REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED (REGISTERED NUMBER: 02589304) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED (REGISTERED NUMBER: 02589304) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED (REGISTERED NUMBER: 02589304) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Lydd Golf Club And Driving Range Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents membership and green fees, as well as sales of other goods and services, excluding value added tax. Membership fees are time apportioned over the year to which they relate. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Freehold property consists of land, buildings, golf courses and a driving range. Buildings are depreciated at 2% per annum on a straight line basis, while the remaining land and golf courses are not depreciated. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED (REGISTERED NUMBER: 02589304) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension cost and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost of land and buildings is freehold land of £ 1,006,202 (2022 - £ 1,006,202 ) which is not depreciated. |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED (REGISTERED NUMBER: 02589304) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Income received in advance |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors and accruals |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 640,100 | 640,100 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed an amount of £1,722,384 (2022 - £1,722,384) to Lydd Holdings Limited, the parent company. The loan is interest free, unsecured and payable on demand. |
At the balance sheet date the company owed an amount of £1,170,047 (2022 - £1,256,205) to London Ashford Airport Limited, a fellow subsidiary. The loan is interest free, unsecured and payable on demand. |
LYDD GOLF CLUB AND DRIVING RANGE LIMITED (REGISTERED NUMBER: 02589304) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | PARENT COMPANY |
The parent company is Lydd Holdings Limited, the registered address of which is Geneva Place, Waterfront Drive, PO Box 3469, Road Town, Tortola, British Virgin Islands. |
The share capital of Lydd Holdings Limited is owned by F M S Al Athel. |
13. | GOVERNMENT GRANTS |
During the year to 31 December 2023, the company received apprenticeship grants of £3,500 (2022 - £3,000). |
14. | GOING CONCERN |
The financial statements have been prepared on a going concern basis. This basis may not be appropriate because, as at 31 December 2023, the liabilities exceed the assets of the company by £1,729,291 (2022 - £1,767,681). Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide any further liabilities which might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The going concern basis has been applied as a result of the fact the company can rely on the financial support of the parent company and the ultimate controlling party. |