Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falseFinancing Company00truefalsefalse 09020564 2023-05-01 2024-04-30 09020564 2022-05-01 2023-04-30 09020564 2024-04-30 09020564 2023-04-30 09020564 2022-05-01 09020564 c:CompanySecretary1 2023-05-01 2024-04-30 09020564 c:Director1 2023-05-01 2024-04-30 09020564 c:Director2 2023-05-01 2024-04-30 09020564 c:Director3 2023-05-01 2024-04-30 09020564 c:Director4 2023-05-01 2024-04-30 09020564 c:Director5 2023-05-01 2024-04-30 09020564 c:RegisteredOffice 2023-05-01 2024-04-30 09020564 d:CurrentFinancialInstruments 2024-04-30 09020564 d:CurrentFinancialInstruments 2023-04-30 09020564 d:Non-currentFinancialInstruments 2024-04-30 09020564 d:Non-currentFinancialInstruments 2023-04-30 09020564 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 09020564 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 09020564 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 09020564 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 09020564 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 09020564 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 09020564 d:ShareCapital 2024-04-30 09020564 d:ShareCapital 2023-04-30 09020564 d:ShareCapital 2022-05-01 09020564 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 09020564 d:RetainedEarningsAccumulatedLosses 2024-04-30 09020564 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 09020564 d:RetainedEarningsAccumulatedLosses 2023-04-30 09020564 d:RetainedEarningsAccumulatedLosses 2022-05-01 09020564 c:OrdinaryShareClass1 2023-05-01 2024-04-30 09020564 c:OrdinaryShareClass1 2024-04-30 09020564 c:OrdinaryShareClass1 2023-04-30 09020564 c:FRS102 2023-05-01 2024-04-30 09020564 c:Audited 2023-05-01 2024-04-30 09020564 c:FullAccounts 2023-05-01 2024-04-30 09020564 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2023-05-01 2024-04-30 09020564 2 2023-05-01 2024-04-30 09020564 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09020564









GOLFBREAKS BONDS PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
GOLFBREAKS BONDS PLC
 
 
COMPANY INFORMATION


Directors
A M Stanley 
G E S Proddow 
D S Grave 
S Hemsworth 
C G Hellyer 




Company secretary
S Hemsworth



Registered number
09020564



Registered office
Minton Place
Victoria Street

Windsor

Berkshire

SL4 1EG




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
GOLFBREAKS BONDS PLC
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 19


 
GOLFBREAKS BONDS PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report together with the audited financial statements for the year ended 30 April 2024.
The principal activity of the Company during the period was managing the administration of the investment opportunity for our bond-holders.

Business review
 
The investment is provided to Golfbreaks Limited under an intra-company loan agreement to underpin investment required for new markets and an increased focus on digital improvements to the customer journey.

Principal risks and uncertainties
 
Whilst there are no key performance indicators relevant to the Company, the directors set and review policies for managing each of the other trading entities within the Group which are explained in detail in the Group strategic report of Golfbreaks Limited.

Future developments

The Company is required to be informed six months prior to the four-year anniversary date of issuance, or any subsequent anniversary date thereafter, if any individual bond-holder wishes to redeem their bond. Otherwise, as per the terms of the bond instruments, the bond will automatically rollover on an annual basis.
For Golfbreaks Bond 1, the next notification date is 15 January 2025 for redemption in July 2025. At the period end, the liability is contractually due after more than one year and is classified as due after more than one year. Prior to the period ended 30 April 2024 and by the January 2024 deadline for the redemption of bonds in July 2024, the Company had received notice for redemptions totalling £65,000 (2023: £77,000), as a result the majority of the bond has rolled over.
For Golfbreaks Bond 2, the next notification date was 16 May 2024. At the year end the liability is contractually due within 12 months as redemption is for November 2024. However, as at the signing of these financial statements, redemptions in respect of Bond 2 were known and amounted to £168,000 (2023: £96,000). £168,000 has been classified as due within one year and the rest classified as amounts owed after more than one year.

Going concern

The Golfbreaks Limited group reported profit for the year of £2,077,675 (2023: £2,933,165) and has a Net Surplus in Shareholders' Funds of £1,842,891. The financial statements have been prepared on the going concern basis as the directors have prepared sensitised forecasts for the Group and having undertaken a review of the future financing requirements for on-going operations of the Group, are satisfied that sufficient cash facilities are secured to meet its working capital requirements, which includes Golfbreaks Bonds Plc, for at least 12 months from the date of signing of these financial statements. Further details of the directors' assessment of going concern are given in note 2.3 to the financial statements.

Page 1

 
GOLFBREAKS BONDS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Directors' statement of compliance with duty to promote the success of the Company
 
It is important to consider the success of the Group headed by Golfbreaks Limited and we direct you to the detail required under s.172 of the Companies Act 2006 as disclosed in detail in the Golfbreaks Limited financial statements.


This report was approved by the board on 5 August 2024 and signed on its behalf.



S Hemsworth
Director

Page 2

 
GOLFBREAKS BONDS PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £1,009 (2023 - £7,670).

The directors did not recommend the payment of dividend in the period (2023: £Nil).

Directors

The directors who served during the year were:

A M Stanley 
G E S Proddow 
D S Grave 
S Hemsworth 
C G Hellyer 

Page 3

 
GOLFBREAKS BONDS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Environmental matters

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the period is 40,000kWh or lower. The appropriate disclosure for the Group has been disclosed in the financial statements of Golfbreaks Limited.

Engagement with suppliers, customers and others

The Directors are mindful of their statutory duty to act in the way they each consider, in good faith, would be most likely to promote the success of the Company for the benefits of its members as a whole, as set out in our s172(1) statement on page 2 of the Strategic Report. A consideration of the Company's relationship with wider stakeholders, including suppliers and customers, is disclosed in further detail in the financial statements of the parent company, Golfbreaks Limited.

Qualifying third party indemnity provisions

Qualifying third party indemnity insurance is in place covering Directors and Officers.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board on 5 August 2024 and signed on its behalf.
 





S Hemsworth
Director

Page 4

 
GOLFBREAKS BONDS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC
 

Opinion


We have audited the financial statements of Golfbreaks Bonds PLC (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
GOLFBREAKS BONDS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
GOLFBREAKS BONDS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC (CONTINUED)


Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- 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. 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 deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
GOLFBREAKS BONDS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

5 August 2024
Page 8

 
GOLFBREAKS BONDS PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Interest receivable and similar income
 6 
353,168
371,040

Interest payable and similar expenses
 7 
(351,922)
(363,370)

Profit before tax
  
1,246
7,670

Tax on profit
  
(237)
-

Profit for the financial year
  
1,009
7,670

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,009
7,670

The notes on pages 12 to 19 form part of these financial statements.

Page 9

 
GOLFBREAKS BONDS PLC
REGISTERED NUMBER: 09020564

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 8 
4,555,311
4,820,065

Debtors: amounts falling due within one year
 8 
233,000
173,000

  
4,788,311
4,993,065

Creditors: amounts falling due within one year
 9 
(233,237)
(173,000)

Net current assets
  
 
 
4,555,074
 
 
4,820,065

Total assets less current liabilities
  
4,555,074
4,820,065

Creditors: amounts falling due after more than one year
 10 
(4,457,570)
(4,723,570)

  

Net assets
  
97,504
96,495


Capital and reserves
  

Called up share capital 
 12 
50,000
50,000

Profit and loss account
 13 
47,504
46,495

  
97,504
96,495


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2024.




S Hemsworth
Director

The notes on pages 12 to 19 form part of these financial statements.

Page 10

 
GOLFBREAKS BONDS PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
50,000
38,825
88,825


Comprehensive income for the year

Profit for the year
-
7,670
7,670



At 1 May 2023
50,000
46,495
96,495


Comprehensive income for the year

Profit for the year
-
1,009
1,009


At 30 April 2024
50,000
47,504
97,504


The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

As disclosed in the Strategic Report, the principal activity of the Company during the period was managing the administration of the investment opportunity for our bond-holders.
The Company is an unquoted public company limited by shares, incorporated in England and Wales, for which its registered number is 09020564. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is:
Minton Place
Victoria Street
Windsor
Berkshire
SL4 1EG

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The functional and presentational currency of the company is GBP sterling (£).

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
•   the requirements of Section 7 Statement of Cash Flows;
•   the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
•   the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
    11.48(a}(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
•   the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),
    12.29(b) and 12.29A;
•   the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Golfbreaks Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

Page 12

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have assessed the going concern basis of the preparation of the financial statements at a Group level. The Golfbreaks Limited Group reported profits for the period of £2,077,675 and has a Net Surplus in Shareholders’ Funds of £1,842,891. The financial statements have been prepared on the going concern basis as the directors have prepared sensitised forecasts for the Group and having undertaken a review of the future financing requirements for on-going operations of the Group, are satisfied that sufficient cash facilities are secured to meet its working capital requirements, which includes Golfbreaks Bonds Plc, for at least 12 months from the date of signing of these financial statements.
Bond Redemption
At 30 April 2024 the group has net current assets of £665,753 excluding bond redemption repayments of £233,000 due in the next 12 months from the balance sheet date. As part of their review, the directors have made certain estimates about the redemption of bond 1. The next potential notification date for bond 1 holders to request redemption of bonds is in January 2025, for redemption in July 2025. The directors have used an anticipated redemption rate based on the historic redemption experience of bond 1, since the first redemption window in January 2018, when forecasting. In the event of a 100% redemption requirement in July 2025 in respect of bond 1, the Group will still have sufficient headroom to meet its working capital requirements over the next 12 months. The next potential notification date for bond 2 holders to request redemption of bonds is in May 2025, for redemption in November 2025.
Recovery Post Coronavirus (COVID-19) Pandemic and Cost of Living Crisis 
The uncertainty caused by the cost of living crisis and geopolitical tensions in Eastern Europe and the Middle East have also been considered as part of the Group's adoption of the going concern basis. Downside sensitivities were applied to the base case cashflow model to understand the potential impact of needing to defer or refund bookings, based on future prospects, performance and an assessment of the economic environment.
The parent company directors continue to responsibly manage cash reserves and take the required commercially reasonable steps (including, options to pursue further financing) to mitigate any downside scenarios and ensure sufficient funds are available to satisfy anticipated bond redemptions over the 12 month period following the signing of these financial statements. For this reason, the directors of Golfbreaks Bonds Plc continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 13

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

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

 
2.10

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 14

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying value 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.
Critical accounting estimates and assumptions
Recoverability of intercompany balances - When assessing the recoverable amount owed by Group undertakings, management considers factors including the debtors solvency and ability to pay loans within contractual terms.
The directors do not consider there to be any other significant judgments or estimates within the financial statements.


4.


Auditors' remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Audit fees for the Company have been borne by the parent company and totalled £3,500 (2023: £3,500).

Page 15

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


6.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
353,168
371,040


7.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
351,922
363,370


8.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
4,555,311
4,820,065


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
233,000
173,000


Page 16

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
233,000
173,000

Corporation tax
237
-

233,237
173,000


Other loans represent bonds issued to investors in prior periods by the Company. The initial term of the first bond expired in July 2018 and these are now on an annual redemption basis. The next redemption notification deadline is January 2025 for redemption in July 2025. Interest accrues at 7.5% or 10% per annum depending on the type of bond purchased, and is payable yearly on the anniversary of the issue of the bond. If the holder of the bond does not notify the Company of their wish to redeem the bond at least 6 months prior to the bond's redemption date (January), the bond automatically rolls over for a further year. The first bond is now not due for redemption until July 2025 (having received notice in January 2024 for redemptions in July 2024 amounting to £65,000) and has therefore been classified as being due after more than one year at the current balance sheet date. The Company will make the required redemption payments to bondholders in July 2024.
The initial term of the second bond expired in November 2020 and these are now on an annual redemption basis. The next redemption notification deadline is May 2024 for redemption in November 2024. Interest accrues at 7.5% per annum, and is payable every six months from the issue of the bond. Subsequent to the period end, and up to the redemption deadline in May 2024, the Company had received notice for redemptions totalling £168,000, as a result the majority of the bond has been rolled over and £168,000 has been classified, along with the £65,000 noted above, as due within one year (see note 11). 
The Bonds are guaranteed by Golfbreaks Limited.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
4,199,000
4,465,000

Amounts owed to group undertakings
258,570
258,570

4,457,570
4,723,570


Other loans represent bonds issued to investors in prior periods. See note 9 for further details.

Page 17

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Other loans due within one year
233,000
173,000

Other loans due within 1-2 years
4,199,000
4,465,000

4,432,000
4,638,000



12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000

All shares rank pari passu in all respects.



13.


Reserves

Profit and loss account

The profit and loss account includes all current period and prior year retained profits and losses.


14.


Related party transactions

As a wholly owned subsidiary of Golfbreaks Limited, the Company is exempt from the requirement of FRS 102 to disclose transactions with other members of the Group on the grounds that Group accounts are publicly available from Companies House.
At the period end the directors and their spouses held bonds totalling £56,000 (2023: £56,000). The terms of the bonds are outlined in note 9. The bonds accrue interest at a rate of 7.5% per annum payable on the anniversary of the issue of the bond. The total interest paid to these bond holders was £7,950 (2023: £4,200), and the amount payable at the year end was £Nil (2023: £Nil).
The Company has no employees other than the directors. Key management personnel did not receive any remuneration from the Company during the period (2023: £Nil).

Page 18

 
GOLFBREAKS BONDS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Controlling party

The immediate and ultimate parent company is Golfbreaks Limited, a company registered in England and Wales, by virtue of its 100% shareholding in the Company.
The largest group of which the Company is a member and for which group consolidated financial statements are drawn up is headed by Golfbreaks Limited. Copies of these financial statements are available from Companies House.
The ultimate controlling party is considered to be Mr A M Stanley by virtue of his majority shareholding in the immediate parent company.

 
Page 19