REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Bexley Heath Golf Club, Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Bexley Heath Golf Club, Limited |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Income and Retained Earnings | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Bexley Heath Golf Club, Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
T/AS Sadler Davies & Co |
Chartered Accountants |
3 Enterprise House |
8 Essex Road |
Dartford |
Kent |
DA1 2AU |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
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 being the owner and lessor of the Golf Course and of the adjacent properties. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
ON BEHALF OF THE BOARD: |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
3,254 | 15,084 |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT BEFORE TAXATION | 4 |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Investments | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 3,760 | 3,750 |
Revaluation reserve | 12 | 745,302 | 745,302 |
Retained earnings | 12 | 35,653 | 31,543 |
SHAREHOLDERS' FUNDS | 784,715 | 780,595 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Bexley Heath Golf Club, Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( | ) | ( | ) |
Tax on profit |
UK corporation tax has been charged at 19% (2022 - 19%). |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2000 | 230,126 |
Valuation in 2016 | 590,000 |
Valuation in 2021 | 100,000 |
Cost | 19,874 |
940,000 |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | INVESTMENT PROPERTY - continued |
If the Freehold Properties had not been revalued it would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
£ | £ |
Cost | 19,874 | 19,874 |
The Freehold Properties were valued on a market value basis on 31 December 2021 by The Directors . |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
9. | CURRENT ASSET INVESTMENTS |
All adult playing members of Bexleyheath Golf Club are expected to acquire a share in the company at par. On cessation of membership such shareholding(s) will usually become null and void, cancelled by the Company Secretary and reimbursed at par. At the year end 328 shares were unallocated with a nominal value of £1640.00 representing 54.6% of the Ordinary share capital of the company. [Please note that a Creditor item has been recorded representing 162 shares (£810.00) to meet any claims for forfeited shares.] |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Taxation and social security |
Other creditors |
11. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax on revaluation | 174,824 | 174,824 |
175,941 | 176,221 |
Bexley Heath Golf Club, Limited (Registered number: 00178026) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Credit to Statement of Income and Retained Earnings during year | ( | ) |
Balance at 31 December 2023 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 31,543 | 745,302 | 776,845 |
Profit for the year |
At 31 December 2023 | 35,653 | 745,302 | 780,955 |
Please note the reserves shown as Revaluation Reserves on the Investment Properties are non-distributable reserves. |