Company registration number 02469277 (England and Wales)
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
M Galvin
S Oberly
(Appointed 16 September 2024)
Secretary
S Follett
Company number
02469277
Registered office
South Ash Manor Estate
Stansted Lane
Ash
Sevenoaks
Kent
United Kingdom
TN15 7EN
Auditor
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
Solicitors
Wallace LLP
One Portland Place
London
W1B 1PN
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 38
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The group made a profit for the year of £293,131 compared to a profit in 2023 of £520,445.

 

Turnover for the year is £7,256,450 which represents an increase of 11.4% on prior year. The London Golf Club remains committed to providing high quality facilities and services, therefore the club has increased prices in line with inflation to combat rising costs. A significant increase in rounds played combined with price increases account for the uplift in revenue with green fees up 18%, F&B up 13% and membership up 12%.

 

The club continues to operate at membership capacity with a waiting list for new joiners. Rounds played in the year were up 11% on the previous period with member rounds up 14%. Visitor and golf day rounds were up 7% year on year.

 

The London Golf Club has faced significant cost increases in the year due to the increased events business, inflation and increased salary costs.

 

The club remains committed to its repairs and renewals and program. Following a year of reduced investment due to global supply issues, the club has increased investment in new equipment by 186% to bring the fleet in line with long term plans. Global supply issues are now largely resolved, and the club is not expecting further supply issues.

 

During the year The London Golf Club has fully renovated and reopened a staff accommodation cottage following a period of closure. The club is now able to look outside it’s catchment area to attract staff with the required expertise to the London Golf Club.

 

Principal risks and uncertainties

The Group’s risk management framework includes a process for identifying, assessing and responding to risk and supporting the company’s strategy and business objectives.

 

Risk management operates at all levels throughout the business. However, the Board takes overall responsibility, determining the nature and extent of principal risks it is willing to take to achieve the company’s strategic objectives, and maintaining the company’s risk governance structure and appropriate internal control framework.

 

The principal risks faced by the business are as follows:

 

Economic factors such as supply chain issues and rising inflation are a concern for The London Golf Club. The year to 31 March 2024 saw significant cost increases in food, beverage, staffing and utilities. The London Golf Club continues to monitor and plan for such issues to ensure the club is well placed to cope with changes to economic conditions.

 

Weather remains an important risk factor for The London Golf Club with excessive wet or dry periods having an equally detrimental effect. The club currently has adequate water reserves to cope with dry periods but continues to work with local water suppliers to ensure a consistent supply should it be required. The club continues to invest in drainage to ensure the effects of wet weather is mitigated as much as possible.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Future developments

The directors plan to continue to offer an increasingly high standard of golf and ancillary services to its customers and to make The London Golf Club one of the most prestigious in the region.

 

The club continues to investigate potential investment projects to increase services and facilities for members and external customers in order to introduce new revenue streams.

 

The London Golf Club is submitting an updated planning request for a substantial hotel, lodge accommodation and high-quality services and facilities in September 2024. This is an improved version of an already granted planning permission that would see The London Golf Club build into an exclusive resort with the advantage of easy access to and from London. The ability of the Club to host larger events would be substantially enhanced by being able to offer accommodation on site and will make application for major events in the future more viable. There would be considerable ongoing benefits for the area with increased demand for employment, products and services from local suppliers when the project is completed.

 

Promoting the success of the company

The directors have a duty to all stakeholders of the London Golf Club. The directors achieve this by extensively researching both the short term and long-term consequences of decisions before they are made. All decisions taken have regard for the interests of the clubs’ customers, people, relationships with its suppliers and the impact of its operations on the communities in which it operates, and to ensure that it maintains a reputation for high standards of business conduct.

 

Increasingly stakeholders are becoming more interested in the club’s performance and operations. The directors endeavor to gain an understanding of the perception and attitude of each stakeholder group and assess the correct course of action to ensure the clubs long term success.

 

Customers

The club aims to provide outstanding facilities and service to meet its customer expectation. The directors assess customer need using surveys, focus groups and competitor review and monitors performance against the customer need using visitor review surveys, 59 club service excellence reviews, mystery shoppers and informal customer feedback.

 

People

The club’s people are key to the business and as such the directors want the people to feel engaged and empowered to deliver a great service for its customers. The club communicates plans regularly with employees in staff newsletters, provides training, promotes employee feedback via staff surveys and conducts annual career development reviews for each employee. The club has an extensive employee benefits package.

 

Suppliers

The clubs’ suppliers are critical to its ability to be able to provide excellent service to its customers. The club ensures that suppliers are treated fairly and payment to suppliers are made in an agreed timescale.

 

Community and Environment

The club promotes the health and wellbeing of the local community by providing excellent facilities and opportunity for all to enjoy the game of golf. Services at the club include The LGC academy, the London Cubs junior tuition program and female only coaching groups. The London Golf club as part of its charity effort supports a charity each year (2024 Community Cupboard) and helps them raise significant funds for their cause. The club continues to support other charities by hosting large charity golf days and providing auction prizes.

 

The club continues to work closely with the European tour, Kent County Council and Visit Kent to bring international tournaments and exposure to Kent. The London Golf Club has been selected as a finalist host venue for the 2031/2035 Ryder Cups.

 

The social and environmental impact of the club has never been more important. The club’s investment in more environmentally friendly greenkeeping techniques and water management continues. The club continues to work closely with its partners to improve the sustainability of its business practices and reduce its carbon footprint.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

On behalf of the board

M Galvin
Director
26 September 2024
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of a golf club of international championship standard based close to Southeast London and Canary Wharf. The company has no plans to change the basic strategy however, the club is at an advanced stage in submitting a planning application to upgrade its secured planning permission for the construction of a 5-star hotel on site with accompanying facilities, the club’s appeal has the potential to be wider than that of just a golfing destination.

Results and dividends

The results for the year are set out on page 9.

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

Directors

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

M Galvin
S Oberly
(Appointed 16 September 2024)
K Nigra
(Resigned 16 September 2024)
Financial instruments

The group is funded by equity, loans from related parties, bank loans and cash generated from normal business activities. The board monitors the group’s exposure to commercial, environmental and financial risks on a regular basis and does not consider that these factors have a material impact when assessing the assets, liabilities and overall financial position of the group.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the financial risk management objectives and policies, exposure to certain risks and future developments in the business.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
M Galvin
Director
26 September 2024
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
- 6 -
Opinion

We have audited the financial statements of The London Golf Club Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group and parent 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 forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in Note 1.4 of the financial statements regarding the net current liabilities position of the group. These conditions indicate the existence of a material uncertainty, which may cast doubt about the group’s ability to continue as a going concern.

 

We consider that this should be drawn to your attention, but our opinion is not qualified in this respect.

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:

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent 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 parent 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.

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.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Daniel Graves BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
11 October 2024
Chartered Accountants
Statutory Auditor
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
7,256,450
6,511,444
Cost of sales
(1,011,445)
(971,049)
Gross profit
6,245,005
5,540,395
Administrative expenses
(5,303,240)
(5,600,672)
Other operating income
44
44
Exceptional impairment reversal/(charge)
-
0
1,078,750
Operating profit
5
941,809
1,018,517
Interest receivable and similar income
7
12,775
15,087
Interest payable and similar expenses
9
(626,722)
(513,159)
Amounts written off investments
10
(31,864)
-
Profit before taxation
295,998
520,445
Tax on profit
11
(2,867)
-
0
Profit for the financial year
26
293,131
520,445
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
18,664,989
18,222,110
Investments
16
-
0
62,485
18,664,989
18,284,595
Current assets
Stocks
18
318,358
252,451
Debtors
19
1,243,146
686,423
Cash at bank and in hand
1,046,191
1,123,402
2,607,695
2,062,276
Creditors: amounts falling due within one year
20
(2,918,232)
(5,920,304)
Net current liabilities
(310,537)
(3,858,028)
Total assets less current liabilities
18,354,452
14,426,567
Creditors: amounts falling due after more than one year
21
(12,787,523)
(9,152,769)
Net assets
5,566,929
5,273,798
Capital and reserves
Called up share capital
25
33,715,439
33,715,439
Other reserves
26
393,631
393,631
Profit and loss reserves
26
(30,878,198)
(31,171,329)
Equity attributable to owners of the parent company
3,230,872
2,937,741
Non-controlling interests
32
2,336,057
2,336,057
5,566,929
5,273,798
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
26 September 2024
M Galvin
Director
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
14
17,500,000
17,500,000
Investments
16
2
62,487
17,500,002
17,562,487
Current assets
Debtors
19
530,795
29,651
Cash at bank and in hand
106,240
3,635
637,035
33,286
Creditors: amounts falling due within one year
20
(178,956)
(174,541)
Net current assets/(liabilities)
458,079
(141,255)
Total assets less current liabilities
17,958,081
17,421,232
Creditors: amounts falling due after more than one year
21
(11,578,761)
(11,335,775)
Net assets
6,379,320
6,085,457
Capital and reserves
Called up share capital
25
33,715,439
33,715,439
Profit and loss reserves
26
(27,336,119)
(27,629,982)
Total equity
6,379,320
6,085,457

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £293,863 (2023 - £421,339 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
26 September 2024
M Galvin
Director
Company registration number 02469277 (England and Wales)
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 April 2022
33,715,439
393,631
(31,691,774)
2,417,296
2,384,057
4,801,353
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
520,445
520,445
-
520,445
Purchase of shares in subsidiary from non-controlling interest
-
-
-
-
(48,000)
(48,000)
Balance at 31 March 2023
33,715,439
393,631
(31,171,329)
2,937,741
2,336,057
5,273,798
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
293,131
293,131
-
293,131
Balance at 31 March 2024
33,715,439
393,631
(30,878,198)
3,230,872
2,336,057
5,566,929
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
33,715,439
(28,051,321)
5,664,118
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
421,339
421,339
Balance at 31 March 2023
33,715,439
(27,629,982)
6,085,457
Year ended 31 March 2024:
Profit and total comprehensive income
-
293,863
293,863
Balance at 31 March 2024
33,715,439
(27,336,119)
6,379,320
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
468,717
903,368
Interest paid
(626,722)
(513,159)
Income taxes paid
(2,867)
-
Net cash (outflow)/inflow from operating activities
(160,872)
390,209
Investing activities
Purchase of tangible fixed assets
(172,506)
(282,989)
Proceeds on disposal of tangible fixed assets
90,435
24,897
Proceeds on disposal of investments
30,621
-
Interest received
12,775
15,087
Net cash used in investing activities
(38,675)
(243,005)
Financing activities
Loan from parent company
390,631
290,631
Repayment of bank loans
(100,000)
(100,000)
Payment of finance leases obligations
(168,295)
(165,498)
Purchase of shares in subsidiary from non-controlling interest
-
(48,000)
Net cash generated from/(used in) financing activities
122,336
(22,867)
Net (decrease)/increase in cash and cash equivalents
(77,211)
124,337
Cash and cash equivalents at beginning of year
1,123,402
999,065
Cash and cash equivalents at end of year
1,046,191
1,123,402
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

The London Golf Club Developments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is South Ash Manor Estate, Stansted Lane, Ash, Sevenoaks, Kent, United Kingdom, TN15 7EN.

 

The group consists of The London Golf Club Developments Limited and all of its subsidiaries.

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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The London Golf Club Developments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

The group’s business activities, together with plans for its future development and position are set out in the Business Review section of the Strategic Report on pages 1 to 3, together with details of its financial instruments and actions taken to deal with risks and uncertainties.

 

The group meets its day-to-day working capital requirements through operating cash flows and an overdraft facility. Included within creditors due in more than one year is a bank loan of £3,125,000 which is due for repayment on 31 July 2028. The overdraft was extended following the year end and is to be reviewed again on 31 July 2025. In July 2020 the club engaged in a £500,000 CBILS loan which is due to be paid down quarterly over 6 years beginning in January 2022. At the year-end the balance outstanding was £275,000, included in creditors due within one year is £100,000 with the remaining £175,000 in creditors due after more than one year.

 

Whilst the group has net current liabilities of £311k (2023: £3.8m), the group’s forecasts, taking account of reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current facility to meet its financial obligations as they fall due. However significant capital projects will require further funding from the ultimate parent company, Balearic Holdings N.V., or additional third party finance. Balearic Holdings N.V. has committed its financial support to the group should it be required.

 

Cost of living and inflation

The group has seen significant increases in costs in all areas. The directors whilst implementing tight cost controls and review processes, have increased pricing substantially over a 2-year period to mitigate the impact of the current economic challenges whilst maintaining high standards. The price increases have not impacted demand, but the directors recognise that pricing could have a detrimental impact going forward. The directors continue to monitor costs and benchmark against the golf industry.

 

The directors therefore have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable and continue to adopt the going concern basis of accounting in preparing the annual statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Annual individual membership fees are recognised over the period of membership on a straight line basis. Corporate memberships are recognised on a usage basis throughout the year with unused levy (limited to 25% of annual fee) carried over into the following year. Green fees and restaurant transactions are recognised in full when the service is provided.

 

Non-refundable joining fees which are payable by members on admission to the Club are recognised in full in the statement of comprehensive income in the year that membership is granted. These amounts are included within turnover.

 

The group offers life membership to certain members of The London Golf Club PLC in return for those members agreeing to transfer their shares and debentures to the company at nil consideration. The directors consider the value of the life membership to be the same as the forfeited repurchase price and this is being credited to turnover over a period of 10 years, being the period the directors’ estimate the members will continue to use the group’s facilities.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

Amortisation 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:

Licence
over the licence period
1.7
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. All costs associated with the construction of the golf course, including interest costs, have been capitalised. The freehold land, building and course construction costs are carried at historical cost less accumulated depreciation and impairment losses in the consolidated financial statements of the group.

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 and buildings
20% per annum
Building, course construction costs and improvements
2%/5% per annum
Plant and machinery
10% - 25% per annum
Fixtures, fittings, tools and equipment
10% - 25% per annum
Motor vehicles
33% per annum

Freehold land is not depreciated. Building, course construction costs and works of art are not depreciated because the directors consider that the estimated residual value is not materially different from the net book value shown in the financial statements, due to the regular maintenance and upkeep together with the current condition of the assets. As a result any depreciation charge required is not considered material. Impairment tests on the carrying value of fixed assets are undertaken if there is any indication that the asset may be impaired.

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 recognised in the profit and loss account.

Works of art are not depreciated because the directors consider that the estimated residual value is not materially different from the net book value shown in the financial statements due to the current market conditions of the assets. As a result any depreciation charge required is not considered material.

1.8
Investment properties

The golf club, including freehold land, buildings and course construction costs, is classified as an investment property in the financial statements of the parent company. This is because the assets are leased to the company’s subsidiary, The London Golf Club PLC. As an investment property, the club is carried at fair value determined by external valuers and derived from the profits and comparables method, 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.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.11
Stocks

Stocks are stated at the lower of cost and net realisable value being the estimated sales price less cost to sell. Provision is made for obsolete and slow-moving items. Cost is based on cost to purchase on a first in first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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 group 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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.

1.17
Retirement benefits

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

 

The group provides contributions to the personal pension plans of certain senior employees. The amount charged to the statement of comprehensive income represents the contributions payable in the year.

1.18
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.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets depreciation

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Recognition of deferred tax assets

Brought forward and current year trading losses are not recognised as an asset as there is significant uncertainty around the existence and level of future profits to offset these losses.

Valuation of investment properties

The golf club, including freehold land, buildings and course construction costs are considered for indicators of impairment at each reporting date. Factors taken into consideration in determining whether there are indicators of impairment include the current financial performance and forecast financial performance of the club, as well as valuation premiums applied by open market investors for trophy assets.

Leases

Determine whether leases entered into by the group are operating or finance leases. These decisions depend on an assessment on whether the risks and rewards of ownership have been transferred to the group on a lease by lease basis.

3
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
12,775
15,087

Turnover and results of the group are attributable to its principal business activity of operating a 36 hole golf club. All turnover is earned in the UK.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,250
4,900
Audit of the financial statements of the company's subsidiaries
20,750
19,500
26,000
24,400
For other services
Taxation compliance services
4,300
4,000
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
94,119
60,132
Depreciation of tangible fixed assets held under finance leases
205,628
161,335
Reversal of past impairment of tangible fixed assets
-
0
(1,078,750)
Profit on disposal of tangible fixed assets
(90,435)
(12,092)
Amortisation of intangible assets
-
674,998
Operating lease charges
54,992
57,949
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
12
13
2
2
Bar and restaurant
56
47
-
-
Greenkeepers
49
45
-
-
Golf services/security
27
32
-
-
Total
144
137
2
2
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,561,144
2,321,879
-
0
-
0
Social security costs
213,194
205,005
-
-
Pension costs
99,707
99,959
-
0
-
0
2,874,045
2,626,843
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
12,775
15,087
8
Directors' remuneration

No directors' emoluments were paid directly to M Galvin and K Nigra. Instead general management fees are paid to Morningstar Golf & Hospitality LLC, a related party (note 30).

9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
285,715
196,790
Interest payable to group undertakings
290,631
290,631
Interest on finance leases and hire purchase contracts
50,333
25,738
Other interest
43
-
Total finance costs
626,722
513,159
10
Amounts written off investments
2024
2023
£
£
Loss on disposal of fixed asset investments
(31,864)
-
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
11
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
2,867
-
0

 

No corporation tax charge arises on the profit before tax in either year.

 

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:

2024
2023
£
£
Profit before taxation
295,998
520,445
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
74,000
98,885
Tax effect of expenses that are not deductible in determining taxable profit
9,749
(203,582)
Tax effect of utilisation of tax losses not previously recognised
(117,748)
(68,969)
Unutilised tax losses carried forward
173,670
283,992
Adjustments in respect of prior years
2,867
(42,750)
Fixed asset differences
(136,477)
(64,709)
Underprovision in current year
(3,194)
(2,867)
Taxation charge
2,867
-

The following deferred tax assets have not been recognised as there is insufficient evidence that the asset will be recovered: depreciation in excess of capital allowances claimed of £97,344 (2023: £118,712), losses of £5,880,366 (2023: £5,819,434) and other short term timing differences of £2,660 (2023: £2,603).

 

The group has losses of approximately £23.5 million (2023: £23.2 million) available to be carried forward and set off against profits from the same trade, subject to agreement with HM Revenue and Customs.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
12
Impairments

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

Reversals of previous impairment losses have been recognised in profit or loss as follows:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
15
-
1,078,750
Recognised in:
Administrative expenses
-
1,078,750
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
13
Intangible fixed assets
Group
Licence
£
Cost
At 1 April 2023
899,998
Disposals
(899,998)
At 31 March 2024
-
0
Amortisation and impairment
At 1 April 2023
899,998
Disposals
(899,998)
At 31 March 2024
-
0
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
Company
Licence
£
Cost
At 1 April 2023
899,998
Disposals
(899,998)
At 31 March 2024
-
0
Amortisation and impairment
At 1 April 2023
899,998
Disposals
(899,998)
At 31 March 2024
-
0
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
-
17,500,000

Investment property in the parent company comprises the golf club, including freehold land, buildings and course construction costs. The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 26 June 2024 by Savills (UK) Limited, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
-
-
33,088,041
33,088,041
Accumulated depreciation
-
-
(15,046,033)
(14,988,880)
Carrying amount
-
-
18,042,008
18,099,161
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
15
Tangible fixed assets
Group
Freehold land and buildings
Building, course construction costs and improvements
Plant and machinery
Fixtures, fittings, tools and equipment
Motor vehicles
Works of art
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
6,750,100
26,337,941
1,958,839
2,371,194
49,077
151,991
37,619,142
Additions
128,027
-
0
570,120
44,479
-
0
-
0
742,626
Disposals
-
0
-
0
(202,054)
(3,068)
-
0
-
0
(205,122)
At 31 March 2024
6,878,127
26,337,941
2,326,905
2,412,605
49,077
151,991
38,156,646
Depreciation and impairment
At 1 April 2023
-
0
15,588,041
1,461,889
2,299,544
47,558
-
0
19,397,032
Depreciation charged in the year
21,184
-
0
243,540
33,504
1,519
-
0
299,747
Eliminated in respect of disposals
-
0
-
0
(202,054)
(3,068)
-
0
-
0
(205,122)
At 31 March 2024
21,184
15,588,041
1,503,375
2,329,980
49,077
-
0
19,491,657
Carrying amount
At 31 March 2024
6,856,943
10,749,900
823,530
82,625
-
0
151,991
18,664,989
At 31 March 2023
6,750,100
10,749,900
496,950
71,650
1,519
151,991
18,222,110
Company
Fixtures, fittings, tools and equipment
£
Cost or valuation
At 1 April 2023 and 31 March 2024
1,376,997
Depreciation and impairment
At 1 April 2023 and 31 March 2024
1,376,997
Carrying amount
At 31 March 2024
-
0
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Tangible fixed assets
(Continued)
- 31 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
799,575
435,084
-
0
-
0

More information on impairment movements in the year is given in note 12.

Included within the building course construction costs and improvements of the group is cumulative interest capitalised of £993,321 (2023 - £993,321).

Land and buildings with a carrying amount of £17,500,000 were revalued as at 26 June 2024 by Savills (UK) Limited, Chartered Surveyors, not connected with the company, in accordance with the Royal Institute of Chartered Surveyors Statement of Asset Valuation Practice and Guidance Notes (January 2022) and on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The valuation is reflected in the impaired cost of freehold land and buildings of the group as well as the carrying value of the investment property in the financial statements of the parent company. The directors believe that the fair value of the land and buildings did not materially change since the prior year and remain appropriate.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £18,042,008 (2023 - £18,099,161), being cost £33,088,041 (2023 - £33,088,041) and depreciation £15,046,033 (2023 - £14,988,880).

 

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
-
0
-
0
2
2
Unlisted investments
-
0
62,485
-
0
62,485
-
0
62,485
2
62,487

The group and company owned shares in Real Golf de Bendinat SA at a cost of £62,485, which were disposed of during the year.

 

The company has two subsidiary undertakings, The London Golf Club PLC, South Ash Manor, Stansted Lane, Ash, Sevenoaks, Kent, TN15 7EN and London Golf (European Tour) Limited. The principal activity of the London Golf Club is the operation of a golf club. The company owns all of The London Golf Club PLC’s ordinary share capital carrying voting rights, and 82% (2023: 82%) of its issued non-voting share capital.

 

The London Golf Club PLC had a net deficit in shareholders’ funds of £1,583,379 (2023: £2,369,939) at 31 March 2024. In view of the uncertainty of recovering the cost of the investment the directors have maintained a full provision against this investment.

 

London Golf (European Tour) Limited is a non- trading entity.

 

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023
62,485
Disposals
(62,485)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
62,485
THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
2
62,485
62,487
Disposals
-
(62,485)
(62,485)
At 31 March 2024
2
-
2
Carrying amount
At 31 March 2024
2
-
2
At 31 March 2023
2
62,485
62,487
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
62,485
-
62,485
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Food and beverage and Pro-shop stock
318,358
252,451
-
-
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
350,008
226,623
-
0
-
0
Other debtors
278,577
206,267
29,651
29,651
Prepayments and accrued income
614,561
253,533
501,144
-
0
1,243,146
686,423
530,795
29,651

Other debtors includes an amount of £26,333 (2023: £26,333) in respect of amounts owed by shareholders of The London Golf Club PLC, No interest was charged on the amount owed in either year.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
22
100,000
3,225,000
-
0
-
0
Obligations under finance leases
23
307,879
125,177
-
0
-
0
Trade creditors
609,096
492,469
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,105
-
0
Other taxation and social security
242,376
290,394
-
-
Other creditors
57,622
20,728
-
0
-
0
Accruals and deferred income
1,601,259
1,766,536
175,851
174,541
2,918,232
5,920,304
178,956
174,541

The bank loan and overdraft are secured by a mortgage over the group’s freehold property and by a mortgage debenture over all of the group’s assets. In addition group borrowings from the bank, which are subject to a right of set off between the company and The London Golf Club PLC, are secured by an unlimited cross guarantee given by The London Golf Club Developments Limited. The total borrowings secured under this arrangement as at 31 March 2024 were £3,400,000 (2023: £3,500,000).

 

Obligations under finance lease contracts are secured on related assets.

 

21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
22
368
368
-
0
-
0
Bank loans and overdrafts
22
3,300,000
275,000
-
0
-
0
Obligations under finance leases
23
576,823
357,700
-
0
-
0
Amounts owed to group undertakings
8,910,332
8,519,701
8,910,332
8,519,701
Accruals and deferred income
-
0
-
0
2,668,429
2,816,074
12,787,523
9,152,769
11,578,761
11,335,775

The debentures issued by the subsidiary undertaking, The London Golf Club PLC, are unsecured and interest free with a nominal value of £1 each and confer rights of nomination for membership of the golf club with no fixed date of redemption. The earliest date of redemption, so long as the holder remains a member of the Club, was on expiration of seven years from the date of issue.

 

Accruals and deferred income for the company comprises deferred lease premium income arising from the lease premium paid by the subsidiary undertaking, The London Golf Club PLC.

 

The bank loans are due for repayment between one and five years.

 

The amount of £8,910,332 owed to the immediate parent undertaking, Balearic Holdings N.V., is unsecured and has a repayment date of 1 January 2030. Interest of 4% is payable on the balance owed from 1st January 2020.

 

Obligations under finance lease contracts are secured on related assets

 

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
368
368
-
0
-
0
Bank loans
3,400,000
3,500,000
-
0
-
0
3,400,368
3,500,368
-
-
Payable within one year
100,000
3,225,000
-
0
-
0
Payable after one year
3,300,368
275,368
-
0
-
0

Due to the COVID-19 pandemic, the group secured a ‘Coronavirus Business Interruption Loan’ ("CBIL") of £500,000 during 2021. The loan is repayable over six years from the draw-down date in quarterly instalments of £25,000, with interest charged at 4.50% above base rate, with the interest charge in year one covered by the UK Government. The loan is secured by way of the bank’s existing security held over the group's assets.

 

The remaining bank loan is repayable in full on 31 July 2028 and interest is charged at 3.25% per annum over Sterling Overnight Index Average.

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
307,879
125,177
-
0
-
0
In two to five years
576,823
357,700
-
0
-
0
884,702
482,877
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance lease contracts are secured on related assets. The finance lease contracts are held either in the name of The London Golf Club Developments Limited on behalf of the subsidiary company, or in the subsidiary company’s own name.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,707
99,959

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
33,715,439
33,715,439
33,715,439
33,715,439
26
Reserves

The Group and Company’s reserves are as follows:

 

27
Financial commitments, guarantees and contingent liabilities

In accordance with the terms of an ongoing commercial arrangement, certain liabilities arise on a change in the ownership or control of the Golf Club. Both the amount and timing of the potential liability on the company are uncertain, due to being based on an adjusted sales value of the Golf Club’s trade and assets. Therefore, no liability has been recorded in the financial statements. Given the nature of these uncertainties, the directors believe it to be impracticable to provide a reliable estimate of its financial effect.

28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
464,783
-
-
-
29
Events after the reporting date

On 7 August 2024 the group renewed its overdraft facility for a further 12 months, to be reviewed again on 31 July 2025.

 

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
30
Related party transactions

During the year consultancy fees of £213,331 (2023: £198,922) were payable to Morningstar Golf and Hospitality LLC. M Galvin is a director of the company, has a material interest in, and is a director of, Morningstar Golf and Hospitality LLC.

 

Key Management personnel include all directors and a number of senior managers across the group who together have authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel for services provided to the group was £211,845 (2023: £206,010).

 

As disclosed in notes 20 and 21 to the financial statements, the company owed its parent company £8,910,332 (2023: £8,519,701) at the balance sheet date. The loan is being charged 4% interest commencing on 1 January 2020 and is repayable on 1 January 2030.

 

Related party transactions are considered by the directors to be at arm’s length.

31
Controlling party

The company is a subsidiary undertaking of Balearic Holdings N.V., a company registered in the Netherlands Antilles.

 

The company is ultimately controlled by the NJAFS78 Trust, Guernsey, the trustees of which are Wakil Trustee Limited.

32
Non-controlling interests

The minority interest relates to the non-voting shares of The London Golf Club PLC. While the non voting shares of The London Golf Club PLC carry the right to participate equally with each other and with the ordinary shares held by The London Golf Club Development Limited in any dividends declared and paid by the company. These non-voting shares carry the right, on a return of capital on a winding-up, to repayment of the amount paid up thereon, including any premium, in priority to any payment in respect of the shares held by the The London Golf Club Development Limited but carry no right to participate in any surplus of The London Golf Club PLC.

 

On the expiration of seven years from the date of issue of a non-voting share of The London Golf Club PLC, the holder of the shares has the right, exercisable at any time, to relinquish their membership of the London Golf Club PLC, and to require the company to purchase the share at its issue price, including any premium. The company does not have any right to compel shareholders to sell their shares. Shareholder interest is represented by group minority interest of £2.34m (2023: £2.34m) which represents the maximum liability of the company.

THE LONDON GOLF CLUB DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
33
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
293,131
520,445
Adjustments for:
Taxation charged
2,867
-
0
Finance costs
626,722
513,159
Investment income
(12,775)
(15,087)
Gain on disposal of tangible fixed assets
(90,435)
(12,092)
Amortisation and impairment of intangible assets
-
674,998
Depreciation and impairment of tangible fixed assets
299,747
(857,283)
Loss on sale of investments
31,864
-
Movements in working capital:
Increase in stocks
(65,907)
(12,586)
Increase in debtors
(556,723)
(168,125)
(Decrease)/increase in creditors
(59,774)
259,939
Cash generated from operations
468,717
903,368
34
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
1,123,402
(77,211)
-
1,046,191
Borrowings excluding overdrafts
(3,500,368)
100,000
-
(3,400,368)
Obligations under finance leases
(482,877)
168,295
(570,120)
(884,702)
(2,859,843)
191,084
(570,120)
(3,238,879)
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