

33,445

45,419

Income tax expense

12

754,786

706,048

 

3,839,737

4,222,735

Working capital adjustments

 

Decrease/(increase) in stocks

 

554,119

(722,330)

Decrease/(increase) in trade debtors and other debtors

 

1,247,543

(357,302)

Decrease in trade creditors and other creditors

 

(381,827)

(2,238,048)

Cash generated from operations

 

5,259,572

905,055

Income taxes paid

 

(747,042)

(637,051)

Net cash flow from operating activities

 

4,512,530

268,004

Cash flows from investing activities

 

Interest received

117,513

76,762

Acquisitions of tangible assets

(371,438)

(305,940)

Proceeds from sale of tangible assets

 

16,499

32,250

Acquisition of investment properties

15

(664,364)

(114,208)

Acquisition of investments in joint ventures and associates

16

-

(150,000)

Net cash flows from investing activities

 

(901,790)

(461,136)

Cash flows from financing activities

 

Interest paid

 

(33,445)

(45,419)

Proceeds from bank borrowing draw downs

 

-

(1,972,667)

Repayment of other borrowing

 

(10,000)

(10,000)

Payments to finance lease creditors

 

(16,021)

(21,816)

Dividends paid

(734,000)

(884,000)

Net cash flows from financing activities

 

(793,466)

(2,933,902)

Net increase/(decrease) in cash and cash equivalents

 

2,817,274

(3,127,034)

Cash and cash equivalents at 1 November

 

2,914,284

6,041,318

Cash and cash equivalents at 31 October

 

5,731,558

2,914,284

 

Dwellcourt Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
The Downs Farm
Reigate Road
Ewell
Surrey
KT17 3BY

The principal activities of the group are the maintenance and conduct of sports complexes and the related business of licensed victuallers and restaurateurs, the operation of golf professional shops and warehousing, distribution and property development.

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 company satisfies the criteria of being a qualifying entity as defined in FRS102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:

(a) No cash flow statement has been presented for the company.
(b) No disclosure has been given for the aggregate remuneration of key management personnel of the company.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October each year.

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.

 

Dwellcourt Limited

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

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 31 October 2023, and had net assets of £32.57 million at that date including cash at bank of £5.7 million.

The group has traded profitably since the lockdown restrictions were lifted and the directors are confident that the Covid-19 pandemic will have no further effect.

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 financial statements have been prepared under the going concern basis.

 

Dwellcourt Limited

Notes to the Financial Statements for the Year Ended 31 October 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:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

The carrying value of investment properties are subject annually to valuations by the directors, this is determined using a degree of assumption and judgement. The Group applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. Professional valuations are carried out occasionally when considered appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services net of value added tax, in the ordinary course of the Group's activities. Intra-group sales and transactions are eliminated on consolidation.

The group 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. Membership turnover is recognised evenly over the subscription year. Shop, bar and catering turnover is recognised at the point of retail sale or the date of catering event. Rental income is recognised evenly over the period of lease or license.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. 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.

 

Dwellcourt Limited

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

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.

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, machinery & fixtures

15%-33% per annum

Motor vehicles

25% per annum

Freehold buildings

2%-6.7% straight line

Freehold buildings are depreciated over their economic useful life at cost less estimated residual value. The initial assessment of Freehold buildings on transition to FRS 102 deemed depreciation to be applicable on certain Freehold buildings. The estimated residual value on new Freehold buildings 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 the directors. The directors 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 and 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.

 

Dwellcourt Limited

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

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.

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.

 

Dwellcourt Limited

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

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.

3

Turnover

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

2023
£

2022
£

Sale of goods

15,513,454

15,990,342

Rendering of services

8,618,509

8,072,164

Rental income

797,295

749,205

24,929,258

24,811,711

The analysis of the group's turnover for the year by geographical market is as follows:

2023
£

2022
£

UK

24,752,797

24,650,581

Europe

176,461

161,130

24,929,258

24,811,711

4

Other operating income

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

2023
£

2022
£

Other operating income

155,113

141,670

 

Dwellcourt Limited

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

5

Other gains and losses

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

2023
£

2022
£

Gain/loss on disposal of property, plant and equipment

15,400

18,746

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

515,425

526,253

Operating lease expense - plant and machinery

19,870

8,916

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

83,698

119

Other finance income

33,815

76,643

117,513

76,762

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

-

16,863

Interest on obligations under finance leases and hire purchase contracts

754

1,744

Interest expense on other finance liabilities

32,691

26,812

33,445

45,419

 

Dwellcourt Limited

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

9

Staff costs

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

2023
£

2022
£

Wages and salaries

6,244,581

5,999,671

Social security costs

549,756

550,728

Pension costs, defined contribution scheme

197,029

176,208

Other employee expense

-

383

6,991,366

6,726,990

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

2023
No.

2022
No.

Administration and support

22

15

Golf professional shops

70

70

Sports complexes and associated activities

142

163

Other departments

3

3

237

251

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

787,584

906,007

Contributions paid to money purchase schemes

73,125

26,528

860,709

932,535

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

2023
No.

2022
No.

Accruing benefits under defined benefit pension scheme

3

3

In respect of the highest paid director:

2023
£

2022
£

Remuneration

552,829

676,908

Company contributions to defined contribution pension plans

20,888

12,518

 

Dwellcourt Limited

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

11

Auditor's remuneration

2023
£

2022
£

Audit of these financial statements

10,999

10,000

Audit of the financial statements of subsidiaries

51,000

48,640

61,999

58,640

Other fees to auditors

Taxation compliance services

1,000

1,000

All other non-audit services

6,728

7,325

7,728

8,325


 

12

Taxation

Tax charged/(credited) in the consolidated income statement

2023
£

2022
£

Current taxation

UK corporation tax

709,375

725,976

UK corporation tax adjustment to prior periods

-

(7,347)

709,375

718,629

Deferred taxation

Arising from origination and reversal of timing differences

45,411

(12,581)

Tax expense in the income statement

754,786

706,048

 

Dwellcourt Limited

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

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 22.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

3,474,957

3,746,571

Corporation tax at standard rate

781,865

711,848

Decrease in UK and foreign current tax from adjustment for prior periods

-

(7,347)

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

50,785

(2,697)

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

18,613

4,854

Tax increase/(decrease) from effect of unrelieved tax losses carried forward

917

(610)

Tax decrease from effect of adjustment in research and development tax credit

(97,394)

-

Total tax charge

754,786

706,048

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

335,676

Fair value adjustments

-

774,217

-

1,109,893

2022

Asset
£

Liability
£

Accelerated capital allowances

-

290,265

Fair value adjustments

-

774,217

-

1,064,482

 

Dwellcourt Limited

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

13

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

11,103

11,103

At 31 October 2023

11,103

11,103

Amortisation

At 1 November 2022

11,103

11,103

At 31 October 2023

11,103

11,103

Carrying amount

At 31 October 2023

-

-

14

Tangible assets

Group

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 November 2022

22,366,178

3,588,112

115,056

1,313,515

27,382,861

Additions

-

228,186

-

143,252

371,438

Disposals

-

(95,458)

-

(11,750)

(107,208)

Transfers to/from investment property

(515,025)

-

-

-

(515,025)

At 31 October 2023

21,851,153

3,720,840

115,056

1,445,017

27,132,066

Depreciation

At 1 November 2022

2,753,822

2,715,901

74,136

1,160,330

6,704,189

Charge for the year

199,714

245,623

20,262

49,827

515,426

Eliminated on disposal

-

(95,059)

-

(11,050)

(106,109)

Transfers

(41,202)

-

-

-

(41,202)

At 31 October 2023

2,912,334

2,866,465

94,398

1,199,107

7,072,304

Carrying amount

At 31 October 2023

18,938,819

854,375

20,658

245,910

20,059,762

At 31 October 2022

19,612,356

872,211

40,920

153,185

20,678,672

 

Dwellcourt Limited

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

An analysis of land and buildings which existed at the date of transition to FRS 102 and were reflected using the deemed cost exemption;

2022

2021

£

£

Historical cost equivalent

3,195,876

3,248,608

Revaluation

9,296,725

9,310,286

Carrying value

12,492,601

12,558,894

The properties were last valued in 1998, the directors having taken advice from an independent valuer.

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
£

Furniture, fittings and equipment

23,213

43,965

   

Company

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 November 2022

74,593

61,723

136,316

At 31 October 2023

74,593

61,723

136,316

Depreciation

At 1 November 2022

47,735

56,417

104,152

Charge for the year

12,398

2,653

15,051

At 31 October 2023

60,133

59,070

119,203

Carrying amount

At 31 October 2023

14,460

2,653

17,113

At 31 October 2022

26,858

5,306

32,164

 

Dwellcourt Limited

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

15

Investment properties

Group

2023
£

Fair value

1 November 2022

7,653,836

Additions

664,364

Transfers from tangible fixed assets

473,823

Fair value adjustments

51,177

31 October 2023

8,843,200

The investment properties are reflected at fair value as estimated by the directors at an amount of £8,843,200.

16

Investments

Company

2023
£

2022
£

Investments in subsidiaries

1,740,242

1,740,242

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:

Subsidiary undertakings

Holding

Proportion of voting rights and shares held

     

2023

2022

Kingswood Golf & Country Club Limited *

Ordinary

100%

100%

 

     

Silvermere Golf & Leisure Limited *

Ordinary

100%

100%

 

     

Remojo Centre Limited *

Ordinary

100%

100%

 

     

Golf Retail Group Limited *

Ordinary

95%

95%

 

     

Doug McClelland Golf Stores Limited

Ordinary

95%

95%

 

     

Internet Golf Stores Limited

Ordinary

95%

95%

 

     

Left Handed Golf Stores Limited

Ordinary

95%

95%

 

     

South East Academy of Golf Limited

Ordinary

95%

95%

 

     

Euro Select Golf Limited

Ordinary

95%

95%

 

     

Claredale Warehousing Limited *

Ordinary

55%

55%

 

     

Hilliard Brothers (Ewell) Limited

Ordinary

55%

55%

 

     
 

Dwellcourt Limited

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

* Shares are held directly.

The registered office of each undertaking is; The Downs Farm, Reigate Road, Ewell, Surrey. KT17 3BY.

All subsidiary undertakings are included in the consolidation.

17

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

150,000

150,000

At 31 October 2023

150,000

150,000

Carrying amount

At 31 October 2023

150,000

150,000

Company

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

150,000

150,000

At 31 October 2023

150,000

150,000

Impairment

Carrying amount

At 31 October 2023

150,000

150,000

 

Dwellcourt Limited

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

18

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Finished goods and goods for resale

3,614,361

4,172,072

-

-

Other inventories

89,133

85,541

-

-

3,703,494

4,257,613

-

-

19

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

492,616

396,553

960

15,495

Amounts owed by group undertakings

-

-

10,339,594

10,439,944

Other debtors

110,644

1,428,043

-

1,288,002

Prepayments

704,198

659,039

42,757

16,494

Accrued income

155,415

226,781

-

-

Corporation tax asset

6,338

-

-

-

1,469,211

2,710,416

10,383,311

11,759,935

20

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

39,592

20,980

58

-

Cash at bank

5,691,967

2,893,304

4,161,990

925,704

5,731,559

2,914,284

4,162,048

925,704

 

Dwellcourt Limited

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

21

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

26

5,925

16,021

-

-

Trade creditors

 

2,140,524

2,007,655

64,989

5,281

Amounts due to group undertakings

 

-

-

10,524,561

7,961,698

Social security and other taxes

 

724,240

687,233

40,701

33,001

Outstanding defined contribution pension costs

 

5,457

5,320

5,457

5,320

Other creditors

 

921,121

1,195,626

590,083

864,205

Accruals

 

2,131,955

2,409,290

124,576

113,832

Corporation tax liability

 

317,758

349,087

-

-

 

6,246,980

6,670,232

11,350,367

8,983,337

Due after one year

 

Loans and borrowings

26

-

5,925

-

-

Other creditors

 

30,000

40,000

-

-

 

30,000

45,925

-

-

22

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 November 2022

1,064,482

1,064,482

Increase in provisions

45,411

45,411

At 31 October 2023

1,109,893

1,109,893

23

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 £197,029 (2022: £176,208).

 

Dwellcourt Limited

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

24

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

233,757

233,757

233,757

233,757

         

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

25

Reserves

Profit and loss account is the reserve that records retained earnings.

26

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

-

5,925

-

-

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

5,925

16,021

-

-

Obligations arising under hire purchase contracts are secured on the assets concerned.

 

Dwellcourt Limited

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

27

Commitments. guarantees and contngencies

Group

Operating leases

The total of future minimum lease payments not reflected in the statement of financial position is as follows:

2023
£

2022
£

Not later than one year

30,111

30,111

Later than one year and not later than five years

46,226

76,338

76,337

106,449


Contingencies

The company has guaranteed jointly with other subsidiary undertakings the bank borrowings and overdraft facilities of the group as shown in note 26. The guarantee is secured by a fixed and floating charge over the assets and undertakings of the Group. No liability is expected to arise in connection with this guarantee.

28

Dividends

Interim dividends paid in the year amounted to £505,000 (2022: £665,000).

29

Related party transactions

Summary of transactions with key management

The directors are considered to be key management personnel. Directors remuneration is shown in note 10 of the financial statements.

The company paid dividends of £79,000 (2022: £79,000) to the directors and certain subsidiary undertakings paid dividends of £229,000 (2022: £229,000) to the directors.

Summary of transactions with subsidiaries

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

 

 

Dwellcourt Limited

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

30

Analysis of changes in net debt

Group

At 1 November 2022
£

Financing cash flows
£

At 31 October 2023
£

Cash and cash equivalents

Cash

2,914,284

2,817,275

5,731,559

Borrowings

Lease liabilities

(21,946)

16,021

(5,925)

 

2,892,338

2,833,296

5,725,634

31

Parent and ultimate parent undertaking

The ultimate controlling party is the trustees of 'The Thomas Albert Hilliard Discretionary Trust'.