DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
Company Registration Number: 03303570
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024
DIRECTORS
Mrs M F McKenna
Mrs D McKenna-Rhead
SECRETARY
Mrs M F McKenna
REGISTERED OFFICE
C9 Glyme Court Oxford Office Village
Langford Lane,
Kidlington,
Oxford,
OX5 1LQ
COMPANY REGISTRATION NUMBER
03303570 England and Wales
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 879,861 843,482
CURRENT ASSETS
Stock 1,000 3,000
Debtors 6 38,543 37,356
Cash at bank and in hand 405,993 489,457
445,536 529,813
CREDITORS: Amounts falling due within one year 7 393,981 455,691
NET CURRENT ASSETS 51,555 74,122
TOTAL ASSETS LESS CURRENT LIABILITIES 931,416 917,604
CREDITORS: Amounts falling due after more than one year 8 - 7,921
Provisions for liabilities and charges 59,835 43,877
NET ASSETS 871,581 865,806
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 871,481 865,706
SHAREHOLDERS' FUNDS 871,581 865,806
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mrs M F McKenna Mrs D McKenna-Rhead
Director Director
Date approved by the board: 30 January 2025
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1 GENERAL INFORMATION
Drayton Park Golf Course (Abingdon) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court Oxford Office Village Steventon Road
Langford Lane, Drayton
Kidlington, Abingdon
Oxford, Oxon
OX5 1LQ OX14 4LA
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the provision of sports and recreational facilities, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Land and buildings Straight line basis at 2% per annum
Plant and machinery Reducing balance basis at 20% per annum
Fixtures, fittings and equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 33% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 8 8
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
5 TANGIBLE ASSETS
Land and buildings Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2023 1,383,727 389,310 84,811 1,663 1,859,511
Additions - 87,546 20,992 - 108,538
Disposals - - (13,322) - (13,322)
At 30 April 2024 1,383,727 476,856 92,481 1,663 1,954,727
Accumulated depreciation
At 1 May 2023 702,632 237,638 74,202 1,557 1,016,029
Charge for year 27,675 40,611 3,229 35 71,550
Disposals - - (12,713) - (12,713)
At 30 April 2024 730,307 278,249 64,718 1,592 1,074,866
Net book value
At 1 May 2023 681,095 151,672 10,609 106 843,482
At 30 April 2024 653,420 198,607 27,763 71 879,861
The company does not appear to have a freehold or leasehold interest in the land on which the buildings are
located. The status of this land is therefore subject to legal review. In the meantime, depreciation has been
applied at 2% per annum on cost. The company does however own part of the golf course.
6 DEBTORS
2024 2023
£ £
Trade debtors 14,002 24,273
Prepayments and accrued income 18,454 11,487
Other debtors 6,087 1,596
38,543 37,356
DRAYTON PARK GOLF COURSE (ABINGDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 37,544 29,947
Taxation and social security 21,067 57,899
Redeemable preference shares 205,000 205,000
Hire purchase contracts and finance leases 7,921 15,956
Accruals and deferred income 121,215 145,779
Other creditors 1,234 1,110
393,981 455,691
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts and finance leases - 7,921
The redeemable preference shares have passed their redemption date of 15 November 2014.
9 SECURED DEBTS
The hire purchase contracts and finance leases are secured on the assets concerned.
10 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 7,755 -
In more than one but less than five years 24,556 -
32,311 -
11 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 May 2023 Amounts advanced Amounts repaid Balance at 30 April 2024
£ £ £ £
Mrs M F McKenna 1,193 - - 1,193
This advance is interest free and repayable on demand.
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