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Company No: 09322409 (England and Wales)

BURGHILL VALLEY GOLF CLUB LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BURGHILL VALLEY GOLF CLUB LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BURGHILL VALLEY GOLF CLUB LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
BURGHILL VALLEY GOLF CLUB LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 22,486 44,974
Tangible assets 4 1,786,934 1,736,019
1,809,420 1,780,993
Current assets
Stocks 29,546 28,235
Debtors 5 68,805 92,648
Cash at bank and in hand 65,772 169,269
164,123 290,152
Creditors: amounts falling due within one year 6 ( 329,808) ( 357,130)
Net current liabilities (165,685) (66,978)
Total assets less current liabilities 1,643,735 1,714,015
Creditors: amounts falling due after more than one year 7 ( 1,450,734) ( 1,464,587)
Net assets 193,001 249,428
Capital and reserves
Called-up share capital 8 2 2
Revaluation reserve 557,262 557,262
Profit and loss account ( 364,263 ) ( 307,836 )
Total shareholders' funds 193,001 249,428

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Burghill Valley Golf Club Limited (registered number: 09322409) were approved and authorised for issue by the Board of Directors on 21 August 2024. They were signed on its behalf by:

Mark Richard Ellis
Director
BURGHILL VALLEY GOLF CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BURGHILL VALLEY GOLF CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Burghill Valley Golf Club Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Burghill Valley Golf Club Tillington Road, Burghill, Hereford, HR4 7RW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Trademarks, patents and licences 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 20 - 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 22

3. Intangible assets

Goodwill Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 April 2023 203,676 10,600 214,276
At 31 March 2024 203,676 10,600 214,276
Accumulated amortisation
At 01 April 2023 162,942 6,360 169,302
Charge for the financial year 20,368 2,120 22,488
At 31 March 2024 183,310 8,480 191,790
Net book value
At 31 March 2024 20,366 2,120 22,486
At 31 March 2023 40,734 4,240 44,974

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 1,520,337 475,196 4,800 242,056 2,242,389
Additions 42,665 61,185 0 3,383 107,233
At 31 March 2024 1,563,002 536,381 4,800 245,439 2,349,622
Accumulated depreciation
At 01 April 2023 25,440 241,895 3,281 235,754 506,370
Charge for the financial year 8,874 44,173 380 2,891 56,318
At 31 March 2024 34,314 286,068 3,661 238,645 562,688
Net book value
At 31 March 2024 1,528,688 250,313 1,139 6,794 1,786,934
At 31 March 2023 1,494,897 233,301 1,519 6,302 1,736,019

5. Debtors

2024 2023
£ £
Trade debtors 9,000 14,926
Prepayments 23,187 52,015
Other debtors 36,618 25,707
68,805 92,648

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 61,780 74,788
Amounts owed to directors 80,000 80,000
Accruals and deferred income 138,329 144,209
Other taxation and social security 32,259 41,898
Obligations under finance leases and hire purchase contracts (secured) 13,852 13,448
Other creditors 3,588 2,787
329,808 357,130

The hire purchase contract have been secured over £53,523 (2023: £62,968) of the company's fixed assets.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to directors 1,417,000 1,417,000
Obligations under finance leases and hire purchase contracts 33,734 47,587
1,450,734 1,464,587

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 1,497,000 1,497,000

10. Operating lease commitements

2024 2023
£ £
13,977 17,971

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as shown above.