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Registered number: 01290288










NORFOLK PREMIER GOLF LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NORFOLK PREMIER GOLF LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORFOLK PREMIER GOLF LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Premier Golf Limited for the year ended 31 December 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Norfolk Premier Golf Limited, as a body, in accordance with the terms of our engagement letter dated 24 March 2022Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Premier Golf Limited and state those matters that we have agreed to state to the Board of directors of Norfolk Premier Golf Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Premier Golf Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Norfolk Premier Golf Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norfolk Premier Golf Limited. You consider that Norfolk Premier Golf Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norfolk Premier Golf Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
7 August 2024
Page 1

 
NORFOLK PREMIER GOLF LIMITED
REGISTERED NUMBER: 01290288

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
934,820
896,737

Current assets
  

Stocks
 5 
53,981
48,794

Debtors: amounts falling due within one year
 6 
923
1,321

Cash at bank and in hand
  
194,637
193,525

  
249,541
243,640

Creditors: amounts falling due within one year
 7 
(821,642)
(846,349)

Net current liabilities
  
 
 
(572,101)
 
 
(602,709)

Total assets less current liabilities
  
362,719
294,028

Creditors: amounts falling due after more than one year
 8 
(260,821)
(274,518)

Provisions for liabilities
  

Deferred tax
  
(42,241)
(17,814)

Net assets
  
59,657
1,696


Capital and reserves
  

Called up share capital 
  
7,200
7,200

Capital redemption reserve
  
7,800
7,800

Profit and loss account
  
44,657
(13,304)

  
59,657
1,696


Page 2

 
NORFOLK PREMIER GOLF LIMITED
REGISTERED NUMBER: 01290288
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2024.






G H Pointer
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
NORFOLK PREMIER GOLF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Norfolk Premier Golf Limited is a private company limited by shares. It is incorporated and domicile in England and Wales. The registered office address is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activities during the year continued to be the operation of a golfing facility including a driving range, the running of its own golf shop, a 9 hole golf course and Pirates Island Adventure Golf.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
NORFOLK PREMIER GOLF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Driving range and buildings
-
4% straight line
Motor vehicles
-
20% straight line
Fixtures & fittings
-
10% straight line
Office equipment
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are valued at cost.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
NORFOLK PREMIER GOLF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
NORFOLK PREMIER GOLF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 7

 
NORFOLK PREMIER GOLF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
1,266,231
272,947
1,539,178


Additions
64,619
49,769
114,388



At 31 December 2023

1,330,850
322,716
1,653,566



Depreciation


At 1 January 2023
436,524
205,917
642,441


Charge for the year on owned assets
52,923
23,382
76,305



At 31 December 2023

489,447
229,299
718,746



Net book value



At 31 December 2023
841,403
93,417
934,820



At 31 December 2022
829,707
67,030
896,737


5.


Stocks

2023
2022
£
£

Golf shop
53,881
48,694

Consumables
100
100

53,981
48,794


Page 8

 
NORFOLK PREMIER GOLF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
578
1,321

Other debtors
345
-

923
1,321



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,986
61,586

Trade creditors
24,019
17,055

Corporation tax
14,510
23,477

Other taxation and social security
24,349
20,948

Obligations under finance lease and hire purchase contracts
5,501
-

Other creditors
686,969
714,533

Accruals and deferred income
15,308
8,750

821,642
846,349


Page 9

 
NORFOLK PREMIER GOLF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
205,098
251,028

Net obligations under finance leases and hire purchase contracts
34,748
-

Other creditors
20,287
22,687

Accruals and deferred income
688
803

260,821
274,518


The bank loans totalling £256,084 (2022 - £312,614) are secured by an unlimited debenture from the company to the loan provider, and by way of a personal guarantee by the company directors.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
82,709
102,923

82,709
102,923




9.Directors' personal guarantees

Personal fixed amount guarantees have been given by the directors in relation to the bank loans.


10.


Related party transactions

As at 31 December 2023 the balance owed to the directors was £683,593 (2022 - £712,133) as included within other creditors in note 7 to the financial statements. Interest of £17,000 was charged in the year.
The land occupied by the farm, driving range and golf course are owned personally by two of the directors. No rent is charged for this.

 
Page 10