REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Reigate Hill Golf Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Reigate Hill Golf Limited |
Reigate Hill Golf Limited (Registered number: 02880143) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Reigate Hill Golf Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Old Printers Yard |
156 South Street |
Dorking |
Surrey |
RH4 2HF |
BANKERS: |
3 High Street |
Maidstone |
Kent |
ME14 1XU |
Reigate Hill Golf Limited (Registered number: 02880143) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Reigate Hill Golf Limited (Registered number: 02880143) |
Balance Sheet - continued |
31 March 2024 |
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 |
Reigate Hill Golf Limited (Registered number: 02880143) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Reigate Hill Golf Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern basis |
The accounts are prepared under the basis that the company will continue to exist as a going concern. This is dependent on loans from directors and from the trading partnership controlled by the directors and their families. |
Turnover |
Turnover represents net invoiced sales of subscriptions to the Golf Club, green fees and clubhouse takings. Subscription income is matched to the period to which it relates, so subscriptions received in advance of the subscription year are recognised as deferred income. |
Tangible fixed assets |
Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write off each asset over its estimated useful life. The principal annual rates in use are: |
Clubhouse | 2% | on cost |
Road and carpark | 10% | on written down value |
Motor vehicles | 25% | on written down value |
Furniture, fixtures and fittings | 15% | on written down value |
Course, kitchen and office equipment | 25% | on written down value |
Depreciation is not provided on land or on the initial costs of developing the land. Assets are recorded at original cost. |
At each reporting date, assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and an impairment loss is recognised immediately in the income statement. |
Stocks |
Stock is valued at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items. |
Reigate Hill Golf Limited (Registered number: 02880143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Reigate Hill Golf Limited (Registered number: 02880143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Course, |
kitchen |
and | Fixtures |
Freehold | office | and |
property | equipment | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 | 1,606,803 | 78,996 | 311,426 | 1,997,225 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Course, |
kitchen |
and |
office |
equipment |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Reigate Hill Golf Limited (Registered number: 02880143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Goods for resale | 56,325 | 48,412 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Social security and other taxes |
VAT | 66,334 | 63,644 |
Other creditors |
Directors' current accounts | 47,895 | 47,895 |
Deferred income | 399,797 | 412,341 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans 1-2 years |
Bank loans 2-5 years |
Bank loans > 5 years | 1,357 | 7,567 |
Hire purchase contracts (see note 9) |
Directors' loans | 473,666 | 478,666 |
Membership deposits | 531,192 | 531,192 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans > 5 years |
An amount included in Membership Deposits of £531,192 (2023- £531,192) is due in more than five years. |
Reigate Hill Golf Limited (Registered number: 02880143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The bank hold a debenture with a fixed and floating charge over the company assets and a first legal mortgage over the freehold property owned by the company for any monies owed. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 526,000 | 526,000 |
Redeemable preference shares | £1 | 500,000 | 500,000 |
1,026,000 | 1,026,000 |
The preference shares are redeemable at par at any time in whole or in part at the option of the company. On winding up the preference shares rank ahead of the ordinary shares and would be repaid at par. The preference shares carry voting rights of 1 vote for every 25 shares. In all other respects the redeemable preference shares rank pari passu with the ordinary shares. |
Reigate Hill Golf Limited (Registered number: 02880143) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | CONTINGENT LIABILITIES |
The initial membership scheme required all new club members to pay a deposit on joining. The agreement was that this deposit would be repaid to the member on resignation, but only using the replacement funds generated by a replacement member. For commercial reasons this scheme was ended some years ago and new members do not pay a deposit. |
The directors continue to believe that there is no obligation for the company to repay the deposits of resigned members until there are replacement membership deposits received as the initial agreement provided. The full liability of all deposits held is recognised in the balance sheet. |
The directors are mindful of the way in which they can maintain the resources with which to run the club and be equitable to the members and ex members who paid deposits. |
A full review of all paperwork relating to the original deposits received has been conducted in the year ended 31 March 2023 and the liability amended according. |
13. | RELATED PARTY DISCLOSURES |
Loans owed to the directors and their close family total £473,666 at the balance sheet date (2023 - £478,666). No interest has been charged on these loans in the year under review. |
14. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the directors who own 100% of the issued share capital. |