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REGISTERED NUMBER: 02589304 (England and Wales)















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: T F M Al Athel
M F M Al Athel
F M S Al Athel
B F M Al Athel





REGISTERED OFFICE: Romney Road
LYDD
Kent
TN29 9LS





REGISTERED NUMBER: 02589304 (England and Wales)





AUDITORS: McCabe Ford Williams
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 1,272,403 1,266,786

CURRENT ASSETS
Stocks 5 21,236 19,167
Debtors 6 143,905 41,296
Cash at bank and in hand 45,812 13,489
210,953 73,952
CREDITORS
Amounts falling due within one year 7 3,212,647 3,108,419
NET CURRENT LIABILITIES (3,001,694 ) (3,034,467 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,729,291

)

(1,767,681

)

CAPITAL AND RESERVES
Called up share capital 9 640,100 640,100
Retained earnings (2,369,391 ) (2,407,781 )
SHAREHOLDERS' FUNDS (1,729,291 ) (1,767,681 )

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

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 30 September 2024 and were signed on its behalf by:





B F M Al Athel - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

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 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 1,381,116 179,345 58,738 1,619,199
Additions 14,954 1,175 15,019 31,148
At 31 December 2023 1,396,070 180,520 73,757 1,650,347
DEPRECIATION
At 1 January 2023 216,358 108,073 27,982 352,413
Charge for year 7,797 10,867 6,867 25,531
At 31 December 2023 224,155 118,940 34,849 377,944
NET BOOK VALUE
At 31 December 2023 1,171,915 61,580 38,908 1,272,403
At 31 December 2022 1,164,758 71,272 30,756 1,266,786

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 21,236 19,167

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 53,595 24,570
Other debtors 62,650 -
Prepayments 27,660 16,726
143,905 41,296

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Income received in advance 152,442 72,409
Trade creditors 57,235 28,690
Amounts owed to group undertakings 2,892,431 2,978,589
Social security and other taxes 40,579 13,740
Other creditors and accruals 69,960 14,991
3,212,647 3,108,419

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 33,375 31,303
Between one and five years 91,116 124,491
124,491 155,794

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
640,100 Ordinary £1 640,100 640,100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Fullarton BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

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.