Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
COMPANY INFORMATION
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FORMBY HALL GOLF CLUB LIMITED
CONTENTS
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FORMBY HALL GOLF CLUB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report together with the audited financial statements for the year ended 31 December 2023.
The Company’s principal activity is the ownership and operation of a golf club, hotel and spa located in the United Kingdom.
The Company seeks to maximise its revenues and optimise its profit conversion through the active management of average daily rates and monitoring payroll and costs associated with each revenue stream.
A summary of the key financial and other performance indicators during the year are as follows: As the prime measure of our economic output, revenue growth is key to measuring shareholder return and the success of our expansion and repositioning strategies. Gross profit provides an indication of the quality of turnover growth and is a measure of the value added by the company’s operating activities. Hotel EBITDA is the prime indicator used to measure the performance year on year of the hotel. Overall, the directors are satisfied with the results and, despite the current difficult trading conditions, view the future prospects of the business positively.
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FORMBY HALL GOLF CLUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk, liquidity risk and price risk. The use of financial derivatives to manage risks is subject to Board approval and no financial derivatives are used for speculative purposes.
Cash flow risk The Company’s business is affected by the strength of sterling, with a strong sterling adversely impacting the effective prices paid by international guests. These risks are small in the context of the Company’s operations and therefore it does not use financial instruments to manage its exposure to them due to cost benefit considerations. The business continues to make a gross profit, although has made an operating loss in the year. It is cash generative albeit at a level which has resulted in breaches of its covenants with its Principal Lender in the year. . Competitive risks Management reviews the hotel against a selected group of competitor hotels. These reports allow the Company to compare accommodation occupancy percentage, average rate, revenue per available room against the competitive group. Hotels are generally location driven and there are no new hotels planned within the immediate vicinity of the Company’s hotel. Credit risk The Company’s principal financial assets are bank balances and cash, trade and other receivables. The Company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based upon previous experience, is considered to be irrecoverable. Economic environment The Company operates in a competitive environment influenced by the UK economy. Adverse economic and financial market developments could lead to lower revenues and higher costs. Experience shows a recession lessens both leisure and business travel. The subsequent rise in interest rates has caused the Company to breach its covenants with its Principal Lender. Although it is anticipated that interest rates will come down, the Board remains in discussions with the Principal Lender regarding reviewing and revising certain covenants. Notwithstanding this, the Company continues to be profitable and cash generative and the Board are confident the Principal Lender will continue to support the business. Other risks Other risks facing the hotel industry are ones that reduce or prevent travel. The continuing threat of terrorism and the economic uncertainty can impact hotel performance. The reliance of hotels on economic growth as well as consumer confidence also plays a role.
This report was approved by the board on 8 October 2024 and signed on its behalf.
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FORMBY HALL GOLF CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
The loss for the year, after taxation, amounted to £1,728,044 (2022 - loss £995,450).
The directors who served during the year were:
The planning permission for a planned expansion of bedrooms and spa facilities was allowed to lapse by the previous Board. The current Board is reviewing all options available, including the potential to reapply for the planning permission, with the support of the Principal Lender. The hotel business continues to operate in the normal course of doing business as a going concern with no impact on current operations.
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FORMBY HALL GOLF CLUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
On 23 April 2024, the secured shares were charged in favour of a Lender by way of a fixed charge. This Lender subsequently appointed Receivers over the shares in the Company.
There has been no change to the day to day management, or operations, of the Company since the change in control.
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FORMBY HALL GOLF CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORMBY HALL GOLF CLUB LIMITED
We have audited the financial statements of Formby Hall Golf Club Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 2.3 in the financial statements, which indicates that the ongoing negotiations with the principal lender may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included review of the cashflow forecasts to December 2025 as well as review of correspondence with the Lender.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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FORMBY HALL GOLF CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORMBY HALL GOLF CLUB LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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FORMBY HALL GOLF CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORMBY HALL GOLF CLUB LIMITED (CONTINUED)
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 Auditors' 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.
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: - Inspecting correspondence with tax authorities; - Consideration of known or suspected instances of non-compliance with laws and regulations; - Evaluating management’s controls designed to prevent and detect irregularities; - Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and - Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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FORMBY HALL GOLF CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FORMBY HALL GOLF CLUB LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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FORMBY HALL GOLF CLUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
REGISTERED NUMBER: 02930961
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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FORMBY HALL GOLF CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Formby Hall Golf Club Limited is a private company, limited by shares and incorporated in England and Wales.
The registered office is Formby Hall Golf Resort & Spa, Southport Old Road, Formby, Southport, L37 0AB. The Company is registered in England and Wales, register number 02930961.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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 Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Formby Leisure Holdings Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Director, when making this assessment of going concern, has prepared cash flow forecasts to December 2025 and considers it likely the Company will breach its covenants with it's principal lender within 12 months on signing these financial statements, given there have been breaches in the year to 31 December 2023. The Board recognises this and are currently in discussions with the principal lender concerning revising and/or restructuring certain of these covenants which the lender has agreed to review and consider. The Director is confident that they will reach a satisfactory conclusion to these ongoing discussions and as such consider it appropriate for the Company to adopt the going concern basis in preparing its financial statements, albeit it there is a material uncertainty. The accounts do not include any adjustments that may result from the entity being unable to continue as a going concern. The company operates restaurants and bars at the hotel. Sales of goods are recognised when the restaurant, bars, spa, or golf club sell a product to a customer. Sale of services The company supplies conference and event facilities as well as hotel rooms to businesses and private customers. Sales of rooms and conference and event facilities are recognised on the dates those facilities are used. Deposits received in advance are not recognised as turnover until the date of the stay or event.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land and buildings are held under the revaluation model at fair value, less any accumulated depreciation subsequent to revaluation and subsequent impairment losses. Revaluations are made with sufficient regularity.
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting date, inventories are assessed for impairment. If inventory is 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.
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The freehold land and buildings are held under the revaluation model at fair value. In assessing the fair value at the reporting date management are required to apply a degree of judgement and methods in assessing this include estimation uncertainty.
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
The rate of corporation tax will increase to 25% from April 2023 applying to profits over £250,000.
The Finance Act 2021 introduces a small profits rate (SPR) of 19% for companies with profits of £50,000 or less from April 2023. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. The lower and upper limits will be proportionately reduced for short accounting periods and where there are associated companies.
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
18.Deferred taxation (continued)
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revaluation reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,830 (2022: £43,350). Contributions totaling £15,569 (2022: £8,151) were payable to the fund at the reporting date and are included in creditors.
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FORMBY HALL GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There has been no change to the day to day management, or operations, of the Company since the change in control.
The immediate parent undertaking of the Company is Formby Leisure Holdings Limited, a Company registered in the UK. The ultimate parent undertaking is HIG Global Capital Partners GP Ltd, a Company incorporated in the Cayman Islands.
At the balance sheet date, the Directors considered there to be no ultimate controlling party. At the date of signing these financial statements, the controlling party is considered to be the Lender.
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