Company registration number 03757421 (England and Wales)
QUEENWOOD GOLF CLUB LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
QUEENWOOD GOLF CLUB LIMITED
COMPANY INFORMATION
Directors
Mr F D Green
Ms L C Green
Mr D O Haythe
Mr G Tvedt
Secretary
Mr G Helbert
Company number
03757421
Registered office
Stonehill Road
Ottershaw
Surrey
KT16 0AQ
Auditor
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
QUEENWOOD GOLF CLUB LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
QUEENWOOD GOLF CLUB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The company continued to run and operate the Club to the highest possible standards, with the quality of playing surfaces and standards of service commensurate with what is now one of the finest golf clubs in the world. There continues to be strong demand for membership, from both the UK and abroad. The directors recognise the continuing need to generate capital to service its reinvestment needs and secure its long-term position as a market leader.

 

The results for the year and financial position of the company are as shown in the annexed financial statements.

 

The company's key financial highlights are as follows:

 

2023

2022

 

£

£

Turnover

7,187,209

6,337,007

Profit before tax

83,648

562,896

 

Principal risks and uncertainties

The company's key risk is that of recoverability of membership subscriptions, ensuring that there is enough liquidity to meet its short term obligations and its ability to continue attracting membership candidates.

 

Risk Management

The membership subscriptions are managed in respect of credit and cash flow risk by regular monitoring of the amounts outstanding and continuing to offer the highest possible quality of facilities to ensure that there are continuing pipeline of membership candidates. Memberships are secured by the underlying investment in the share that is purchased upon becoming a member of the club.

 

Going Concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date these financial statements are approved and for the foreseeable future. This assessment is based on the budgets prepared for the upcoming year and the company's prudent cash management policy. The Company therefore continues to adopt going concern basis in preparing the financial statements.

 

Key performance indicators

The Directors use the following key performance indicators to manage the business:

On behalf of the board

Mr G Tvedt
Director
18 September 2024
QUEENWOOD GOLF CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company in the year under review continued to be that of the operation of Queenwood Golf Club.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr F D Green
Ms L C Green
Mr D O Haythe
Mr J J Moore
(Resigned 22 February 2023)
Mr G Tvedt
Mr J J Pedersen
(Appointed 31 August 2023 and resigned 8 April 2024)
Mr J P White
(Appointed 30 August 2023 and resigned 26 April 2024)

On 27 Februrary 2023, Giles Helbert was appointed as Company Secretary.

Auditor

Kirk Rice LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

QUEENWOOD GOLF CLUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G Tvedt
Director
18 September 2024
QUEENWOOD GOLF CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUEENWOOD GOLF CLUB LIMITED
- 4 -
Opinion

We have audited the financial statements of Queenwood Golf Club Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 our audit:

QUEENWOOD GOLF CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUEENWOOD GOLF CLUB LIMITED
- 5 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our audit approach was developed by obtaining an understanding of the company’s activities, the key functions undertaken on behalf of the Board by management, and the overall control environment. Based on this understanding we determined an overall materiality and assessed those aspects of the company’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006 and FRS 102.

 

We designed audit procedures to respond to the risk, recognising that 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, misrepresentations or through collusion.

Using the risk assessment, alongside our understanding of the company's business and their control environment, we considered our approach to ensure sufficient coverage was obtained across the entire financial statements. Our tests included, but were not limited to:

 

-     Agreement of the financial statements disclosures to underlying supporting documentation;

-     Enquiries of management;

-     Considering the effectiveness of the control environment in monitoring compliance with laws and regulations.

QUEENWOOD GOLF CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUEENWOOD GOLF CLUB LIMITED
- 6 -

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Forinton
Senior Statutory Auditor
For and on behalf of Kirk Rice LLP
19 September 2024
Statutory Auditor
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
QUEENWOOD GOLF CLUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
7,187,209
6,337,007
Cost of sales
(850,531)
(1,545,122)
Gross profit
6,336,678
4,791,885
Administrative expenses
(6,469,967)
(4,237,563)
Operating (loss)/profit
4
(133,289)
554,322
Interest receivable and similar income
8
246,820
26,850
Interest payable and similar expenses
9
(29,883)
(18,276)
Profit before taxation
83,648
562,896
Tax on profit
10
-
0
-
0
Profit for the financial year
83,648
562,896

The profit and loss account has been prepared on the basis that all operations are continuing operations.

QUEENWOOD GOLF CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
15,250,934
15,275,622
Current assets
Stocks
12
430,213
352,410
Debtors
13
807,389
1,312,557
Cash at bank and in hand
6,408,914
5,738,796
7,646,516
7,403,763
Creditors: amounts falling due within one year
14
(1,273,701)
(965,252)
Net current assets
6,372,815
6,438,511
Total assets less current liabilities
21,623,749
21,714,133
Creditors: amounts falling due after more than one year
15
(541,122)
(1,185,992)
Net assets
21,082,627
20,528,141
Capital and reserves
Called up share capital
18
289
287
Share premium account
19
14,983,407
14,035,940
Revaluation reserve
19
435
435
Profit and loss reserves
19
6,098,496
6,491,479
Total equity
21,082,627
20,528,141

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr G  Tvedt
Director
Company registration number 03757421 (England and Wales)
QUEENWOOD GOLF CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
282
12,508,174
435
6,331,707
18,840,598
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
562,896
562,896
Issue of share capital
18
15
1,527,766
-
-
1,527,781
Redemption of shares
18
(10)
-
0
-
(403,124)
(403,134)
Balance at 31 December 2022
287
14,035,940
435
6,491,479
20,528,141
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
83,648
83,648
Issue of share capital
18
18
947,467
-
-
947,485
Redemption of shares
18
(16)
-
0
-
(476,631)
(476,647)
Balance at 31 December 2023
289
14,983,407
435
6,098,496
21,082,627
QUEENWOOD GOLF CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
650,458
1,070,684
Interest paid
(29,883)
(18,276)
Net cash inflow from operating activities
620,575
1,052,408
Investing activities
Purchase of tangible fixed assets
(588,118)
(1,667,514)
Proceeds from disposal of tangible fixed assets
35,500
58,975
Interest received
246,820
26,850
Net cash used in investing activities
(305,798)
(1,581,689)
Financing activities
Proceeds from issue of shares
958,326
1,509,875
Redemption of shares
(476,647)
(403,134)
Payment of finance leases obligations
(126,338)
661,721
Net cash generated from financing activities
355,341
1,768,462
Net increase in cash and cash equivalents
670,118
1,239,181
Cash and cash equivalents at beginning of year
5,738,796
4,499,615
Cash and cash equivalents at end of year
6,408,914
5,738,796
QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Queenwood Golf Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stonehill Road, Ottershaw, Surrey, KT16 0AQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The club meets its working capital requirements through the advance payment of annual membership subscriptions. Subscriptions are typically paid in full, one year in advance in January. The renewal rate is therefore a key metric in attaining sufficient working capital for future use. The club had a renewal rate of 99% in 2024, which has remained consistent with the prior year (2023: 99%).true

 

Having reviewed the Club's performance, resources and projected cash flows, the directors have a reasonable expectation that the club has adequate resources to continue in operational existence for at least 12 months from the date of signing, and for the foreseeable future. For this reason, the Company continues to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents members' club subscription receivable and other golfing and ancillary income receivable from members and visitors, which is recognised on provision of services. Member's joining fees are recognised on receipt and ongoing membership fees are received in advance and released to the income statement over the relevant period.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
No depreciation is provided for on freehold land
Plant and equipment
10% - 33.3% on cost
Construction costs
2% on cost
Computers
10% - 33.3% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.6
Stocks

Stocks are stated at the lower of average cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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 current liabilities.

1.8
Financial instruments
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 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.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Subscription income
4,713,974
4,167,117
Golfing & ancillary income
2,473,235
2,169,890
7,187,209
6,337,007
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
7,187,209
6,337,007
2023
2022
£
£
Other revenue
Interest income
246,820
26,850
4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
350,046
(655,394)
Depreciation of owned tangible fixed assets
612,806
330,584
Depreciation of tangible fixed assets held under finance leases
-
296,123
(Profit)/loss on disposal of tangible fixed assets
(35,500)
109,468
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
13,915
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Management
3
3
Operations
74
71
Total
77
74
QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,305,152
2,952,838
Social security costs
305,206
287,204
Pension costs
124,025
108,829
3,734,383
3,348,871
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
239,111
209,368
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
199,803
174,132
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
246,820
26,850
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
246,820
26,850
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
29,883
18,276
10
Taxation

From 1 April 2023, the main rate of corporation tax increased from 19% to 25%, and a new 19% small profits rate of corporation tax was introduced for companies whose profits do not exceed £50,000.

QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 16 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
83,648
562,896
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
20,912
106,950
Tax effect of expenses that are not deductible in determining taxable profit
1,271
27,277
Gains not taxable
(8,875)
-
0
Unutilised tax losses carried forward
(16,738)
49,647
Permanent capital allowances in excess of depreciation
3,430
(183,874)
Taxation charge for the year
-
-
11
Tangible fixed assets
Freehold land
Plant and equipment
Construction costs
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
3,795,251
3,201,310
16,280,830
113,650
23,391,041
Additions
-
0
270,940
311,396
5,782
588,118
At 31 December 2023
3,795,251
3,472,250
16,592,226
119,432
23,979,159
Depreciation and impairment
At 1 January 2023
-
0
1,704,563
6,345,186
65,670
8,115,419
Depreciation charged in the year
-
0
271,042
325,617
16,147
612,806
At 31 December 2023
-
0
1,975,605
6,670,803
81,817
8,728,225
Carrying amount
At 31 December 2023
3,795,251
1,496,645
9,921,423
37,615
15,250,934
At 31 December 2022
3,795,251
1,496,747
9,935,644
47,980
15,275,622

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and equipment
1,377,816
1,312,234
QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Stocks
2023
2022
£
£
Finished goods and goods for resale
430,213
352,410
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,026
139,768
Unpaid share capital
132,137
142,978
Other debtors
77,350
199,926
Prepayments and accrued income
126,678
207,512
349,191
690,184
2023
2022
Amounts falling due after more than one year:
£
£
Unpaid share capital
458,198
622,373
Total debtors
807,389
1,312,557
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
16
221,527
286,278
Trade creditors
234,570
115,817
Taxation and social security
126,578
111,711
Other creditors
531,057
285,495
Accruals and deferred income
159,969
165,951
1,273,701
965,252
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
16
541,122
602,709
Other creditors
-
0
583,283
541,122
1,185,992
QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
221,527
286,278
In two to five years
541,122
602,709
762,649
888,987
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,025
108,829

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary 'A' of £1 each
2
2
2
2
Redeemable 'B' of £1 each
350
349
215
214
Redeemable 'International' of £1 each
45
43
31
29
Redeemable 'L' of £1 each
9
9
6
6
Redeemable 'N' of £1 each
37
37
23
23
Redeemable 'P' of £1 each
13
15
8
9
Redeemable 'J' of £1 each
4
4
4
4
460
459
289
287
QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Share capital
(Continued)
- 19 -

'B', 'L', 'P', 'N', and 'International' shares can be redeemed by the member in accordance with the company's Articles of Association and the regulations of the club. A 'J' share cannot be redeemed except when converted to a 'B' or 'International' share. The 'J' share converts to a 'B' or 'International' share once the 'J' share is fully paid up.

 

On winding up, the 'B', 'L', 'P', 'N', 'J', and 'International' shares have priority over the 'A' shares. 'B', 'L', 'P', 'N', 'J', and 'International' shareholders will be entitled to a pro-rata amount of the most recent contribution made by a 'B', 'L', 'P', 'N', 'J', and 'International' member respectively and thereafter in the ratio of US$5 per 'B' and 'J' shares to every US$1 per each 'L', 'P', and 'International' shares and US$2.50 per 'N' share.

 

'A' shareholders are entitled to attend and vote at any general meeting of the company or class meeting of the A member. Whereas 'B', 'L', 'P', 'J' and 'International' shareholders are only entitled to attend and vote at any general meeting where a resolution is proposed:

 

During the year, as part of the changes to the members at the club, there were several share allotments and redemptions.

 

Share allotments during the year included 14 $1 B shares, 1 $1 N Share, 1 $1 L Share, and 3 $1 I Shares . The B and I shares were issued for a consideration, including share premium, of $200,000 each. The N share was issued for a consideration, including share premium, of $100,000. The L share were issued for a consideration, including share premium, of $80,000.

 

Share redemptions during the year comprised 13 $1 B shares, 1 $1 N Shares, 1 $1 P Share and 3 $1 I shares. The B and I shares were redeemed for $200,000 each. The N share was were redeemed for $100,000. The P share was were redeemed for $70,000.

19
Reserves
Share premium

Share premium represents the excess of proceeds received over the nominal value of new shares issued less payments made for the redemption of shares financed wholly by a new issue of shares. The redemption amount is further reduced to the extent that the company can make a permissible capital payment.

 

Share capital

Share capital represents the nominal value of shares that have been issued.

 

Retained earnings

Retained earnings represent undistributed cumulative earnings.

QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
20
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
3,116,243
-
21
Related party transactions

During the year, the directors charged £41,430 (2022: £41,706) to the company in respect of travel and business expenses.

 

At 31 December 2023, the company owed £304,795 (2022: £583,283) to one of the directors in relation to the transfer of the controlling interest in the 'A' shares to the Board of Directors for the benefit of the members of the club. This amount is included within other creditors. The director was paid £314,136 (2022: £238,987) in respect of this balance during the year.

 

During the year, one of the directors charged £39,308 (2022: £41,706) to the company in respect of interior design services during the year.

22
Ultimate controlling party

The ultimate controlling party is Mr F. D. Green.

 

The immediate parent company is Queenwood Development Group LLC who are registered in the United States of America.

23
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
83,648
562,896
Adjustments for:
Finance costs
29,883
18,276
Investment income
(246,820)
(26,850)
(Gain)/loss on disposal of tangible fixed assets
(35,500)
109,468
Depreciation and impairment of tangible fixed assets
612,806
626,707
Movements in working capital:
Increase in stocks
(77,803)
(40,393)
Decrease/(increase) in debtors
494,327
(50,274)
Decrease in creditors
(210,083)
(129,146)
Cash generated from operations
650,458
1,070,684
QUEENWOOD GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
24
Analysis of changes in net debt
2023
£
Opening net funds/(debt)
Cash at bank and in hand
5,738,796
Obligations under finance leases
(888,987)
4,849,809
Changes in net debt arising from:
Cash flows of the entity
796,456
Closing net funds/(debt) as analysed below
5,646,265
Closing net funds/(debt)
Cash at bank and in hand
6,408,914
Obligations under finance leases
(762,649)
5,646,265
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr F D GreenMs L C GreenMr D O HaytheMr J J MooreMr G TvedtMr J J PedersenMr J P WhiteMr G Helbertfalsefalse037574212023-01-012023-12-3103757421bus:Director12023-01-012023-12-3103757421bus:Director22023-01-012023-12-3103757421bus:Director32023-01-012023-12-3103757421bus:Director52023-01-012023-12-3103757421bus:CompanySecretary12023-01-012023-12-3103757421bus:Director42023-01-012023-12-3103757421bus:Director62023-01-012023-12-3103757421bus:Director72023-01-012023-12-3103757421bus:RegisteredOffice2023-01-012023-12-31037574212023-12-31037574212022-01-012022-12-3103757421core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103757421core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31037574212022-12-3103757421core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3103757421core:PlantMachinery2023-12-3103757421core:FurnitureFittings2023-12-3103757421core:ComputerEquipment2023-12-3103757421core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103757421core:PlantMachinery2022-12-3103757421core:FurnitureFittings2022-12-3103757421core:ComputerEquipment2022-12-3103757421core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103757421core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103757421core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103757421core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103757421core:CurrentFinancialInstruments2023-12-3103757421core:CurrentFinancialInstruments2022-12-3103757421core:Non-currentFinancialInstruments2023-12-3103757421core:Non-currentFinancialInstruments2022-12-3103757421core:ShareCapital2023-12-3103757421core:ShareCapital2022-12-3103757421core:SharePremium2023-12-3103757421core:SharePremium2022-12-3103757421core:RevaluationReserve2023-12-3103757421core:RevaluationReserve2022-12-3103757421core:RetainedEarningsAccumulatedLosses2023-12-3103757421core:RetainedEarningsAccumulatedLosses2022-12-3103757421core:ShareCapital2021-12-3103757421core:SharePremium2021-12-3103757421core:RevaluationReserve2021-12-3103757421core:RetainedEarningsAccumulatedLosses2021-12-3103757421core:ShareCapitalOrdinaryShares2023-12-3103757421core:ShareCapitalOrdinaryShares2022-12-3103757421core:ShareCapital2022-01-012022-12-3103757421core:SharePremium2022-01-012022-12-3103757421core:ShareCapital2023-01-012023-12-3103757421core:SharePremium2023-01-012023-12-31037574212022-12-31037574212021-12-3103757421core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3103757421core:PlantMachinery2023-01-012023-12-3103757421core:FurnitureFittings2023-01-012023-12-3103757421core:ComputerEquipment2023-01-012023-12-3103757421core:UKTax2023-01-012023-12-3103757421core:UKTax2022-01-012022-12-310375742112023-01-012023-12-310375742112022-01-012022-12-3103757421core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103757421core:PlantMachinery2022-12-3103757421core:FurnitureFittings2022-12-3103757421core:ComputerEquipment2022-12-3103757421core:Non-currentFinancialInstruments12023-12-3103757421core:Non-currentFinancialInstruments12022-12-3103757421core:WithinOneYear2023-12-3103757421core:WithinOneYear2022-12-3103757421core:BetweenTwoFiveYears2023-12-3103757421core:BetweenTwoFiveYears2022-12-3103757421bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103757421bus:FRS1022023-01-012023-12-3103757421bus:Audited2023-01-012023-12-3103757421bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP