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REGISTERED NUMBER: 03043921 (England and Wales)





















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Golfhill Limited

Golfhill Limited (Registered number: 03043921)

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

Statement of Income and Retained Earnings 10

Balance Sheet 11

Notes to the Financial Statements 12


Golfhill Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Miss M E Broyd
L Omodei





SECRETARY: T&W Secretaries Limited





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 03043921 (England and Wales)





AUDITORS: Darnells Audit Limited
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU

Golfhill Limited (Registered number: 03043921)

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
Trading conditions during the year ended 31 December 2023 remained challenging with Covid always in the background. The main economic driving force was the cost of living crisis which has led to an increase in energy prices within the homes and a significant increase in food costs. We have countered that by achieving some cost saving synergies across the group, which has led to an increase in EBITDA. This year also reflects the first full year of trading at Blackdown Nursing Home, which was acquired in May 2022.

PRINCIPAL RISKS AND UNCERTAINTIES
The economic outlook is more uncertain than in recent years with inflationary pressures and even the threat of recession, however we expect the care sector to be more resilient than others as residential care remains essential for the country's ageing populations.

The group operates in a highly regulated business sector and the directors take a keen interest in the management of the business to ensure that regulatory standards are met, and indeed exceeded wherever possible.

Progressive increases in the National Living Wage will continue to have a significant impact on the cost base of all our homes. We continue to budget accordingly and reflect associated fee increases at least for privately funded clients. Some public sector funders have taken account of the National Living Wage in their fee structures.

Public services continue to face very tight financial constraints and this puts pressure on Social Services funded care fees which generally are increased by less than inflation. Our focus on private clients helps to mitigate this risk. Additionally, we will renegotiate local authority fees wherever possible.

Staff availability remains a concern with shortages of care staff reported in various parts of the country. We mitigate where possible through competitive wage rates, high quality training and a positive working environment.

FUTURE DEVELOPMENTS
The directors remain keen to expand the business and continue to look for expansion opportunities whether through further development of the existing homes, acquisition of trading businesses or new build developments

The overall outlook for fees remains positive with a continued focus on quality and privately funded clients. Industry observers continue to report an ageing population and a relative scarcity of quality care beds.


Golfhill Limited (Registered number: 03043921)

Strategic Report
for the Year Ended 31 December 2023

KEY PERFORMANCE INDICATORS
We monitor our performance by measuring and tracking key performance indicators (KPIs) that we believe are important to our continued success. In this regard we present the following data for the year and compare them with current industry averages where available.

Our overall occupancy rate at 91% compared favourably with the current industry average of 86.4%*.

Direct payroll costs as a percentage of fees were 61.1% in 2023 compared to 61.9% in 2022. The industry average for payroll costs is 59.4%*

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) is another key measure to monitor the financial performance. EBITDA increased to £1,381,653 in 2023 from £979,283 in 2022, which reflects a full year of trading of the Blackdown Nursing Home, acquired in May 2022.

* source of industry averages - Knight Frank 2023 UK Care Homes Trading Performance Review.

ON BEHALF OF THE BOARD:





L Omodei - Director


19 September 2024

Golfhill Limited (Registered number: 03043921)

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 owning and operating residential care homes.

DIVIDENDS
An interim dividend of £10,720 per share was paid on 31 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 1,072,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Miss M E Broyd
L Omodei

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- 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 the group 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.

Golfhill Limited (Registered number: 03043921)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Darnells Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L Omodei - Director


19 September 2024

Report of the Independent Auditors to the Members of
Golfhill Limited


Opinion
We have audited the financial statements of Golfhill Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 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 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 statements 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 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 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.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Report of the Independent Auditors to the Members of
Golfhill Limited


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
Golfhill 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.

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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

However, the primary responsibility for the prevention and detection of fraud rests with those charged with governance of the company and management.

We obtained an understanding of the legal and statutory frameworks that are applicable to the company, and determined that the most significant are the Care Standards Act 2020, the Health and Social Care Act 2008, the Care Quality Commission (Registration) Regulations 2010, the Food Safety Act 1990 and the Food Hygiene (England) Regulations 2006 (as well as FRS 102, the Companies Act 2006 and relevant tax compliance regulations in the UK).

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by considering the controls that the company has established to both address risks identified by management and to prevent, deter and detect fraud. No particular areas were identified during the audit as being susceptible to material misstatement due to fraud.

We evaluated the conditions in the context of incentives and/or pressure to commit fraud, considering the opportunity to commit fraud and the potential rationalisation of the fraudulent act.

Based on this understanding, we designed our audit procedures to detect material misstatements in respect of irregularities, including fraud, and to identify non-compliance with the laws and regulations above, as follows:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of management in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing compliance with the Care Standards Act 2000, the Health and Social Care Act 2008, the Care Quality Commission (Registration) Regulations 2010 and Food Safety and Food Hygiene laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

We corroborated our enquiries through inspection of supporting documentation and records, as well as reviewing correspondence with regulatory bodies where available.

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.

Report of the Independent Auditors to the Members of
Golfhill Limited


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.




Sean Murphy (Senior Statutory Auditor)
for and on behalf of Darnells Audit Limited
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU

19 September 2024

Golfhill Limited (Registered number: 03043921)

Statement of Income and Retained Earnings
for the Year Ended 31 December 2023

Period
31.12.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 6,777,646 5,318,505

Cost of sales 4,400,133 3,511,674
GROSS PROFIT 2,377,513 1,806,831

Administrative expenses 1,238,071 1,051,727
1,139,442 755,104

Other operating income 85,126 87,499
OPERATING PROFIT 4 1,224,568 842,603

Interest receivable and similar income 20,366 -
1,244,934 842,603

Interest payable and similar expenses 5 158,518 -
PROFIT BEFORE TAXATION 1,086,416 842,603

Tax on profit 6 152,055 186,741
PROFIT FOR THE FINANCIAL YEAR 934,361 655,862

Retained earnings at beginning of year 2,832,931 2,827,069

Dividends 7 (1,072,000 ) (650,000 )

RETAINED EARNINGS AT END OF YEAR 2,695,292 2,832,931

Golfhill Limited (Registered number: 03043921)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 113,626 127,125
Tangible assets 9 5,154,700 5,101,500
5,268,326 5,228,625

CURRENT ASSETS
Stocks 10 17,012 17,012
Debtors 11 258,956 297,974
Cash at bank 1,091,082 1,027,356
1,367,050 1,342,342
CREDITORS
Amounts falling due within one year 12 1,006,411 3,462,076
NET CURRENT ASSETS/(LIABILITIES) 360,639 (2,119,734 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,628,965 3,108,891

CREDITORS
Amounts falling due after more than one
year

13

(2,664,540

)

(16,346

)

PROVISIONS FOR LIABILITIES 16 (269,033 ) (259,514 )
NET ASSETS 2,695,392 2,833,031

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 2,695,292 2,832,931
SHAREHOLDERS' FUNDS 2,695,392 2,833,031

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





L Omodei - Director


Golfhill Limited (Registered number: 03043921)

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


1. STATUTORY INFORMATION

Golfhill Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page. The company's principal trading address is Three Corners Nursing Home, 3 Greenway Road, Galmpton, Brixham, Devon, TQ5 0LW.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Critical accounting judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover represents amounts derived from the provision of residential care services falling within the company's principal activities. Revenue is recognised when the amount of revenue can be measured reliably, it is possible that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 1996, 2013 and 2022 is amortised over their estimated useful lives of 10 years.

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 - 2% on cost
Fixtures and fittings - 20% on reducing balance

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

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds the following financial instruments:

- Short term trade and other debtors and creditors;
- Short term intra group debtors and creditors; and
- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors, short term intra group debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors and short term intra group creditors. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

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.

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS
Period
31.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Wages and salaries 3,920,604 3,156,334
Social security costs 312,075 242,323
Other pension costs 93,674 73,180
4,326,353 3,471,837

The average number of employees during the year was as follows:
Period
31.12.21
Year Ended to
31.12.23 31.12.22

Directors 2 2
Managers 7 7
Administration 4 4
Nursing/Other 151 148
164 161

Period
31.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 170,962 166,619

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. OPERATING PROFIT

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

Period
31.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Hire of plant and machinery 58,573 34,439
Other operating leases 12,118 16,742
Depreciation - owned assets 138,839 112,938
Depreciation - assets on hire purchase contracts 4,747 5,934
Profit on disposal of fixed assets - (1,034 )
Goodwill amortisation 13,499 18,842
Auditors' remuneration 19,320 18,000
Foreign exchange differences (85,126 ) -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
31.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Bank loan interest 158,518 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
31.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 142,536 43,722

Deferred tax 9,519 143,019
Tax on profit 152,055 186,741

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. TAXATION - continued

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:

Period
31.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Profit before tax 1,086,416 842,603
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

271,604

160,095

Effects of:
Expenses not deductible for tax purposes - 3,054
Capital allowances in excess of depreciation (1,294 ) (81,257 )
Adjustments to tax charge in respect of previous periods (7,803 ) 43,722
Group relief (110,515 ) (81,892 )
Impact of change in tax rate (9,456 ) -
Deferred tax 9,519 143,019
Total tax charge 152,055 186,741

The company received the benefit of tax losses surrendered by other group companies reducing corporation tax payable by £103,973. No payment is to be made to the company surrendering the loss.

7. DIVIDENDS
Period
31.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 1,072,000 650,000

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 423,000
AMORTISATION
At 1 January 2023 295,875
Amortisation for year 13,499
At 31 December 2023 309,374
NET BOOK VALUE
At 31 December 2023 113,626
At 31 December 2022 127,125

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 4,824,022 1,042,476 54,530 5,921,028
Additions 44,977 148,809 3,000 196,786
At 31 December 2023 4,868,999 1,191,285 57,530 6,117,814
DEPRECIATION
At 1 January 2023 181,462 621,226 16,840 819,528
Charge for year 21,586 114,012 7,988 143,586
At 31 December 2023 203,048 735,238 24,828 963,114
NET BOOK VALUE
At 31 December 2023 4,665,951 456,047 32,702 5,154,700
At 31 December 2022 4,642,560 421,250 37,690 5,101,500

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 37,085
DEPRECIATION
At 1 January 2023 13,351
Charge for year 4,747
At 31 December 2023 18,098
NET BOOK VALUE
At 31 December 2023 18,987
At 31 December 2022 23,734

10. STOCKS
31.12.23 31.12.22
£    £   
Stocks 17,012 17,012

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 33,239 26,544
Other debtors 56,884 19,510
Prepayments and accrued income 168,833 251,920
258,956 297,974

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 14) 5,850 5,850
Trade creditors 36,088 39,340
Amounts owed to group undertakings 7,234 3,127,351
Corporation tax 150,338 43,722
Social security and other taxes 102,943 64,663
Bank loans 379,149 -
Accrued expenses 324,809 181,150
1,006,411 3,462,076

Amounts owed to group undertakings consists of an intra group loan due to SIIS International Limited, the loan is unsecured and interest free.

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 14) 10,497 16,346
Bank loans 2,654,043 -
2,664,540 16,346

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 5,850 5,850
Between one and five years 10,497 16,346
16,347 22,196

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 62,440 39,661
Between one and five years 145,619 102,743
208,059 142,404

15. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 16,347 22,196
Bank Loan 3,033,192 -
3,049,539 22,196

Bank loans are guaranteed and secured by the ultimate parent company, Codess Sociale Societa` Cooperativa Sociale.

Amounts due under hire purchase contracts are secured upon the assets acquired.

Golfhill Limited (Registered number: 03043921)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


16. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 269,033 259,514

Deferred
tax
£   
Balance at 1 January 2023 259,514
Accelerated capital allowances 9,519
Balance at 31 December 2023 269,033

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 January 2023 2,832,931
Profit for the year 934,361
Dividends (1,072,000 )
At 31 December 2023 2,695,292

19. ULTIMATE CONTROLLING PARTY

The company's immediate parent company SIIS International Limited, a company registered in the United Kingdom. The company's ultimate parent company is Codess Sociale Societa` Cooperativa Sociale, a
company registered in Italy.