Registration number:
Woodhall Spa Estate Management Company Limited
for the Year Ended 31 March 2024
Woodhall Spa Estate Management Company Limited
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Woodhall Spa Estate Management Company Limited
(Registration number: 03056116)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
6,500,001 |
6,500,001 |
|
Revaluation reserve |
50,220 |
50,220 |
|
Retained earnings |
(3,048,934) |
(3,107,309) |
|
Shareholders' funds |
3,501,287 |
3,442,912 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
|
Woodhall Spa Estate Management Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Woodhall Spa Estate Management Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The golf courses are included in the financial statements at market value (previously at cost), which constitutes freehold land, which is not depreciated, and development costs which are also not depreciated. The carrying value is reviewed annually and any impairments in value are to be charged immediately to the income and expenditure account.
Depreciation
The assets are not depreciated as they are predominantly land and kept in a good state of repair such that any depreciation would not be material.
Asset class |
Depreciation method and rate |
Golf courses |
Not depreciated |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The company's employees consist solely of the directors of the company none of whom are remunerated.
Woodhall Spa Estate Management Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Golf courses |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
Land is carried at valuation. If land was measured using the cost model, the carrying amounts would have been approximately £6,835,645 (2023: £6,835,645), being cost £6,835,645 (2023: £6,835,645) and depreciation £Nil (2023: £Nil).
The golf courses were revalued at October 2020 by Messrs Savills Chartered Surveyors and Valuers on an open market basis. No depreciation is provided in respect of these properties. They are valued professionally every five years although they are reviewed by the Directors annually.
Up to the year ended 31 October 2013 the golf courses were included in the company's financial statements at their cost price of £6,835,645. An exceptional item was disclosed in the company's financial statements for the period 1 November 2013 to 31 March 2015 following receipt of the valuation report from Savills. This exceptional charge was in the sum of £6,145,645 being the difference between the original cost (£6,835,645) and the valuation at that time (£690,000).
Included within the net book value of land above is £875,000 (2023 - £875,000) in respect of freehold land.
Woodhall Spa Estate Management Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Investment properties |
2024 |
|
At 1 April |
|
At 31 March |
|
The investment properties were valued at October 2020 by Messrs Savills Chartered Surveyors and Valuers on an open market basis. No depreciation is provided in respect of these properties.
Up to the year ended 31 October 2013 the investment properties were included in the company's financial statements at their cost price of £3,283,988. An exceptional item was disclosed in the company's financial statements for the period 1 November 2013 to 31 March 2015 following receipt of the valuation report from Savills. This exceptional charge was in the sum of £885,988 being the difference between the original cost (£3,283,988) and the valuation at that date (£2,398,000).
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Amounts owed by related parties |
|
|
Other debtors |
- |
|
Prepayments |
|
|
Accrued income |
|
|
|
|
Woodhall Spa Estate Management Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
- |
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Deferred grants
At 31 March 2024 deferred government grants totalled £2,668 (2023: £2,668).
During the course of the year ended 31 March 2017 the company undertook a project to refurbish the "Tower on the Moor" which is located adjacent to the 3rd hole on the Hotchkin Course at Woodhall Spa. This building, which is the emblem of Woodhall Spa, is the fragmentary ruin of a much larger 15th century structure with only the North-West stair tower remaining. The Tower is listed by Historic England (since 1985) and is considered to be of special architectural and historical interest.
The refurbishment project was undertaken by a team of specialist architects and contractors and is intended to ensure that the Tower is preserved for future generations. The company had committed to the project at 31 March 2016 and this was reported in the financial statements of the company for that year.
In the year to 31 March 2017 the repair costs incurred by the company totalled £105,717 with the value of the grant received from Historic England being £83,536.
The project was fully completed in the year to 31 March 2017 and no work has been undertaken on The Tower since that time. No costs have been incurred nor has any further grant funding been received in the current year (2023: £Nil).
Parent and ultimate parent undertaking |
The company's immediate parent is