Westerham Golf Club Limited 02727815 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of the management of a golf club and events venue. Digita Accounts Production Advanced 6.30.9574.0 true true true false true 02727815 2023-05-01 2024-04-30 02727815 2024-04-30 02727815 bus:OrdinaryShareClass1 2024-04-30 02727815 bus:Consolidated 2024-04-30 02727815 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02727815 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 02727815 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-04-30 02727815 core:CurrentFinancialInstruments 2024-04-30 02727815 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 02727815 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 02727815 core:FurnitureFittingsToolsEquipment 2024-04-30 02727815 core:LandBuildings 2024-04-30 02727815 core:OtherPropertyPlantEquipment 2024-04-30 02727815 core:DeferredTaxation 2024-04-30 02727815 bus:FRS102 2023-05-01 2024-04-30 02727815 bus:Audited 2023-05-01 2024-04-30 02727815 bus:FullAccounts 2023-05-01 2024-04-30 02727815 bus:RegisteredOffice 2023-05-01 2024-04-30 02727815 bus:Director1 2023-05-01 2024-04-30 02727815 bus:Director2 2023-05-01 2024-04-30 02727815 bus:Director3 2023-05-01 2024-04-30 02727815 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 02727815 bus:Consolidated 2023-05-01 2024-04-30 02727815 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02727815 core:FurnitureFittings 2023-05-01 2024-04-30 02727815 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 02727815 core:LandBuildings 2023-05-01 2024-04-30 02727815 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 02727815 core:PlantMachinery 2023-05-01 2024-04-30 02727815 core:DeferredTaxation 2023-05-01 2024-04-30 02727815 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-01 2024-04-30 02727815 core:UKTax 2023-05-01 2024-04-30 02727815 1 2023-05-01 2024-04-30 02727815 1 2023-05-01 2024-04-30 02727815 countries:EnglandWales 2023-05-01 2024-04-30 02727815 2023-04-30 02727815 core:FurnitureFittingsToolsEquipment 2023-04-30 02727815 core:LandBuildings 2023-04-30 02727815 core:OtherPropertyPlantEquipment 2023-04-30 02727815 core:DeferredTaxation 2023-04-30 02727815 2022-05-01 2023-04-30 02727815 2023-04-30 02727815 bus:OrdinaryShareClass1 2023-04-30 02727815 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02727815 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 02727815 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 02727815 core:CurrentFinancialInstruments 2023-04-30 02727815 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 02727815 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 02727815 core:FurnitureFittingsToolsEquipment 2023-04-30 02727815 core:LandBuildings 2023-04-30 02727815 core:OtherPropertyPlantEquipment 2023-04-30 02727815 core:PreviouslyStatedAmount 2022-05-01 2023-04-30 02727815 core:UKTax 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02727815

Westerham Golf Club Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

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

 

Westerham Golf Club Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Statement of Income and Retained Earnings

11

Statement of Financial Position

12

Notes to the Financial Statements

13 to 22

 

Westerham Golf Club Limited

Company Information

Directors

Mr S Hodsdon

Mr R O Noades

Mrs N L Nugee

Registered office

Streete Court
Rooks Nest Park
Godstone
Surrey
RH9 8BY

Auditor

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

 

Westerham Golf Club Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

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

The company is home to a unique golfing venue in the heart of Kent. Born out of the great storm of 1987, Westerham Golf Club opened 10 years later. Encompassing established forestry and offering stunning views over the undulating Kent North Downs, Westerham is a superb par 72 course in excess of 6,000 yards and built to a high standard with USGA specification greens and full irrigation throughout, allowing play 12 months of the year.

Westerham’s first class practice facilities include an indoor training area, short game practice area and 10 acre driving range, supported by the fantastic Churchill 9 hole academy course. Overlooking the 9th and 18th greens, the Club’s impressive, contemporary clubhouse, offers excellent facilities and exceptional cuisine, backed by first class service, making it the perfect venue for any event from weddings and celebrations to societies and corporate days.

Fair review of the business

The profit after tax for the year was £794,896 (2023: £749,557). Net assets increased in the year to £12,985,942 (2023: £12,191,046).

Turnover grew yet again, from £3,057,991 in 2023 to £3,413,006 in 2024, an increase of more than 10%. Both catering and golf income streams increased and the directors are anticipating further growth in 2025. Westerham continues to be one of the busiest golf clubs in Kent and the directors pride themselves on the excellent reputation of the club within its market place and the continuing support and development it offers to members.

The gross profit margin has remained consistent at around 66% as the directors continue to carefully monitor and control operating costs. The company incurred expenditure of nearly £450,000 in carrying out extensive course maintenance works during the year, the objective being to ensure that members continue to receive an extremely high quality experience and service from the club.

Overall, 2024 has been another very successful year for the company, with increased turnover and profit. The directors are pleased with how the business strengthened in recent years and are confident that future financial performance will remain strong as Westerham Golf Club continues to be recognised as one of Kent's most popular wedding venues.

The directors expect the principal activity of the company for the year ending 30 April 2025 to remain the same.

Key Performance Indicators

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£000

3,413

3,058

Percentage Change

%

11

11

Gross Profit

£000

2,259

2,044

Gross Profit Margin

%

66

67

Non-Financial Key Performance Indicators

The company seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of reasonable business practice is essential for operational excellence which in turn ensures the delivery of its core objective of sustained profitability.

In a company of this size the directors consider there are collectively numerous non-financial performance indicators but that individually none are key.

 

Westerham Golf Club Limited

Strategic Report for the Year Ended 30 April 2024

Operational Risk

Operational risk is caused by failures in business processes or the systems or physical infrastructures that support them that have potential to result in financial loss or reputation damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud.

The directors impose continuing self assessment and appraisals along with continually seeking to improve its operating efficiencies and standards.

Credit Risk

Credit risk is the risk that counter-parties will not be able to meet their obligations as they fall due. The company closely monitors outstanding debts from all sources resulting in minimal exposure.

Liquidity Risk

The company ensures that liquidity is maintained and financial obligations are met by monitoring the cash balances daily to ensure it retains flexibility in the management of cash flow. In the event that cash flows would not cover financial obligations the company has credit facilities available.

Market Risk

Golf-related income is a discretionary spend and the directors are aware that the business may have some exposure to the current climate and its impact on consumer spending. However the directors note that Golf was able to continue and abide by Government restrictions and therefore has not been overly affected by market risk. The directors feel their reputation and location ensure it is not exposed to significant market risk.

Foreign Currency Risk

As the company only deals in sterling it is not exposed to foreign currency risk.

Interest Rate Risk

The company is exposed to interest rate risk as its own funds are held on deposit. Interest rates are regularly monitored by the directors. The directors ensure that sufficient resources are available so obligations can be met when they fall due.

 

Westerham Golf Club Limited

Strategic Report for the Year Ended 30 April 2024

Risk Summary

The directors continuously monitor and respond to changes in the company's risk environment and this has been subject to regular and heightened review processes during Covid-19, so ensuring that the company remains well placed to address operational, reputational, financial and business risks in a timely and appropriate manner.

Future developments

The directors have ensured that there are appropriate cash and cost management measures to provide suitable working capital facilities at Group level. The company has prepared projected cashflows and budgets that cover the period to 30 April 2025 to ensure there is sufficient working capital for the foreseeable future.

Based on the information available and the company’s current trading performance the directors continue to look for ways in which to invest in new products, services and its facilities, to ensure the club maintains its reputation as a renowned golf club. The two-storey extension to the clubhouse that was completed in 2021 offers private dining facilities and state-of-the-art AV equipment to show live sporting events. The Eleanor suite on the first floor provides the ideal setting for ceremonies or receptions and offers stunning views over the lakes and golf course beyond.

The directors continue to develop their knowledge and experience, with a focus is placed on staff training and welfare whilst also ensuring a better understanding to meet the needs of each individual member and customer.

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

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

 

Westerham Golf Club Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr S Hodsdon

Mr R O Noades

Mrs N L Nugee

Dividends

The directors do not recommend the payment of a final dividend. No interim dividends have been paid in the year.

Directors' liabilities

The company maintains Directors' and Officers' liability insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Disclosure of information in the strategic report

The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.

Approved by the director on 12 January 2025 and signed by:



 

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

 

Westerham Golf Club Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Westerham Golf Club Limited

Independent Auditor's Report to the Members of Westerham Golf Club Limited
for the Year Ended 30 April 2024

Opinion

We have audited the financial statements of Westerham Golf Club Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 30 April 2024 and of its 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Westerham Golf Club Limited

Independent Auditor's Report to the Members of Westerham Golf Club Limited
for the Year Ended 30 April 2024

Opinions 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 Statement of Directors' Responsibilities (set out on page 6), 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s 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 financial statements.

 

Westerham Golf Club Limited

Independent Auditor's Report to the Members of Westerham Golf Club Limited
for the Year Ended 30 April 2024

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:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws and health and safety legislation, data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

 

Westerham Golf Club Limited

Independent Auditor's Report to the Members of Westerham Golf Club Limited
for the Year Ended 30 April 2024

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 2006. Our 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 auditor’s 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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

20 January 2025

 

Westerham Golf Club Limited

Statement of Income and Retained Earnings for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

3,413,006

3,057,991

Cost of sales

 

(1,154,101)

(1,013,904)

Gross profit

 

2,258,905

2,044,087

Administrative expenses

 

(1,323,220)

(1,117,709)

Operating profit

4

935,685

926,378

Interest payable and similar charges

5

(2,396)

(768)

 

(2,396)

(768)

Profit before tax

 

933,289

925,610

Taxation

8

(138,393)

(176,053)

Profit for the financial year

 

794,896

749,557

Retained earnings brought forward

 

12,190,046

11,440,489

Retained earnings carried forward

 

12,984,942

12,190,046

 

Westerham Golf Club Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

9

7,580,777

7,562,119

Current assets

 

Stocks

10

81,243

98,951

Debtors

11

6,839,305

5,936,953

Cash at bank and in hand

 

34,916

33,709

 

6,955,464

6,069,613

Creditors: Amounts falling due within one year

13

(1,464,736)

(1,377,465)

Net current assets

 

5,490,728

4,692,148

Total assets less current liabilities

 

13,071,505

12,254,267

Creditors: Amounts falling due after more than one year

13

(67,357)

(54,698)

Provisions for liabilities

15

(18,206)

(8,523)

Net assets

 

12,985,942

12,191,046

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

12,984,942

12,190,046

Shareholders' funds

 

12,985,942

12,191,046

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: 02727815

 

Westerham 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.

The principal place of business is:
Valence Park
Brasted Road
Westerham
Kent
TN16 1QN

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Altonwood Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.
(b) No disclosure has been given for the aggregate remuneration of key management personnel.

Going concern

The company made a profit for the year ended 30 April 2024 and had net assets at that date of £12,985,942.

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.

 

Westerham Golf Club Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities.

Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The company exercises judgement to determine these useful lives and residual values.

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.

Membership fees are recognised as income evenly across the period of membership. Turnover from green fees and other golfing related income is recognised on the date of the service or supply.

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

10 - 20% straight line

Fixtures and fittings

25% straight line

 

Westerham Golf Club Limited

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

Freehold Buildings

2% straight line

Freehold buildings are depreciated over their economic useful life based upon 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.

Finance leases

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.

 

Westerham Golf Club Limited

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

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.

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.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Rendering of services

3,413,006

3,057,991

The turnover is attributable to the principal activity of the company undertaken in the United Kingdom.

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

98,820

128,454

Loss on disposal of property, plant and equipment

416

-

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

1,246

-

Interest on obligations under finance leases and hire purchase contracts

1,150

768

2,396

768

 

Westerham Golf Club Limited

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

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

833,491

747,844

Social security costs

67,938

59,627

Pension costs, defined contribution scheme

14,637

13,505

Other employee expense

9,986

7,286

926,052

828,262

The average number of persons employed by the company during the year, analysed by category was as follows:

2024
No.

2023
No.

Catering

39

49

Administration and support

5

5

Golf

18

15

62

69

7

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

7,500

7,000

Other fees to auditors

All other compliance services

2,000

2,000


 

8

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

128,710

186,052

Deferred taxation

Arising from origination and reversal of timing differences

9,683

(9,999)

Tax expense in the income statement

138,393

176,053

 

Westerham Golf Club Limited

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

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19.4%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

933,289

925,610

Corporation tax at standard rate

233,322

180,431

Decrease in current tax from research and development relief

(94,964)

-

Tax decrease from effect of capital allowances and depreciation

-

(4,434)

Tax increase from other tax effects

35

-

Total tax charge

138,393

175,997


The deferred tax movements have been measured using the enacted rate of 25% (2023: 25%).

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

18,206

18,206

2023

Liability
£

Accelerated capital allowances

8,523

8,523

 

Westerham Golf Club Limited

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

9

Tangible assets

Freehold Land and buildings
£

Furniture, fixtures and fittings
£

Plant and Machinery
£

Total
£

Cost or valuation

At 1 May 2023

7,369,705

279,855

855,837

8,505,397

Additions

-

45,657

78,737

124,394

Disposals

-

-

(10,640)

(10,640)

At 30 April 2024

7,369,705

325,512

923,934

8,619,151

Depreciation

At 1 May 2023

-

234,677

708,601

943,278

Charge for the year

-

18,256

80,564

98,820

Eliminated on disposal

-

-

(3,724)

(3,724)

At 30 April 2024

-

252,933

785,441

1,038,374

Carrying amount

At 30 April 2024

7,369,705

72,579

138,493

7,580,777

At 30 April 2023

7,369,705

45,178

147,236

7,562,119

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and machinery

35,977

36,153

   

10

Stocks

2024
£

2023
£

Other inventories

81,243

98,951

 

Westerham Golf Club Limited

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

11

Debtors

2024
 £

2023
 £

Trade debtors

39,142

39,499

Amounts owed by group undertakings

6,660,007

5,851,833

Prepayments

45,192

40,608

Corporation tax asset

94,964

5,013

Total current trade and other debtors

6,839,305

5,936,953

Amounts owed by group undertakings are interest free, unsecured and payable on demand.

12

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

2,250

2,250

Cash at bank

32,666

31,459

34,916

33,709

13

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

14

17,560

16,422

Trade creditors

 

125,966

133,684

Amounts due to group undertakings

 

550,136

520,578

Social security and other taxes

 

115,885

119,720

Other payables

 

2,951

3,583

Accrued expenses

 

652,238

583,478

 

1,464,736

1,377,465

Due after one year

 

Loans and borrowings

14

14,968

13,933

Other non-current financial liabilities

 

52,389

40,765

 

67,357

54,698

Amounts due to group undertakings are interest free, unsecured and repayable on demand.

 

Westerham Golf Club Limited

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

14

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase obligations

14,968

13,933


 

2024
£

2023
£

Current loans and borrowings

Hire purchase obligations

17,560

16,422

Hire purchase and finance lease liabilities are secured on the assets involved.

15

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 May 2023

8,523

8,523

Increase (decrease) in existing provisions

9,683

9,683

At 30 April 2024

18,206

18,206

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £14,637 (2023 - £13,504).

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

There are no restrictions on the distribution of dividends or the repayment of capital

 

Westerham Golf Club Limited

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

18

Commitments, guarantes and Contingencies

The company has jointly guaranteed the group's bank loan and overdraft facilities. The amount outstanding at 30 April 2024 amounted to £6,536,969 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.

19

Related party transactions

Exemption has been taken under FRS 102 Paragraph 33 1A, not to disclose transactions or amounts falling due with companies that are wholly owned within the group.

20

Relationship with group undertakings

The company's immediate and ultimate parent undertaking is Altonwood Holdings Limited.

The part of the smallest and largest group preparing group accounts is Altonwood Holdings Limited. The registered address of Altonwood Holdings Limited is Streete Court, Rooks Nest Park, Godstone, Surrey, RH9 8BY.

Ultimate control vests with the Trustees of the Ron Noades Childrens Trust and Ron Noades Trust for his Wife Novello.

21

Non adjusting events after the financial period

Subsequent to the 30 April 2024 the company declared and paid a dividend of £2,000,000.