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Registration number: 03371566

UK Golf Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

UK Golf Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

UK Golf Limited

(Registration number: 03371566)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,549,178

3,401,354

Current assets

 

Stocks

6

132,955

108,589

Debtors

7

139,636

143,069

Cash at bank and in hand

 

141,838

105,504

 

414,429

357,162

Creditors: Amounts falling due within one year

8

(486,915)

(666,325)

Net current liabilities

 

(72,486)

(309,163)

Total assets less current liabilities

 

3,476,692

3,092,191

Creditors: Amounts falling due after more than one year

8

(2,204,214)

(1,677,157)

Provisions for liabilities

(156,736)

(37,388)

Net assets

 

1,115,742

1,377,646

Capital and reserves

 

Called up share capital

9

150,002

150,002

Revaluation reserve

81,804

81,804

Retained earnings

883,936

1,145,840

Shareholders' funds

 

1,115,742

1,377,646

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

 

UK Golf Limited

(Registration number: 03371566)
Balance Sheet as at 31 March 2024

.........................................
M A Bille
Director

 

UK Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD
United Kingdom

The principal place of business is:
The Vale Golf Club
Bishampton Fields
Pershore
Worcestershire
WR10 2LZ
United Kingdom

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention, modified to include the revaluation of certain assets.


Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the provision of golf and ancilliary facilities in the United Kingdom and represents membership entrance fees and subscription income receivable in respect of the year together with sales of leisure and catering services at invoice value excluding value added tax.
Membership fees are time apportioned over the period to which they apply.

 

UK Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost (or deemed cost), less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Land

Nil

Plant and machinery

10% straight line

Fixtures and fittings

10% straight line

Computer equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

UK Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and costs that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

UK Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 37).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

156,757

113,375

 

UK Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Cost or valuation

At 1 April 2023

3,183,042

648,304

1,063,804

60,333

Additions

104,926

22,319

192,657

3,775

Disposals

-

-

(83,243)

-

At 31 March 2024

3,287,968

670,623

1,173,218

64,108

Depreciation

At 1 April 2023

386,892

468,034

644,646

54,557

Charge for the year

43,332

25,358

84,953

3,114

Eliminated on disposal

-

-

(64,147)

-

At 31 March 2024

430,224

493,392

665,452

57,671

Carrying amount

At 31 March 2024

2,857,744

177,231

507,766

6,437

At 31 March 2023

2,796,150

180,270

419,158

5,776

Total
£

Cost or valuation

At 1 April 2023

4,955,483

Additions

323,677

Disposals

(83,243)

At 31 March 2024

5,195,917

Depreciation

At 1 April 2023

1,554,129

Charge for the year

156,757

Eliminated on disposal

(64,147)

At 31 March 2024

1,646,739

Carrying amount

At 31 March 2024

3,549,178

At 31 March 2023

3,401,354

Included within the net book value of land and buildings above is £2,857,744 (2023 - £2,796,150) in respect of freehold land and buildings.
 

 

UK Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The freehold land and buildings were revalued at open market value by Strutt and Parker on 13 September 2007. The company has taken advantage of the transitional provisions available on the introduction of FRS102 to carry those assets at that value less depreciation in subsequent years. Subsequent additions to freehold land and buildings are included at cost.

6

Stocks

2024
£

2023
£

Goods for resale

132,955

108,589

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

11,711

13,114

Amounts owed by related parties

27,186

26,534

Prepayments

 

100,739

52,584

Other debtors

 

-

50,837

   

139,636

143,069

 

UK Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18,137

18,212

Trade creditors

 

82,084

196,709

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

5,066

Taxation and social security

 

44,015

16,691

Accruals and deferred income

 

290,718

384,261

Other creditors

 

51,961

45,386

 

486,915

666,325

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

18,137

Other non-current financial liabilities

 

2,204,214

1,659,020

 

2,204,214

1,677,157

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

150,002

150,002

150,002

150,002

       

10

Parent and ultimate parent undertaking

The company's immediate parent is Mapp Holdings, incorporated in England.

  These financial statements are available upon request from Birmingham Road, Blackminster, Evesham, Worcestershire, WR11 7TD.