Company registration number 00978089 (England and Wales)
BENTLEY GOLF AND COUNTRY CLUB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BENTLEY GOLF AND COUNTRY CLUB LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
BENTLEY GOLF AND COUNTRY CLUB LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
360,300
198,627
Investment property
4
2,426,930
2,300,803
2,787,230
2,499,430
Current assets
Cash at bank and in hand
33,586
55,551
Creditors: amounts falling due within one year
5
(803,181)
(734,030)
Net current liabilities
(769,595)
(678,479)
Total assets less current liabilities
2,017,635
1,820,951
Creditors: amounts falling due after more than one year
7
(357,307)
(303,260)
Provisions for liabilities
(371,891)
(249,091)
Net assets
1,288,437
1,268,600
Capital and reserves
Called up share capital
8
11,000
11,000
Profit and loss reserves
1,277,437
1,257,600
Total equity
1,288,437
1,268,600

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BENTLEY GOLF AND COUNTRY CLUB LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Ms C Bassett
Mr D King
Director
Director
Company registration number 00978089 (England and Wales)
BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Bentley Golf and Country Club Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bentley Golf Club, Ongar Road, Brentwood, Essex, CM15 9SS.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
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.

BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

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:

Plant and equipment
25% reducing balance per annum & 25 years straight line basis for items relating to irrigation.
Fixtures and fittings
25% reducing balance per annum

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 credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.7
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.

BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include 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.

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 company 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.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

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

BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’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 income statement, 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 when the company has 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.

1.11
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.

1.12
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 statement of financial position 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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
442,093
Additions
195,072
Transfers
(24,101)
At 30 April 2024
613,064
Depreciation and impairment
At 1 May 2023
243,465
Depreciation charged in the year
9,299
At 30 April 2024
252,764
Carrying amount
At 30 April 2024
360,300
At 30 April 2023
198,627
4
Investment property
2024
£
Fair value
At 1 May 2023
2,300,803
Additions
102,026
Transfers
24,101
At 30 April 2024
2,426,930
BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Investment property
(Continued)
- 8 -

The company's investment property was revalued by the Directors on 30 April 2024 on an open market value basis.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
37,380
27,438
Trade creditors
5,000
38,461
Amounts owed to group undertakings
670,148
660,114
Other creditors
90,653
8,017
803,181
734,030
6
Loans and overdrafts
2024
2023
£
£
Bank loans
385,035
315,781
Payable within one year
37,380
27,438
Payable after one year
347,655
288,343

The long-term loan is secured by a debenture and a legal charge over the assets of the company.

The bank loan was repayable by monthly instalments of £3,574 at an interest rate of 3.67% per annum over the Base Rate. It is repayable in full by January 2033.

 

A new loan of £251,875 has been granted by their bank. £31,515 of this loan was drawn in the y/e 30 April 2023 and a further £99,414 has been drawn out in the y/e 30 April 2024. The loan is repayable at an interest rate of 3.05% per annum over the Base Rate. It is repayable in full by March 2043.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
347,655
288,343
Other creditors
9,652
14,917
357,307
303,260
BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
11,000 Ordinary shares of £1 each
11,000
11,000
9
Financial commitments, guarantees and contingent liabilities

At 30 April 2024, the company had guaranteed the overdraft of Bentley Golf Club Ltd to a maximum of £25,000. The guarantee is supported by a first charge over the freehold property and a debenture given by the company.

 

At 30 April 2024, the company had together with Bentley Golf Holdings Plc guaranteed certain bank borrowings with National Westminster Bank Plc. The guarantee is supported by a first legal mortgage charge over the freehold property and a debenture.

10
Events after the reporting date

Bentley Golf Holdings Plc (the parent company of Bentley Golf and Country Club Ltd) decided to improve the irrigation system. The costs are ongoing and this project is being financed partly from the profit on sale of the Greenkeepers’ old compound and a Natwest Loan. The loan amount is £250,000 plus interest over 20 years.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year, rent was received from Bentley Golf Club Ltd of £83,200 (2023 £76,000).£90,000 was also received from Bentley Golf Club Ltd as a contribution to the irrigation system. Bentley Golf and Country Club Ltd received a loan of £85,000 from Bentley Golf Ltd and this is still outstanding at the balance sheet date. The Directors of Bentley Golf Club Ltd are shareholders in Bentley Golf Holdings Plc, which is the ultimate parent company of Bentley Golf and Country Club Ltd.

 

Bentley Golf and Country Club Ltd incurred costs of £9,029 in 2024 (2023 £16,272) for the operating and finance leasing of a vehicle and equipment. The lease agreements are in the name of Bentley Golf Holdings Plc, who are the ultimate parent company of Bentley Golf and Country Club Ltd. The amounts are recharged through an inter company loan account. Bentley Golf and Country Club Ltd owes Bentley Golf Holdings Plc £555,841 at the balance sheet date.

 

Bentley Golf and Country Club Ltd owes Bentley Golf 2004 Ltd (previously Vivers Farms Ltd) £114,307 at the balance sheet date. Bentley Golf 2004 Ltd is the parent company of Bentley Golf and Country Club Ltd.

 

 

BENTLEY GOLF AND COUNTRY CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
12
Distributable reserves

In accordance with FRS102, the revaluation reserve has been reallocated to the profit and loss reserve, and together with the deferred tax provision, the amount of £905,532 within the profit and loss reserve is unrealised for distribution purposes.

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