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Registered number: 00823189










Chestfield Manor Golf Club Limited








Unaudited

Directors' report and financial statements

For the Year Ended 31 March 2024





 
Chestfield Manor Golf Club Limited
 

Company Information


Directors
A J Faunch (Chairman) 
I N Burrow 
S A Strudley 
P Robertson 
R Leeves 
S M Webb (appointed 1 August 2023)
Dr J H Brown (resigned 25 August 2023)




Company secretary
S A Strudley



Registered number
00823189



Registered office
103 Chestfield Road
Chestfield

Whitstable

Kent

CT5 3LU




Accountants
Kreston Reeves LLP
Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU




Bankers
National Westminster Bank plc
11 The Parade

Canterbury

Kent

CT1 2SQ




Solicitors
Messrs Furley Page
39 St Margaret's Street

Canterbury

Kent

CT1 2TX





 
Chestfield Manor Golf Club Limited
 

Contents



Page
Directors' report
 
1
Accountant's report
 
2
Profit and loss account
 
3
Balance sheet
 
4
Notes to the financial statements
 
5 - 8


 
Chestfield Manor Golf Club Limited
 

 
Directors' report
For the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £5,105 (2023 - loss £2,675).

Directors

The directors who served during the year were:

A J Faunch (Chairman) 
I N Burrow 
S A Strudley 
P Robertson 
R Leeves 
S M Webb (appointed 1 August 2023)
Dr J H Brown (resigned 25 August 2023)

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 2 September 2024 and signed on its behalf.
 







S A Strudley
Secretary

Page 1

 
Chestfield Manor Golf Club Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Chestfield Manor Golf Club Limited for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chestfield Manor Golf Club Limited for the year ended 31 March 2024 which comprise the Profit and loss account, the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Chestfield Manor Golf Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Chestfield Manor Golf Club Limited and state those matters that we have agreed to state to the Board of directors of Chestfield Manor Golf Club Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chestfield Manor Golf Club Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Chestfield Manor Golf Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chestfield Manor Golf Club Limited. You consider that Chestfield Manor Golf Club Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Chestfield Manor Golf Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
2 September 2024
Page 2

 
Chestfield Manor Golf Club Limited
 

Profit and loss account
For the Year Ended 31 March 2024

2024
2023
Note
£
£

  

Turnover
  
3,672
3,299

Gross profit
  
3,672
3,299

Administrative expenses
  
(5,077)
(7,300)

Fair value movements
  
13,849
(1,737)

Operating profit/(loss)
  
12,444
(5,738)

Income from other fixed asset investments
  
2,850
2,733

Profit/(loss) before tax
  
15,294
(3,005)

Tax on profit/(loss)
  
(10,189)
330

Profit/(loss) for the financial year
  
5,105
(2,675)

The notes on pages 5 to 8 form part of these financial statements.

Page 3

 
Chestfield Manor Golf Club Limited
Registered number: 00823189

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
130,677
116,828

Investment property
 5 
600,000
600,000

  
730,677
716,828

Current assets
  

Cash at bank and in hand
  
22,622
22,177

  
22,622
22,177

Creditors: amounts falling due within one year
 6 
(1,430)
(2,430)

Net current assets
  
 
 
21,192
 
 
19,747

Total assets less current liabilities
  
751,869
736,575

Provisions for liabilities
  

Deferred tax
 7 
(31,489)
(21,300)

  
 
 
(31,489)
 
 
(21,300)

Net assets
  
720,380
715,275


Capital and reserves
  

Called up share capital 
  
72,150
72,150

Capital redemption reserve
 8 
5,025
5,025

Other reserves
 8 
446,761
446,761

Profit and loss account
 8 
196,444
191,339

  
720,380
715,275


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2024.





A J Faunch (Chairman)
Director

The notes on pages 5 to 8 form part of these financial statements.

Page 4

 
Chestfield Manor Golf Club Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

Chestfield Manor Golf Club Limited is a limited liability company incorporated in England, with the registration number 00823189.  The address of the registered office and the principle place of business is 103 Chestfield Road, Chestfield, Whitstable, Kent,  CT5 3LU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of rents received.

 
2.3

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
Chestfield Manor Golf Club Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees




The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 6

 
Chestfield Manor Golf Club Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

4.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2023
116,828


Revaluations
13,849



At 31 March 2024
130,677





5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
600,000



At 31 March 2024
600,000

The land and buildings were revalued in 2021 by a national firm of Chartered Surveyors on an open market basis for existing use purposes including the Club as sitting tenants. The valuation on this basis is stated as £600,000.
The directors would like to draw attention to the fact that the vacant possession valuation arrived at by the same Chartered Surveyors has been listed as £1.275m.







6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
1,430
2,430

1,430
2,430


Page 7

 
Chestfield Manor Golf Club Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

7.


Deferred taxation




2024


£






At beginning of year
(21,300)


Charged to profit or loss
(10,189)



At end of year
(31,489)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on revaluation of shares
(31,489)
(21,300)

(31,489)
(21,300)


8.


Reserves

Capital redemption reserve

This reserve relates to a cancellation of shares that is non-distributable.

Other reserves

This is a non-distributable reserves and comprises the revaluation of investment property less a provision for deferred tax in the event of disposal.

Profit & loss account

This reserve comprises all current and prior period profits and losses after deducting any distributions made to the group's shareholders.


9.


Controlling party

82.2% (2023 – 81.9%) of the company’s share capital is held by the trustees of Chestfield Golf Club.  The Articles of Association state that only paid up full playing members of the Chestfield Golf Club are able to hold shares in the company.

Page 8