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Registration number: 05830601

The Addington Golf Club Limited

Financial Statements

for the Year Ended 30 April 2024

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

 

The Addington Golf Club Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

9,137,986

8,822,494

Investment property

6

1,285,000

1,100,000

 

10,422,986

9,922,494

Current assets

 

Stocks

7

72,249

80,871

Debtors

8

1,741,443

1,617,652

Cash at bank and in hand

 

250

250

 

1,813,942

1,698,773

Creditors: Amounts falling due within one year

9

(8,449,372)

(7,843,505)

Net current liabilities

 

(6,635,430)

(6,144,732)

Total assets less current liabilities

 

3,787,556

3,777,762

Creditors: Amounts falling due after more than one year

9

(577,246)

(610,773)

Provisions for liabilities

(305,480)

(262,376)

Net assets

 

2,904,830

2,904,613

Capital and reserves

 

Called up share capital

1

1

Retained earnings

2,904,829

2,904,612

Shareholders' funds

 

2,904,830

2,904,613

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 11 January 2025 and signed on its behalf by:
 

.........................................

Mr R O Noades

Director

Company registration number: 05830601

 

The Addington 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 property management.

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 loss for the year ended 30 April 2024 but had net assets at that date of £2,904,830.

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, together with the rental income receivable in respect of the investment property. Turnover is shown net of sales value added tax, rebates and discounts.

Membership fees are recognised as turnover evenly over the period of membership. Turnover from green fees and other golf related income is recognised on the date of the service or supply. Rental income from the investment properties is recognised evenly over the period of the lease or license.

 

The Addington Golf Club Limited

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

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in other income in the same period as the related expenditure.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

The Addington Golf Club Limited

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

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.

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.

 

The Addington 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.

4

Staff numbers

The average number of persons employed by the company during the year was 40 (2023 - 39).

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost

At 1 May 2023

7,766,137

206,474

19,995

1,505,464

9,498,070

Additions

365,039

4,544

11,403

113,216

494,202

Disposals

-

-

(19,995)

(23,799)

(43,794)

At 30 April 2024

8,131,176

211,018

11,403

1,594,881

9,948,478

Depreciation

At 1 May 2023

-

165,617

3,999

505,960

675,576

Charge for the year

-

13,992

3,856

146,789

164,637

Eliminated on disposal

-

-

(7,665)

(22,056)

(29,721)

At 30 April 2024

-

179,609

190

630,693

810,492

Carrying amount

At 30 April 2024

8,131,176

31,409

11,213

964,188

9,137,986

At 30 April 2023

7,766,137

40,857

15,996

999,504

8,822,494

6

Investment properties

Fair value

2024
£

At 1 May 2023

1,100,000

Fair value adjustments

185,000

At 30 April 2024

1,285,000

The investment properties are included at fair value at 30 April 2024 as estimated by the directors, one of whom is a qualified chartered surveyor, at an amount of £1,285,000.

 

The Addington Golf Club Limited

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

7

Stocks

2024
£

2023
£

Stock

72,249

80,871

8

Debtors

2024
£

2023
£

Trade debtors

173,225

101,146

Amounts owed by group undertakings

1,512,327

1,449,934

Other debtors

55,891

66,572

1,741,443

1,617,652

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

10

159,451

289,654

Trade creditors

 

120,734

232,986

Amounts owed to group undertakings

 

7,970,291

7,166,595

Taxation and social security

 

20,839

10,524

Other creditors

 

178,057

143,746

 

8,449,372

7,843,505

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

10

577,246

610,773

 

The Addington Golf Club Limited

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

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

41,783

185,160

Hire purchase obligations

117,668

104,494

159,451

289,654


 

2024
£

2023
£

Non-current loans and borrowings

Hire purchase obligations

577,246

610,773

Hire purchase obligations are secured on the assets involved. Bank overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.

11

Contingencies and guarantees

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.

12

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.

13

Reserves

The profit and loss account includes an amount of £169,687 (2023: £30,937) which is not distributable.

14

Relationship between entity and parents

The parent 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.