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07757090







LEADERBOARD GOLF HOLDINGS LIMITED AND ITS SUBSIDIARIES

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023

































LEADERBOARD GOLF HOLDINGS LIMITED
 
COMPANY INFORMATION


Directors
P. Gibbons 
J. Gibbons 
P.J. Gibbons 
D.A.D. Colyer 




Company secretary
B. Lewis



Registered number
07757090



Registered office
Dale Hill Hotel & Golf Limited
Ticehurst

Wadhurst

East Sussex

TN5 7DQ




Independent auditors
CLA Evelyn Partners Limited

Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS




Bankers
HSBC Plc
26-28 Broad Street

Reading

Berkshire

RG1 2BU





LEADERBOARD GOLF HOLDINGS LIMITED

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Consolidated statement of income and retained earnings
 
 
9
Consolidated balance sheet
 
 
10
Company balance sheet
 
 
11
Consolidated statement of cash flows
 
 
12
Consolidated analysis of net debt
 
 
13
Notes to the financial statements
 
 
14 - 29


LEADERBOARD GOLF HOLDINGS LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


Principal activity
The principal activity of the Group continues to be that of providing golf and associated recreational activities.  The Company acts as a holding company for the Group.
Fair Review of the business
In 2023 the group produced a turnover of £13.5M compared to £12.9M in 2022. This resulted in an operating profit of £581K in 2023, compared to £784K in 2022.  
Throughout the year there were a number of capital projects completed, including the purchase of new greenkeeping equipment, course development, upgrades to the air handling systems, telephone systems, IT systems and the spa at the Oxfordshire.
Alongside the capital expenditure, there were substantial repairs to enhance the fabric of the buildings and improve the golf courses. 
Our five-year plan is to continue to invest in the properties to aid the growth in top line sales and profitability. 
The group has been able to fund itself from profits, throughout 2024, 2023, 2022 and 2021. Previously, the Chairman, who is also the principal shareholder, had funded the capital projects.
Without the need to raise funds externally, the group has a definite advantage over its competitors. 

Future Developments
Our future plans for the group include the construction of a new wedding suite and offices, at Dale Hill, a 9 hole course, at the Oxfordshire and a new bar with a patio seating area, at Sandford Springs.
Alongside the basic business model, we have commissioned a report to identify any areas of surplus land with potential for housing. 
 
We are committed to exploring projects that will create ways of reducing our consumption of fossil fuels and improving the groups green credentials, by reducing its carbon footprint. 
This is not only better for the environment, but also makes sound financial sense given the increased cost of electricity.  
Our basic business concept forms part of the Leaderboard logo - owners of fine golf courses. This tells the reader that the whole of our business focus and our core business is set around our three golf venues. Our ethos is to provide a top-quality customer experience for both business and leisure guests. The quality of the product remains of paramount importance for continued growth.

Business Risks
Our golf breaks business and staycation bookings achieved record highs in 2022 and 2023. One of the biggest risks we face is that our customers will swap their allegiance back to foreign venues, with the potential for better weather.
The other significant risks that the group faces are increased food and drink costs, shortage of staff, prompting increased wage cost, and fluctuation utility costs. All of these can have a significant effect on the bottom line.

Page 1

LEADERBOARD GOLF HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key Performance Indicators
The key performance indicators, used annually in this report, to best reflect the achievements of the group are as follows: -     
1) Gross Profit Margin
2023: – 52.05%
2022: – 51.94%
2) Occupancy Rate
2023: - 76.77%
2022: - 73.75%
3) Membership Numbers Growth
2023: - (4.70%)
2022: - (4.44%)
4) Debtors Ratio
2023: 166:1 or 2 days
2022: 146:1 or 2 days
5) Stock Turnover Ratio
2023: –  17.56 times
2022: –  18.66 times
Sustainability
The company is a parent where subsidiary undertakings are individually exempt from complying with carbon reporting and are therefore not included in the group report.


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


P. Gibbons
Director

Date: 30 October 2024

Page 2

LEADERBOARD GOLF HOLDINGS LIMITED
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,035,258 (2022 -  £710,860).

No dividend was recommended for the year ended 31 December 2023.

Directors

The directors who served during the year were:

P. Gibbons 
J. Gibbons 
P.J. Gibbons 
D.A.D. Colyer 

Future developments
Please refer to Strategic Reports for future developments.

Page 3

LEADERBOARD GOLF HOLDINGS LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

 Employee involvement

The Group operates a framework for employee information and consultation. During the year, the policy of providing employees with information about the Group has been continued through internal newsletters at each of the centres. Employees have also been encouraged to present their suggestions and views on the Group’s performance at regular meetings held at each of the venues. Meetings are held between local management and employees to allow a free flow of information and ideas.
Disabled employees
 
The Group is committed to a policy and practice under which it recognises its obligations under the Equality Act 2010 not to discriminate unlawfully against people with disabilities at any stage of employment, by seeking to:
 

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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

The auditorsCLA Evelyn Partners Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





P. Gibbons
Director

Date: 30 October 2024

Page 4

LEADERBOARD GOLF HOLDINGS LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED

Opinion


We have audited the financial statements of Leaderboard Golf Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows 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 Group's and of the parent company's affairs as at 31 December 2023 and of the Group's 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 Group 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 Group's or the parent 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

LEADERBOARD GOLF HOLDINGS LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Directors' Report and Financial Statements other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Directors' Report and Financial StatementsOur 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 Group 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 Group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

LEADERBOARD GOLF HOLDINGS LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED (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 Group 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 obtained a general understanding of the Group and the parent Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. We obtained this understanding for significant components through discussion with group management.

We understand that the Group and the parent Company complies with the framework through: 
Outsourcing accounting services, accounts preparation and tax compliance to external experts. 
Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary. 

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group and the parent Company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group and the parent Company: 

The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
UK taxation law.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the Group and the parent Company’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were: 
Revenue recognition, in particular cut-off and completeness, which is an inherent risk common to owner managed companies. 
Manipulation of the financial statements, especially transactions with directors and management override, via fraudulent journal entries, particularly as the size of the company means that there is little opportunity for segregation of duties. 

The procedures we carried out to gain evidence in the above areas included:
Challenging management regarding the nature and appropriateness of unexpected or unusual accounting adjustments. 
Substantive testing on material areas affecting timing of and completeness of revenue postings. 
Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times. 



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

LEADERBOARD GOLF HOLDINGS LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED (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.





Matthew Neill BA (Hons) MA FCA (Senior statutory auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Statutory Auditors
  
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

 
Date: 
7 November 2024
Page 8

LEADERBOARD GOLF HOLDINGS LIMITED
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
13,504,988
12,907,279

Cost of sales
  
(6,475,368)
(6,202,976)

Gross profit
  
7,029,620
6,704,303

Administrative expenses
  
(6,488,520)
(5,969,372)

Other operating income
 5 
39,509
48,789

Operating profit
 6 
580,609
783,720

Interest receivable and similar income
  
36,568
4,818

Interest payable and expenses
 10 
(6,892)
(9,266)

Profit before tax
  
610,285
779,272

Tax on profit
 11 
424,973
(68,412)

Profit after tax
  
1,035,258
710,860

  

  

Retained earnings at the beginning of the year
  
(28,964,738)
(29,675,598)

Profit for the year attributable to the owners of the parent
  
1,035,258
710,860

Retained earnings at the end of the year
  
(27,929,480)
(28,964,738)

The notes on pages 14 to 29 form part of these financial statements.

Page 9

LEADERBOARD GOLF HOLDINGS LIMITED
REGISTERED NUMBER:07757090

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
33,764,285
33,725,389

Current assets
  

Stocks
 15 
311,599
322,489

Debtors: amounts falling due within one year
 16 
707,336
347,905

Bank and cash balances
  
2,724,387
2,232,434

  
3,743,322
2,902,828

Creditors: amounts falling due within one year
 17 
(24,315,487)
(24,434,585)

Net current liabilities
  
 
 
(20,572,165)
 
 
(21,531,757)

Total assets less current liabilities
  
13,192,120
12,193,632

Creditors: amounts falling due after more than one year
 18 
(118,498)
(155,268)

Net assets
  
13,073,622
12,038,364


Capital and reserves
  

Called up share capital 
 21 
41,003,102
41,003,102

Profit and loss account
 22 
(27,929,480)
(28,964,738)

  
13,073,622
12,038,364


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P. Gibbons
D.A.D. Colyer
Director
Director


Date: 30 October 2024

The notes on pages 14 to 29 form part of these financial statements.

Page 10

LEADERBOARD GOLF HOLDINGS LIMITED
REGISTERED NUMBER:07757090

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
26,748,881
26,748,881

Current assets
  

Debtors: amounts falling due within one year
 16 
13,348,035
13,281,128

Bank and cash balances
  
12,914
12,528

  
13,360,949
13,293,656

Creditors: amounts falling due within one year
 17 
(31,904,461)
(31,455,340)

Net current liabilities
  
 
 
(18,543,512)
 
 
(18,161,684)

Total assets less current liabilities
  
8,205,369
8,587,197

  

  

Net assets
  
8,205,369
8,587,197


Capital and reserves
  

Called up share capital 
 21 
41,003,102
41,003,102

Profit and loss account
 22 
(32,797,733)
(32,415,905)

  
8,205,369
8,587,197


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


P. Gibbons
D.A.D. Colyer
Director
Director


Date: 30 October 2024


The notes on pages 14 to 29 form part of these financial statements.

Page 11

LEADERBOARD GOLF HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,035,258
710,860

Adjustments for:

Depreciation of tangible assets
464,254
527,470

Loss on disposal of tangible assets
(1,722)
1,493

Government grants
(39,509)
-

Interest paid
6,892
9,266

Taxation charge
(424,973)
68,412

Interest received
(36,568)
(4,818)

Decrease/(increase) in stocks
10,890
(40,962)

Decrease/(increase) in debtors
65,542
(46,397)

(Decrease)/increase in creditors
(52,839)
187,614

Net cash generated from operating activities

1,027,225
1,412,938


Cash flows from investing activities

Purchase of tangible fixed assets
(496,100)
(446,074)

Sale of tangible fixed assets
2,000
854

Government grants received
39,509
-

Interest received
36,568
4,818

HP interest paid
(6,892)
(9,266)

Net cash from investing activities

(424,915)
(449,668)

Cash flows from financing activities

Repayment of finance leases
(58,357)
(67,880)

Loans from/(repaid to) directors
(51,998)
(129,904)

Net cash used in financing activities
(110,355)
(197,784)

Net increase in cash and cash equivalents
491,955
765,486

Cash and cash equivalents at beginning of year
2,232,432
1,466,946

Cash and cash equivalents at the end of year
2,724,387
2,232,432


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,724,387
2,232,432


The notes on pages 14 to 29 form part of these financial statements.

Page 12

LEADERBOARD GOLF HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,232,432

491,955

2,724,387

Debt due within 1 year

(22,021,123)

51,998

(21,969,125)

Finance leases

(220,666)

58,357

(162,309)


(20,009,357)
602,310
(19,407,047)

The notes on pages 14 to 29 form part of these financial statements.

Page 13

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Leaderboard Golf Holdings Limited (the Company) is a limited company domiciled and incorporated in England and Wales.
The address of the Company's registered office is Dale Hill Hotel & Golf Limited, Ticehurst, Wadhurst, East Sussex, TN5 7DQ.
The address of the Company's principal place of business is Sandford Springs, Wolverton, Tadley, Hampshire, RG26 5RT.
The principal activity of the Group continues to be that of providing golf and associated recreational activities.  The Company acts as a holding company for the Group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.
The following principal accounting policies have been applied consistently by all group companies to all periods presented in these consolidated financial statements.

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. All companies within the Group have the same reporting date of 31 December.

 
2.3

Going concern

The parent company has net current liabilities of £18,543,512 (2022: £18,161,684).  The group has net current liabilities of £20,572,165 (2022: £21,531,757).  At the year-end, £21,969,125 (2022: £22,021,123) is owed to a director.  This director, who is also the ultimate controlling party, has confirmed that, whilst the loan is repayable on demand and therefore presented in current liabilities, he will not call in this loan until the company and group have the financial resources to permit it.
Having taken into account all available information about the Group’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the Group is a going concern given the financial support of the director.

Page 14

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, rebates, value added tax and other sales taxes.

Golf membership subscription income is recognised in the income statement in the accounting period in which they relate. Where income relates to future periods it is included in deferred income.  
Joining fees are recognised on their receipt from new members.
Flexi-membership income is recognised when the the member uses the units they have pre-paid to play a round of golf. Units last for a period of 12 months after which they are written off to the income statement. Where  units are unspent (and within the time limit) they are included within deferred income.  
Bar, restaurant, shop and green fee income is recognised at the point of sale. 
Hotel income is recognised once the guest has completed each night's stay.
Deposits taken for future events are held as a creditor and then released to income once the event has occurred. 

Page 15

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

The following abbreviations indicate to which summary group of assets the individual class of assets belong.
 
Land and buildings - L&B
Plant and machinery - P&M
Fixtures and fittings - F&F
 
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Freehold property and course development (L&B)
-
Over 50 years (see below)
Plant and machinery (P&M)
-
Straight line over 3-5 years
Course irrigation (F&F)
-
Straight line over 20 years
Fixtures, fittings and equipment (F&F)
-
Straight line over 5-15 years
Office equipment
-
Straight line over 5 years
Assets under construction
-
Not depreciated whilst under construction

Land is not depreciated.
The assets' residual values, useful lives, and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of income and retained earnings. 
The cost of freehold buildings is depreciated to a residual value of 50% at various annual rates over 50 years; 1% for the first 15 years, 2% for the next 15 years and 2.75% for the final 20 years.

 
2.6

 Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 16

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.7
 Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

 
2.9

 Interest income

Interest income is recognised in the Consolidated statement of income and retained earnings using the effective interest method.

  
2.10

 Foreign currencies

The financial statements are presented in Sterling, which is also the functional currency of the Group. Transactions in currencies, other than the functional currency of the Group, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

  
2.11

 Employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred. The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the Group in an independently administered fund.

 
2.12

 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.

Page 17

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

 Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.14

 Taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.15

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 18

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

 Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.18

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the Consolidated statement of cash flows, cash is shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

 Creditors

Short-term creditors are measured at the transaction price.

 
2.20

 Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Specifically, the value of the investment in subsidiary companies has been reviewed by the directors for indicators of impairment.  They have assessed the carrying value of the investments at the year-end to be  £26,748,881 (2022: £26,748,881), being the cost value which is assessed to be less than the fair value of the investment based on the expected future performance of the subsidiaries.  By their nature, valuations of private companies are subjective, and so these estimations naturally carry some uncertainty.
In addition to this, the cost of freehold buildings and course development is depreciated to a residual value of 50% at variable annual rates over 50 years; 1% for the first 15 years, 2% for the next 15 years and 2.75% for the final 20 years. The net book value at the year end was £32,476,555 (2022: £32,658,424) with a depreciation charge in the year of £180,107 (2022: £175,202). The policy has been reviewed by the directors who consider this to still be appropriate as the building carries a significant residual value. The depreciation policy increases over the 50 years as the longer the property is held, the greater the upkeep cost and therefore, the greater the charge.

Page 19

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Analysis of turnover

2023
2022 as restated
£
£
Golf subscriptions

1,457,437

1,372,582
 
Green fees and visitor fees

1,514,441

1,429,873
 
Hotel, food and beverage income

8,786,375

8,377,701
 
Shop sales

1,071,638

1,093,939
 
Function room hire

207,452

194,103
 
Other service income

467,645

439,080
 
13,504,988

12,907,278
 


5.


Other operating income

2023
2022
£
£

Government grants receivable
39,509
48,789



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
464,254
527,470

Fees payable to the Group's auditor and its associates for the audit of the company's annual financial statements
71,450
61,000

Other operating lease rentals
15,976
16,471

Defined contribution pension cost
96,827
81,160


7.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
71,450
61,000

Page 20

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,600,097
5,057,117
275,410
260,258

Social security costs
321,818
302,119
6,880
7,061

Cost of defined contribution scheme
96,827
81,160
2,983
1,983

6,018,742
5,440,396
285,273
269,302


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Restaurants and bars
107
106
-
-



Pro-shops
13
13
-
-



Greenkeeping
40
38
-
-



Service
10
18
-
-



Administration
20
21
1
1



Hotels
54
48
-
-



Fitness Centres
7
6
-
-



Directors
4
4
4
4

255
254
5
5


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
198,659
190,609

Company contributions to defined contribution pension schemes
2,983
1,983

201,642
192,592


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

Page 21

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
6,892
9,266


11.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(424,973)
68,412

Total deferred tax
(424,973)
68,412


Taxation on (loss)/profit on ordinary activities
(424,973)
68,412

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
610,285
779,272


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
143,539
148,062

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
37,705
67,373

Utilisation of tax losses
(424,973)
(96,345)

Movements in deferred tax not recognised
(192,648)
(50,678)

Effect of change in tax rate
11,404
-

Total tax charge for the year
(424,973)
68,412

From 1 April 2023, the standard rate of corporation tax in the UK has increased to 25%.


Factors that may affect future tax charges

Page 22

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)

The group of companies has estimated tax losses carried forward of £13,730,653 (Restated 2022: £14,494,906), to utilise against future trading profits. In addition to these trading losses, the group of companies has estimated capital losses of £2,934,304 (2022: £2,934,304) to carry forward against future capital gains.
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill No.2 2021
(on 24 May 2021). These include an increase in the corporation tax rate from 19% to 25% with effect from 1 April 2023. 


12.


Parent company loss for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The loss after tax of the parent Company for the year was £381,828 (2022 - loss £364,371).

Page 23

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
35,629,965
5,131,033
2,900,826
178,922
95,294
43,936,040


Additions
21,968
131,955
340,535
9,012
-
503,470


Disposals
(316,806)
(1,068,780)
-
(1,369)
-
(1,386,955)



At 31 December 2023

35,335,127
4,194,208
3,241,361
186,565
95,294
43,052,555



Depreciation


At 1 January 2023
2,898,775
4,371,457
2,771,535
133,197
35,688
10,210,652


Charge for the year on owned assets
195,121
112,609
78,134
16,289
-
402,153


Charge for the year on financed assets
-
62,101
-
-
-
62,101


Disposals
(316,806)
(1,068,461)
-
(1,369)
-
(1,386,636)



At 31 December 2023

2,777,090
3,477,706
2,849,669
148,117
35,688
9,288,270



Net book value



At 31 December 2023
32,558,037
716,502
391,692
38,448
59,606
33,764,285



At 31 December 2022
32,731,190
759,576
129,291
45,725
59,606
33,725,388

Included in freehold property is freehold land at cost of £8,078,725 (2022: £8,078,725) which is not depreciated.  

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
176,882
242,596

Page 24

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
26,748,881



At 31 December 2023
26,748,881






Net book value



At 31 December 2023
26,748,881



At 31 December 2022
26,748,881


Subsidiary undertakings

The following were subsidiary undertakings of the company:


Name
Registered office
Class of shares
Holding

      Direct subsidiary undertakings:

Leaderboard Golf Courses (Dale Hill) Limited
Property company
Ordinary
100
%

Leaderboard Golf Courses (Oxfordshire) Limited
Property company
Ordinary
100
%

Leaderboard Golf Courses (Sandford Springs) Limited
Property company
Ordinary
100
%

Leaderboard Golf Courses (Anaconda) Limited
Property company
Ordinary
100
%

      Indirect subsidiary undertakings:

Dale Hill Hotel and Golf Limited
Golf course and hotel
Ordinary
100
%

The Oxfordshire Golf Club Limited
Golf course and hotel
Ordinary
100
%

Sandford Springs Limited
Golf course and hotel
Ordinary
100
%







Page 25

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stocks

Group
Group
2023
2022
£
£

Consumables
91,919
94,594

Goods to be sold
175,184
193,104

Greenkeeping and fitness stock
44,496
34,791

311,599
322,489



16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
90,538
72,230
-
-

Amounts owed by group undertakings
-
-
13,324,361
13,260,361

Other debtors
33,377
79,799
5,507
4,284

Prepayments
158,448
195,876
18,167
16,483

Deferred taxation
424,973
-
-
-

707,336
347,905
13,348,035
13,281,128


Amounts due from subsidiaries are unsecured, interest-free and repayable on demand.


17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
415,990
379,404
1,211
1,247

Amounts owed to group undertakings
-
-
9,920,132
9,416,860

Other taxation and social security
322,960
318,842
2,818
2,762

Obligations under finance lease and hire purchase contracts
60,536
65,398
-
-

Other creditors
22,221,697
22,268,201
21,969,125
22,021,123

Accruals and deferred income
1,294,304
1,402,740
11,175
13,348

24,315,487
24,434,585
31,904,461
31,455,340


Amounts due to subsidiaries are unsecured, interest-free and repayable on demand.

Page 26

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
101,773
155,268

Accruals and deferred income
16,725
-

118,498
155,268


Secured creditors
Obligations under hire purchase contracts are secured against the assets on which the hire purchase contracts arise. The aggregate amount of secured debt at the year-end was £162,309 (2022: £220,666).


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
60,536
65,398

Between 1-2 years
56,047
56,247

Between 2-5 years
45,726
99,021

162,309
220,666


20.


Deferred taxation


Group



2023


£






Credited to profit and loss
424,973



At end of year
424,973

Page 27

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
20.Deferred taxation (continued)

The deferred tax asset is made up as follows:

Group
2023
£

Deferred capital allowances
185,408

Tax losses carried forward
239,565

424,973


21.


Share capital

2023
2022
£
£
  Shares classified as equity
 
Allotted, called up and fully paid



41,003,102 (2022 - 41,003,102) Ordinary shares shares of £1.00 each
41,003,102
41,003,102



22.


Reserves

The Group's and Company's reserves are represented by the following:

Profit and loss account

The cumulative profit and loss, net of distribution to owners.


23.


Financial commitments and guarantees

A facility exists, dated 06 April 2018, in favour of the company's banker, which gives a cross guarantee to borrowings made by Leaderboard Golf Holdings Limited, Dale Hill Hotel & Golf Limited, Leaderboard Golf Courses (Oxfordshire) Limited, Leaderboard Golf Courses (Sandford Springs)Limited, Leaderboard Golf Courses (Dale Hill) Limited, Leaderboard Golf Courses (Anaconda) Limited, The Oxfordshire Golf Club Limited, Sandford Springs Limited, fellow subsidiary companies. As at the balance sheet date there were no bank borrowings by any of the aforementioned companies.


24.


Capital commitments




At 31 December 2023 the Group  had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
-
17,528

Page 28

LEADERBOARD GOLF HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
79,304
86,855
7,982
11,973

Later than 1 year and not later than 5 years
124,322
196,250
-
7,982

203,626
283,105
7,982
19,955


26.Directors' transactions

During the year, repayments were made to a director totalling £51,998. At the year-end, a balance included within other creditors was due to a director of £21,969,125 (2022: £22,021,123). This loan is interest-free and repayable on demand.


27.


Related party transactions

During the year, remuneration of £54,621 (2022: £51,258) was paid by the Group to key management personnel, other than directors.
During the current and prior year, the land and buildings held by Leaderboard Golf Courses (Sandford Springs) Limited, Leaderboard Golf Courses (Dale Hill) Limited and Leaderboard Golf Courses (Oxfordshire) Limited were used in the trade of their subsidiary companies at no charge.  


28.


Controlling party

The ultimate controlling party is P. Gibbons, by virtue of his 100% shareholding in the Company.

 
Page 29