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Registration number: 05158134

Woldingham Golf Club Limited

Financial Statements

for the Year Ended 30 April 2024

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Woldingham Golf Club Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,883,829

3,865,471

Current assets

 

Stocks

6

49,873

64,282

Debtors

7

873,616

772,314

Cash at bank and in hand

 

500

88,435

 

923,989

925,031

Creditors: Amounts falling due within one year

8

(1,102,492)

(1,493,139)

Net current liabilities

 

(178,503)

(568,108)

Total assets less current liabilities

 

3,705,326

3,297,363

Creditors: Amounts falling due after more than one year

8

(18,926)

(42,272)

Provisions for liabilities

(46,233)

(35,520)

Net assets

 

3,640,167

3,219,571

Capital and reserves

 

Called up share capital

1

1

Retained earnings

3,640,166

3,219,570

Shareholders' funds

 

3,640,167

3,219,571

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 12 January 2025 and signed on its behalf by:
 

.........................................
Mr S Hodsdon
Director

.........................................
Mr R O Noades
Director

 
     

Company registration number: 05158134

 

Woldingham Golf Club Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Streete Court
Rooks Nest Park
Godstone
Surrey
RH9 8BY

The principal activity of the company is that of the management of a golf club and events venue.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 January 2025 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 30 April 2024 and had net assets at that date of £3,640,167.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

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 from green fees and other golfing and ancillary income is recognised on the date of the service or supply.Turnover is shown net of sales/value added tax, rebates and discounts. Membership fees are recognised as turnover evenly over the period of membership.

 

Woldingham Golf Club Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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 assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Furniture, fixtures and fittings

25% straight line

Freehold buildings

2% straight line

Freehold buildings are depreciated over their economic useful life based on original cost less estimated residual value. The estimated residual value is such that no material annual depreciation charge arises.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Woldingham Golf Club Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Finance leases and hire purchase

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4

Staff numbers

The average number of persons employed by the company during the year was 45 (2023 - 47).

 

Woldingham Golf Club Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Freehold land and buildings
£

Furniture, fixtures and fittings
£

Plant and equipment
£

Total
£

Cost

At 1 May 2023

3,675,861

163,188

456,673

4,295,722

Additions

-

26,874

60,680

87,554

At 30 April 2024

3,675,861

190,062

517,353

4,383,276

Depreciation

At 1 May 2023

-

133,232

297,019

430,251

Charge for the year

-

9,939

59,257

69,196

At 30 April 2024

-

143,171

356,276

499,447

Carrying amount

At 30 April 2024

3,675,861

46,891

161,077

3,883,829

At 30 April 2023

3,675,861

29,956

159,654

3,865,471

6

Stocks

2024
£

2023
£

Stock

49,873

64,282

 

Woldingham Golf Club Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Debtors

2024
£

2023
£

Trade debtors

9,846

25,178

Amounts owed by group undertakings

820,145

698,989

Other debtors

43,625

48,147

873,616

772,314

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

9

29,132

19,221

Trade creditors

 

124,824

90,002

Amounts owed to group undertakings

 

733,493

1,159,496

Taxation and social security

 

37,949

42,490

Other creditors

 

177,094

181,930

 

1,102,492

1,493,139

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

11,164

32,343

Other non-current financial liabilities

 

7,762

9,929

 

18,926

42,272

 

Woldingham Golf Club Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

9,110

-

Hire purchase obligations

20,022

19,221

29,132

19,221

Non-current loans and borrowings

2024
£

2023
£

Hire purchase obligations

11,164

32,343

Hire purchase obligations are secured on the assets involved.

10

Related party disclosures

Exemption has been taken under FRS 102 Paragraph 1AC.35, not to disclose transactions or amounts falling due with companies that are wholly owned within the group.

11

Contingencies and guarantees

The company has guaranteed the group's bank loan and overdraft facilities. The amount outstanding at 30 April 2024 amounted to £5,943,721 The guarantee is secured by a fixed and floating charge over the assets and undertakings of the company. No liability is expected to arise from this guarantee.

12

Relationship between entity and parents

The parent of the smallest group preparing group accounts including the results of the company is headed by Altonwood Holdings Limited.

The registered address of Altonwood Holdings Limited is Streete Court, Rooks Nest Park, Godstone, Surrey, RH9 8BY.