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REGISTERED NUMBER: 02398670 (England and Wales)








STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EAST DORSET GOLF CLUB LIMITED

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


EAST DORSET GOLF CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B A Champion
C C K Lerche-Lerchenborg
G J Packer



SECRETARY: S J Packer



REGISTERED OFFICE: Stafford House
10 Prince of Wales Road
Dorchester
DT1 1PW



REGISTERED NUMBER: 02398670 (England and Wales)



AUDITORS: Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE



SOLICITORS: Geldards Solicitors
Dumfries House
Dumfries Place
Cardiff
CF10 3ZF

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


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

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The company continues to maintain and operate a golf course, an indoor bowls facility and gym, deal in golfing equipment and provide accomodation, restaurant and bar facilities for general public use. The company's activities are organised into the following six divisions:
- Income from use of the golf course;
- Income from indoor bowls;
- Sales of golfing equipment;
- Income from hotel accomodation;
- Sales in the restaurant;
- Sales in the bar.

The company is benefiting from its investment in solar electricity power and wood pellet boilers to provide more sustainable energy supplies.

We consider that our key financial performance figures are those that communicate the financial performance and strength of the company as a whole, these being turnover, turnover growth, gross profit margin, profit before tax and return on capital.

Trading is doing well in competitive market conditions and is able to repay debt as required.

Return on capital employed has increased slightly to 8.95% (2022 - 8.94%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities.

At the end of the year, the net assets totalled £4,292,770.

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

Financial KPIs Unit 2023 2022
Turnover £ 3,462,781 3,238,841
Turnover growth % 7 9
Gross profit margin % 78 78
Profit before tax £ 466,438 468,477


EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
As for many businesses of our size, the business environment in which we operate continues to be challenging. The income from the golf course itself, is dependent on weather conditions, however, the indoor bowls should help in the winter season. We are of course also subject to consumer spending patterns and consumers overall level of disposable income within our economy.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.

ON BEHALF OF THE BOARD:





G J Packer - Director


30 August 2024

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of running a golf course and related activities.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

C Lerche - deceased 4 July 2023
B A Champion - appointed 16 November 2023
C C K Lerche-Lerchenborg - appointed 4 July 2023
G J Packer - appointed 4 July 2023

A W J Champion ceased to be a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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. 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G J Packer - Director


30 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EAST DORSET GOLF CLUB LIMITED


Opinion
We have audited the financial statements of East Dorset Golf Club Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2023 and of its 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 qualified 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 Auditors' responsibilities for the audit of the financial statement section of our report. We are independent of the company 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 out 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.

The company has adopted a policy of revaluation of freehold land and buildings. A revaluation was last performed in 2005 and the company has not obtained a valuation since this date; this constitutes a departure from Financial Reporting Standard 102.

In forming our opinion we have been unable to obtain a current valuation.

The company does not depreciate freehold property, which is also a departure from Financial Reporting Standard 102. The depreciation that has not been charged in the current year's financial statements, based on a depreciation rate of 1% amounts to £26,373. The accumulated depreciation based on the same policy being applied since 2005, which is the year in which the properties were last revalued, and stated at the recoverable amount at 31st December 2005, is £430,997. If depreciation been charged the profit for the year would be £358,241 and retained reserves would be £3,134,482 with the balance sheet total £3,861,773.

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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EAST DORSET GOLF CLUB LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EAST DORSET GOLF CLUB LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our method of identifying risks of material misstatement due to fraud include assessing events and conditions within the company that may be more susceptible to fraud due to the opportunities or incentives that exist therein. We have made enquiries to directors regarding their knowledge of any instances of fraud and we have investigated unusual transactions and unexpected relationships.

Audit procedures are designed to respond to risks of material misstatement due to irregularities, including fraud.

As a result of our risk assessment procedures, we have planned and performed the following procedures to identify non-compliance with laws and regulations described above:

- Testing the disclosures contained within the financial statements to supporting evidence and ensuring compliance with relevant laws and regulations identified as having an effect on the financial statements.

- Discussion with directors relating to non-compliance with the laws and regulations identified as having an effect on the financial statements.

- Performing analytical procedures to identify unusual and unexpected transactions that indicate potential material misstatement due to fraud.

- Risks relating to management override of controls were addressed by testing the appropriateness of journal entries and other adjustments. An assessment of whether accounting estimates are indicative of potential bias was undertaken.

- Unusual transactions were reviewed with directors to ensure that the commercial reasoning was reasonable within the normal course of business.

- Controls related to revenue recognition were reviewed and substantive testing was undertaken to ensure that revenue is recognised in line with the company's accounting policy and in line with accounting standards.

Due to the inherent limitations of an audit, there is an unavoidable risk that, despite properly planning and performing our audit in accordance with auditing standards, some material misstatements may not have been detected.

Auditing standards limit the audit procedures required to identify non-compliance with other operational laws and regulations to enquiry of directors and management and inspection of any correspondence. If a breach of operational regulations is not evident from relevant correspondence or disclosed to us, an audit is unlikely to detect that breach. In addition, the further removed non-compliance with laws and regulations is from the events and transactions included in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EAST DORSET GOLF CLUB LIMITED


In addition, the risk of not detecting material misstatement from due to fraud is higher than the risk of one not being detected through error as fraud may involve deliberate concealment through collusion, forgery, misrepresentations and intentional omissions.

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

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 a Report of the Auditors 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.




Anthony Cooke FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

30 August 2024

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3,462,781 3,238,841

Cost of sales 748,121 713,339
GROSS PROFIT 2,714,660 2,525,502

Administrative expenses 2,313,545 2,006,068
401,115 519,434

Other operating income 110,280 -
OPERATING PROFIT 4 511,395 519,434

Interest receivable and similar income 28,853 -
540,248 519,434

Interest payable and similar expenses 5 73,810 50,957
PROFIT BEFORE TAXATION 466,438 468,477

Tax on profit 6 81,824 105,801
PROFIT FOR THE FINANCIAL
YEAR

384,614

362,676

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 384,614 362,676


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

384,614

362,676

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 5,125,491 4,432,140
Investments 9 332,826 6
5,458,317 4,432,146

CURRENT ASSETS
Stocks 10 137,627 112,980
Debtors 11 707,793 468,846
Cash at bank and in hand 898,902 1,400,848
1,744,322 1,982,674
CREDITORS
Amounts falling due within one year 12 1,488,568 607,156
NET CURRENT ASSETS 255,754 1,375,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,714,071

5,807,664

CREDITORS
Amounts falling due after more than one
year

13

(1,162,385

)

(1,766,833

)

PROVISIONS FOR LIABILITIES 17 (258,916 ) (82,675 )
NET ASSETS 4,292,770 3,958,156

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 18 450,000 500,000
Revaluation reserve 19 227,291 227,291
Capital redemption reserve 19 50,000 -
Retained earnings 19 3,565,479 3,230,865
SHAREHOLDERS' FUNDS 4,292,770 3,958,156


The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





G J Packer - Director


EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 500,000 2,868,189 227,291 - 3,595,480

Changes in equity
Total comprehensive income - 362,676 - - 362,676
Balance at 31 December 2022 500,000 3,230,865 227,291 - 3,958,156

Changes in equity
Reduction in share capital (50,000 ) - - - (50,000 )
Total comprehensive income - 384,614 - - 384,614
Purchase of own shares - (50,000 ) - 50,000 -
Balance at 31 December 2023 450,000 3,565,479 227,291 50,000 4,292,770

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 392,345 715,090
Interest paid (61,878 ) (45,534 )
Interest element of hire purchase
payments paid

(11,932

)

(5,423

)
Net cash from operating activities 318,535 664,133

Cash flows from investing activities
Purchase of tangible fixed assets (846,282 ) (88,378 )
Purchase of fixed asset investments (332,820 ) -
Interest received 28,853 -
Net cash from investing activities (1,150,249 ) (88,378 )

Cash flows from financing activities
New loans in year 460,881 51,000
Loan repayments in year (170,691 ) (170,450 )
Repayment of other borrowing - (205,000 )
Capital repayments in year 89,578 (27,373 )
Share buyback (50,000 ) -
Net cash from financing activities 329,768 (351,823 )

(Decrease)/increase in cash and cash equivalents (501,946 ) 223,932
Cash and cash equivalents at
beginning of year

2

1,400,848

1,176,916

Cash and cash equivalents at end of
year

2

898,902

1,400,848

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 466,438 468,477
Depreciation charges 152,931 65,063
Increase on deferred tax asset 94,417 -
Unrealised income on NPV adjustment (110,280 ) -
Finance costs 73,810 50,957
Finance income (28,853 ) -
648,463 584,497
Increase in stocks (24,647 ) (14,458 )
(Increase)/decrease in trade and other debtors (238,947 ) 121,348
Increase in trade and other creditors 7,476 23,703
Cash generated from operations 392,345 715,090

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 898,902 1,400,848
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 1,400,848 1,176,916


EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 1,400,848 (501,946 ) 898,902
1,400,848 (501,946 ) 898,902
Debt
Finance leases (116,663 ) (89,578 ) (206,241 )
Debts falling due within 1 year (163,141 ) (852,442 ) (1,015,583 )
Debts falling due after 1 year (1,677,082 ) 672,532 (1,004,550 )
(1,956,886 ) (269,488 ) (2,226,374 )
Total (556,038 ) (771,434 ) (1,327,472 )

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

East Dorset Golf Club 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- specific criteria have been met for each of the company's activities.

Goodwill
Goodwill has been amortised over its useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - see below
Plant and machinery - 20% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

The directors consider that freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost less impairment.

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,203,535 1,104,184
Social security costs 79,389 75,071
Other pension costs 18,371 17,100
1,301,295 1,196,355

The average number of employees during the year was as follows:
2023 2022

Production 36 35
Administration and support 11 11
Distribution 22 24
Other departments 6 6
75 76

2023 2022
£    £   
Directors' remuneration 9,540 -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 9,245 10,080
Depreciation - owned assets 110,170 26,658
Depreciation - assets on hire purchase contracts 42,761 38,405
Auditors' remuneration 5,650 5,400
Foreign exchange differences - (3,676 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 61,878 40,343
Other interest - 5,191
Hire purchase 11,932 5,423
73,810 50,957

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 81,824 105,801
Tax on profit 81,824 105,801

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 466,438 468,477
Profit multiplied by the standard rate of corporation tax in the UK
of 23.500% (2022 - 19%)

109,613

89,011

Effects of:
Expenses not deductible for tax purposes 1,993 10
Income not taxable for tax purposes (25,916 ) -
Capital allowances in excess of depreciation (174,442 ) (12,029 )
Utilisation of tax losses 88,752 (76,992 )
UK deferred tax expense relating to changes in tax rates or laws 81,824 105,801
Total tax charge 81,824 105,801

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 101,000
AMORTISATION
At 1 January 2023
and 31 December 2023 101,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 4,291,127 988,116 5,279,243
Additions - 846,282 846,282
Disposals - (11,932 ) (11,932 )
At 31 December 2023 4,291,127 1,822,466 6,113,593
DEPRECIATION
At 1 January 2023 - 847,103 847,103
Charge for year - 152,931 152,931
Eliminated on disposal - (11,932 ) (11,932 )
At 31 December 2023 - 988,102 988,102
NET BOOK VALUE
At 31 December 2023 4,291,127 834,364 5,125,491
At 31 December 2022 4,291,127 141,013 4,432,140

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2005 303,055 - 303,055
Cost 3,988,072 1,822,466 5,810,538
4,291,127 1,822,466 6,113,593

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023 192,031
Additions 125,631
Transfer to ownership (35,425 )
At 31 December 2023 282,237
DEPRECIATION
At 1 January 2023 101,750
Charge for year 42,761
Transfer to ownership (35,425 )
At 31 December 2023 109,086
NET BOOK VALUE
At 31 December 2023 173,151
At 31 December 2022 90,281

9. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 January 2023 6 - 6
Additions - 332,820 332,820
At 31 December 2023 6 332,820 332,826
NET BOOK VALUE
At 31 December 2023 6 332,820 332,826
At 31 December 2022 6 - 6

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. FIXED ASSET INVESTMENTS - continued

The subsidiary companies are either dormant and have never traded or have not traded for a number of years and, as a result, have no marketable value. The fair values are deemed to be no more than the cost of the investment.

Undertaking Registered Office
Address
Class of
shares held
Proportion of voting
rights and shares held
Subsidiary undertakings 2023 2022
The Dorset Golf Hotel Limited England and Wales Ordinary
Shares
100% 100%
The Dorset Golf Academy Limited England and Wales Ordinary
Shares
100% 100%
The Dorset Golf Resort Limited England and Wales Ordinary
Shares
100% 100%
The Dorset Golf and Country Club
Limited
England and Wales Ordinary
Shares
100% 100%
Cilfa Properties Limited Jersey Ordinary
Shares
100% 100%

Associates

Dorset Resort Partnership 9.9% 0%

10. STOCKS
2023 2022
£    £   
Stocks 137,627 112,980

11. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 424,349 403,540
Other debtors 2,908 2,408
Deferred tax asset 37,500 -
Prepayments and accrued income 147,795 24,574
612,552 430,522

Amounts falling due after more than one year:
Deferred tax asset 95,241 38,324

Aggregate amounts 707,793 468,846

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 79,586 163,141
Other loans (see note 14) 935,997 -
Hire purchase contracts (see note 15) 48,406 26,912
Trade creditors 173,141 188,366
Social security and other taxes 35,121 43,345
Pension control 4,874 3,818
Other creditors 1,389 -
Accruals and deferred income 210,054 181,574
1,488,568 607,156

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) 729,946 817,082
Other loans (see note 14) 274,604 860,000
Hire purchase contracts (see note 15) 157,835 89,751
1,162,385 1,766,833

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 79,586 163,141
Other loans 935,997 -
1,015,583 163,141

Amounts falling due between one and two years:
Bank loans - 1-2 years 725,589 79,547
Other loans - 1-2 years 56,546 -
782,135 79,547

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,357 737,535
Other loans - 2-5 years 145,955 -
150,312 737,535

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 860,000

Repayable by instalments
Other loans more 5yrs instal 72,103 -

Other Borrowings

CILFA A/S loan is denominated in pound sterling with a nominal interest rate of nil%. The carrying amount at year end is £628,333 (2022 - £620,000).

A J Champion loan is denominated in pound sterling with a nominal interest rate of nil%. The carrying amount at year end is £120,000 (2022 - £120,000).

S L Champion loan is denominated in pound sterling with a nominal interest rate of nil%. The carrying amount at year end is £120,000 (2022 - £120,000).

Trackman loan is denominated in pound sterling with a nominal interest rate of nil% and the final instalment is due on 30 September 2030. After discounting the loan to the net present value, the carrying amount at the year end is £130,202 (2022 - £nil).
Security is given against the trackman driving range VR system. The repayments are £2,100 per month for 81 months.

I Butcher loan is denominated in pound sterling with a nominal interest rate of nil% and the final instalment is due on 30 November 2033. After discounting the loan to the net present value, the carrying amount at the year end is £205,121 (2022 - £nil).
The repayments are £3,333.33 per month for 59 months followed by £1,313.95 per month for 60 months.

The Champion 2001 Settlement Trust loan is denominated in pound sterling with a nominal interest rate of nil%. The carrying amount at the year end is £6,945 (2022 - £nil).

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 48,406 26,912
Between one and five years 157,835 82,423
In more than five years - 7,328
206,241 116,663

Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,800 8,552
Between one and five years 420 420
8,220 8,972

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,245 (2022 - £10,080).

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 809,532 980,223
Hire purchase contracts 206,241 116,663
Other borrowings 891,801 860,000
1,907,574 1,956,886

The bank loan is secured against all assets of the company. Security for the bank loan includes a charge over the loans from A J Champion, S L Champion and CILFA A/S.

The hire purchase loans are secured against the relevant assets of the company.

The loans from CILFA A/S, A J Champion and S L Champion are secured over the assets and a charge over the property per the shareholders agreement.

The loan from Trackman is secured against the assets supplied by the company.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 258,916 82,675

Deferred
tax
£   
Balance at 1 January 2023 82,675
Provided during year 176,241
Balance at 31 December 2023 258,916

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
450,000 ORDINARY £1 450,000 500,000

The reduction in capital of £50,000 arises as a result of the repurchase of 50,000 ordinary shares.

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 3,230,865 227,291 - 3,458,156
Profit for the year 384,614 384,614
Purchase of own shares (50,000 ) - 50,000 -
At 31 December 2023 3,565,479 227,291 50,000 3,842,770

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £18,564 (2022 - £17,100).

Contributions totalling £4,874 (2022 - £3,818) were payable to the scheme at the end of the year and are included in creditors.

21. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 331,062 -

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. RELATED PARTY DISCLOSURES

Summary of transactions with other related parties

The Dorset Resort Partnership is a partnership in which the partners include East Dorset Golf Club Limited, A W J Champion (shareholder), Mrs B A Champion (shareholder), CILFA (UK) Limited (a company in which C Lerche, director, has an interest), G Packer (shareholder) and S Packer (shareholder).

Major Golf UK Partnership is a partnership in which the partners include G Packer.

A loan has previously been advanced from A J Champion, the son of A W J Champion, to the company.

A loan has previously been advanced from S L Champion, the daughter of A W J Champion, to the company.

Loans have previously been advanced from CILFA A/S, shareholder, to the company.

A loan was advanced during the year from A W J Champion.

A loan was advanced during the year by The Champion 2001 Trust, a Trust in which A W J Champion has an interest.

During the year the company charged The Dorset Resort Partnership, at arms length, direct sales, commission, service charges and management charges.

During the year the company purchased a 9.9% interest in the Dorset Resort Partnership.

During the year Major Golf UK Partnership charged the company for goods and services at arms length.

The loans from A J Champion, S L Champion and one of the loans from CILFA A/S are covered by a shareholders agreement, dated 1 December 2011, stating the repayment of the loans will only take place when the company has sufficient financial resources and with prior approval of the bank.


Income and receivables from related parties

Other related parties
2023 £
Sale of goods 1,208,139
Amounts receivable from related party 418,207

Other related parties
2022 £
Sale of goods 1,157,619
Amounts receivable from related party 311,662


EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023





Expenditure with and payables to related parties

Other related parties
2023 £
Purchase of goods 253,622
Purchase of property or other assets 332,820
Amounts payable to related party 6,003

Other related parties
2022 £
Purchase of goods 246,268
Amounts payable to related party 3,746

Loans to related parties


Other related
parties

Total
2023 £ £
At start of period 2,408 2,408
At end of period 2,408 2,408


Other related
parties

Total
2022 £ £
At start of period 192,436 192,436
Advanced 260,000 260,000
Repaid (450,028) (450,028)
At end of period 2,408 2,408


Loans from related parties


Other related
parties

Total
2023 £ £
At start of period 860,782 860,782
Advanced 16,668 16,668
Repaid (782) (782)
At end of period 876,668 876,668


Other related
parties

Total
2022 £ £
At start of period 1,079,386 1,079,386
Repaid (220,119) (220,119)
Interest Transactions 5,191 5,191

EAST DORSET GOLF CLUB LIMITED (REGISTERED NUMBER: 0239867

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

Impairment (3,676) (3,676)
At end of period 860,782 860,782

During the year, a total of key management personnel compensation of £ 10,316 (2022 - £ 19,563 ) was paid.

23. ULTIMATE CONTROLLING PARTY

In the opinion of the directors no individual exercised overall control of the company in the current or previous period.