Company registration number 07935256 (England and Wales)
CENTURION GOLF PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CENTURION GOLF PLC
COMPANY INFORMATION
Directors
Mr J S Evans
Mr A Hendriks
Secretary
Mr M Duffy
Company number
07935256
Registered office
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Auditor
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Business address
Centurion Club
Hemel Hempstead Road
Hemel Hempstead
HP3 8LA
Solicitors
Kidd Rapinet LLP
392 Edinburgh Avenue
Slough Trading Estate
Slough
Berkshire
United Kingdom
SL1 4UF
CENTURION GOLF PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
Detailed profit and loss account
CENTURION GOLF PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of Business
On 1 July 2023, the Club celebrated its 10-year anniversary, a milestone year which again saw the Club host Liv Golf and Aramco Team Series events with some of the biggest names in world golf, including Brooks Keopka, Phil Mickleson, Dustin Johnson amongst others. Both tournaments proved to be a huge success with Cameron Smith and Nelly Korda worthy winners, helping to raise the Club’s profile and show the world class course that the club has to offer
The club has spent considerably on the course and clubhouse facilities, and improvements to drainage and the irrigation system has ensured the course condition was maintained to a high standard throughout the year despite the variable weather conditions.
In terms of membership, the club has continued to attract new members during the year across all levels and management are very pleased with the membership community that is being established and continues to grow. Similarly, the numbers of diners, functions and events , as well as golf played at the course continue to increase year on year which shows the facility is being well utilised by members and guests.
Principle Risks and Uncertainties
In developing the golf facility the company has been dependent on the continued support of related party finance and its shareholders, and this continues to be the case due to the ambitious expansion plan.
Financial key performance indicators
The focus remains on growing club membership, revenue streams and the continued development of a world class facility.
Promoting the success of the company
In accordance with Section 172 of the Companies Act 2006, we, the Board of Directors of Centurion Golf Club Plc, hereby present our statement on how we have considered the interests of our stakeholders in fulfilling our duty to promote the success of the company for the financial year ending 30 April 2024.
Our primary duty is to promote the long-term success of Centurion Golf Plc for the benefit of our members, shareholders, and other stakeholders. To achieve this, we have taken into account various factors, including the following:
Stakeholder engagement:
We actively engage with our stakeholders, including our members, employees, suppliers, local community, and regulatory authorities. We value their input and actively seek feedback through member meetings. This engagement helps us understand their concerns and aspirations and informs our strategic decisions.
Members:
Our members are central to our club's success. We continuously strive to enhance their golfing experience, maintain excellent course conditions, and provide a welcoming and inclusive environment for all.
Employees:
We recognize the vital role our employees play in delivering our services and maintaining the club's operations. We are committed to their well-being, professional development, and job satisfaction. A motivated and skilled workforce is essential to our success.
Suppliers:
We work closely with our suppliers to ensure the timely delivery of quality products and services. Building strong, mutually beneficial relationships with our suppliers is crucial to maintaining the high standards expected by our members.
CENTURION GOLF PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Local Community:
Centurion Golf Plc acknowledges its responsibility to the local community. We aim to be a good neighbour, contributing positively to the community through various initiatives such as charity events, open days, and environmental conservation efforts.
Environmental and Social Impact:
Centurion Golf Plc is committed to reducing its environmental footprint and promoting sustainability. We regularly assess our operations and practices to minimize their impact on the environment and support social causes.
Long-Term Sustainability:
Our strategic decisions are guided by the long-term sustainability of the club. We consider the financial implications, investment needs, and potential risks associated with each decision, ensuring that they align with our mission and values.
In conclusion, we, the Board of Directors, believe that by considering the interests of our stakeholders, actively engaging with them, and promoting responsible and sustainable practices, we are fulfilling our duty under Section 172 of the Companies Act 2006. Our commitment to promoting the success of Centurion Golf Plc remains unwavering, and we will continue to adapt and evolve to meet the changing needs and expectations of our stakeholders.
Mr J S Evans
Director
30 January 2025
CENTURION GOLF PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company in the year under review was that of a private members golf club.
Results and dividends
The loss for the year, after taxation, amounted to £210,117 (2023: loss £244,538).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J S Evans
Mr A Hendriks
Financial instruments
The company only enters into basic financial instruments. These are monitored by the management company.
Auditor
The auditors, Kirk Rice LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
CENTURION GOLF PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Engagement with suppliers, customers and others
The directors have given regard in respect of the need to foster business relationships with suppliers, customers and others, including its effect on the principal decision's taken during the year.
On behalf of the board
Mr J S Evans
Director
30 January 2025
CENTURION GOLF PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CENTURION GOLF PLC
- 5 -
Opinion
We have audited the financial statements of Centurion Golf Plc (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 loss 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.
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 directors' 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 financial statements are 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CENTURION GOLF PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CENTURION GOLF PLC
- 6 -
Matters on which we are required to report by exception
In the light of the 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 or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 directors' responsibilities statement, 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.
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 out procedures are capable of detecting irregularities, including fraud is detailed below:
Our audit approach was developed by obtaining an understanding of the company’s activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the company’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006 and FRS 102.
We designed audit procedures to respond to the risk, recognising that 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 by, for example, forgery, misrepresentations or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the company financial statements. Our tests included, but were not limited to:
CENTURION GOLF PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CENTURION GOLF PLC
- 7 -
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
David Forinton
Senior Statutory Auditor
For and on behalf of Kirk Rice LLP
31 January 2025
Statutory Auditor
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
CENTURION GOLF PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
5,428,852
4,365,368
Cost of sales
(2,101,484)
(2,073,345)
Gross profit
3,327,368
2,292,023
Administrative expenses
(3,286,817)
(2,682,083)
Other operating income
24,993
98,000
Operating profit/(loss)
4
65,544
(292,060)
Interest payable and similar expenses
8
(64,713)
(9,639)
Profit/(loss) before taxation
831
(301,699)
Tax on profit/(loss)
9
(210,948)
57,161
Loss for the financial year
(210,117)
(244,538)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CENTURION GOLF PLC
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
10
7,379,501
6,901,008
Current assets
Stocks
11
95,402
83,312
Debtors
12
2,660,137
2,222,716
Cash at bank and in hand
81,760
14,527
2,837,299
2,320,555
Creditors: amounts falling due within one year
13
(3,329,748)
(2,817,773)
Net current liabilities
(492,449)
(497,218)
Total assets less current liabilities
6,887,052
6,403,790
Creditors: amounts falling due after more than one year
14
(497,027)
(378,648)
Net assets
6,390,025
6,025,142
Capital and reserves
Called up share capital
18
75,500
74,600
Share premium account
9,191,500
8,617,400
Profit and loss reserves
(2,876,975)
(2,666,858)
Total equity
6,390,025
6,025,142
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr J S Evans
Director
Company registration number 07935256 (England and Wales)
CENTURION GOLF PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
72,800
7,499,200
(2,422,320)
5,149,680
Year ended 30 April 2023:
Loss and total comprehensive income
-
-
(244,538)
(244,538)
Issue of share capital
18
1,800
1,118,200
-
1,120,000
Balance at 30 April 2023
74,600
8,617,400
(2,666,858)
6,025,142
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
(210,117)
(210,117)
Issue of share capital
18
900
574,100
-
575,000
Balance at 30 April 2024
75,500
9,191,500
(2,876,975)
6,390,025
CENTURION GOLF PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
167,188
(206,944)
Interest paid
(64,713)
(9,639)
Net cash inflow/(outflow) from operating activities
102,475
(216,583)
Investing activities
Purchase of tangible fixed assets
(898,568)
(1,453,230)
Proceeds from disposal of tangible fixed assets
103,361
Net cash used in investing activities
(795,207)
(1,453,230)
Financing activities
Proceeds from issue of shares
575,000
1,120,000
Payment of finance leases obligations
184,965
186,339
Net cash generated from financing activities
759,965
1,306,339
Net increase/(decrease) in cash and cash equivalents
67,233
(363,474)
Cash and cash equivalents at beginning of year
14,527
378,001
Cash and cash equivalents at end of year
81,760
14,527
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information
Centurion Golf Plc is a public company limited by shares incorporated in England and Wales. The registered office is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Life membership fees payable upon acceptance as a Senate member and shareholder are deferred and written to income over 7 years in line with membership policy for B Ordinary shares, this deferral has since been discounted for C Ordinary life membership fees. Fair value adjustment is made where management consider it material.
Other membership fees and subscriptions are recognised over the period in which they relate.
Green fees, Restaurant sales, Bar sales and all other income is recognised at point of sale. It has been noted that a proportion of green fees revenue have been over-deferred for a number of periods, and as such have been released to the profit or loss in the current.
Tournament and Course Income is received from sponsors on a period basis, depending on both the timing of the tournaments and the agreements in place with the sponsors. In the previous year, tournament and course income were shown under sundry income. However, as these streams of income are deemed to relate directly to the tournaments held at the club, they have been re-classified as turnover for the current year and the comparative figures have been updated for consistency. This is not deemed to be a significant change as still reflected within the entity’s income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
As stated below
Plant and equipment
10% on cost and 4% on cost and over the life of the lease
Fixtures and fittings
10% on cost
Computer equipment
33% on cost
Motor vehicles
33% on cost
Course construction
As stated below
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Leasehold improvements and course construction costs relate to costs incurred to bring the golf course to the state in which it is capable of being operated as a golf course. The costs are improvements to the leasehold land asset and are therefore not depreciated as the land has been determined to have an unlimited useful life.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Stock items comprise of course materials, bar and food items, pro shop items and promotional materials held. All items are valued using the average cost of goods held.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period in which it relates.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
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 of the lease term, whichever is 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.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.12
Significant judgements and estimates
Management make estimates and assumptions concerning the future. The resulting accounting estimates and judgements by definition, seldom equal the related actual results.
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
2
Judgements and key sources of estimation uncertainty
In preparing these financial statements management have given consideration to amounts classified as assets and liabilities greater than one year.
Trade creditors shown as being due greater than one year are not subject to formal terms. These other creditors have been classified as being payable as greater than one year on the basis that repayment will not occur until sufficient trading funds have been accumulated within the business. No provision has been made for discounting this liability under FRS 102 financial instruments.
A deferred tax asset has been provided on the basis that tax losses are expected to be fully recoverable once the club facility is fully developed.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Membership fees
1,287,358
1,308,114
Green fees
1,152,488
662,750
Bar and food sales
1,897,395
1,510,901
Shop sales
185,682
185,914
Equipment hire
55,929
54,789
Tournament income
350,000
342,900
Course income
500,000
300,000
5,428,852
4,365,368
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,428,852
4,365,368
4
Operating profit/(loss)
Restated
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
345,704
273,796
Profit on disposal of tangible fixed assets
(28,990)
-
Operating lease charges
491,193
447,245
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,225
26,578
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
Administration
8
8
Golf operations and golf course maintenance
26
23
Clubhouse
43
41
Total
79
74
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,959,387
1,693,524
Social security costs
162,770
166,144
Pension costs
35,381
37,286
2,157,538
1,896,954
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
151,529
38,029
8
Interest payable and similar expenses
Restated
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,877
4,085
Other finance costs:
Interest on finance leases and hire purchase contracts
47,836
5,554
64,713
9,639
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
210,948
(57,161)
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 18 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
Restated
2024
2023
£
£
Profit/(loss) before taxation
831
(301,699)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
208
(57,323)
Tax effect of expenses that are not deductible in determining taxable profit
4,021
6,219
Unutilised tax losses carried forward
(45,334)
203,516
Permanent capital allowances in excess of depreciation
41,105
(152,412)
Other non-reversing timing differences
210,948
(57,161)
Taxation charge/(credit) for the year
210,948
(57,161)
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Course construction
Total
£
£
£
£
£
£
£
Cost
At 1 May 2023
606,290
1,409,370
1,030,227
27,765
4,846,434
7,920,086
Additions
47,919
369,921
14,445
15,000
451,283
898,568
Disposals
(50,957)
(11,150)
(12,264)
(74,371)
At 30 April 2024
603,252
1,768,141
1,044,672
27,765
15,000
5,285,453
8,744,283
Depreciation and impairment
At 1 May 2023
593,760
397,553
27,765
1,019,078
Depreciation charged in the year
240,886
99,818
5,000
345,704
At 30 April 2024
834,646
497,371
27,765
5,000
1,364,782
Carrying amount
At 30 April 2024
603,252
933,495
547,301
10,000
5,285,453
7,379,501
At 30 April 2023
606,290
815,610
632,674
4,846,434
6,901,008
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Restated
2024
2023
£
£
Plant and equipment
713,557
528,592
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
95,402
83,312
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
208,845
233,975
Amounts owed by group undertakings
1,102,333
432,142
Other debtors
25,830
22,522
1,337,008
688,639
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 16)
1,323,129
1,534,077
Total debtors
2,660,137
2,222,716
13
Creditors: amounts falling due within one year
Restated
2024
2023
Notes
£
£
Obligations under finance leases
15
216,530
162,797
Trade creditors
1,804,075
1,212,862
Taxation and social security
279,295
87,832
Other creditors
231,458
268,971
Accruals and deferred income
798,390
1,085,311
3,329,748
2,817,773
14
Creditors: amounts falling due after more than one year
Restated
2024
2023
Notes
£
£
Obligations under finance leases
15
497,027
365,795
Accruals and deferred income
12,853
497,027
378,648
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
15
Finance lease obligations
Restated
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
216,530
162,797
In two to five years
497,027
365,795
713,557
528,592
Details of security provided:
Finance leases are secured against the assets to which they pertain.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
At beginning of year
1,534,077
1,476,916
Charged to profit or loss
(210,948)
57,161
1,323,129
1,534,077
2024
Movements in the year:
£
Asset at 1 May 2023
(1,534,077)
Charge to profit or loss
210,948
Asset at 30 April 2024
(1,323,129)
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,381
37,286
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
51,000
51,000
51,000
51,000
Ordinary B of £1 each
17,000
17,000
17,000
17,000
Ordinary C of £1 each
7,500
6,600
7,500
6,600
75,500
74,600
75,500
74,600
During the year 900 Ordinary C Shares of £1 each were issued for consideration of £575,000.
19
Pension commitments
During the period the company made payments of £35,380 (2023: £37,286) to defined contributions schemes.
At the year end £34,493 (2023: £28,677) was owing in respect of outstanding company contributions.
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Restated
2024
2023
£
£
Within one year
516,213
525,057
Between two and five years
1,615,373
1,769,221
In over five years
29,804,617
30,166,983
31,936,203
32,461,261
21
Ultimate controlling party
The controlling party is the serving board of directors.
The ultimate controlling party is B. Pronk Management B.V. who are based in the Netherlands.
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
22
Cash generated from/(absorbed by) operations
Restated
2024
2023
£
£
Loss for the year after tax
(210,117)
(244,538)
Adjustments for:
Taxation charged/(credited)
210,948
(57,161)
Finance costs
64,713
9,639
Gain on disposal of tangible fixed assets
(28,990)
-
Depreciation and impairment of tangible fixed assets
345,704
273,796
Movements in working capital:
(Increase)/decrease in stocks
(12,090)
12,611
(Increase)/decrease in debtors
(648,369)
393,316
Increase/(decrease) in creditors
445,389
(594,607)
Cash generated from/(absorbed by) operations
167,188
(206,944)
23
Analysis of changes in net debt
Restated
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
14,527
67,233
81,760
Obligations under finance leases
(528,592)
(184,965)
(713,557)
(514,065)
(117,732)
(631,797)
24
Related party transactions
During the year the following transactions occurred with Centurion Club Management Limited, an entity under common control:
Clubhouse rent and course management fees paid £736,774 (2023: £670,853)
Loan balance due from other group companies amounts to £1,102,333 (2023: Loan balance due from other group companies amounted to £432,142).
25
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
Fixed assets
Tangible assets
6,705,397
195,611
6,901,008
Creditors due within one year
Finance leases
(99,082)
(63,715)
(162,797)
Other creditors
(2,567,145)
1
(2,567,144)
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
25
Prior period adjustment
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
(Continued)
- 24 -
Creditors due after one year
Finance leases
(173,651)
(192,144)
(365,795)
Net assets
6,085,389
(60,247)
6,025,142
Capital and reserves
Profit and loss reserves
(2,606,611)
(60,247)
(2,666,858)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Cost of sales
(2,073,346)
1
(2,073,345)
Administrative expenses
(2,627,389)
(54,694)
(2,682,083)
Interest payable and similar expenses
(4,085)
(5,554)
(9,639)
Loss for the financial period
(184,291)
(60,247)
(244,538)
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Recognition of Finance Leases and associated fixed assets
-
(60,247)
Equity as previously reported
5,149,680
6,085,389
Equity as adjusted
5,149,680
6,025,142
Analysis of the effect upon equity
Profit and loss reserves
-
(60,247)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Recognition of Finance Leases and associated fixed assets
(60,247)
Loss as previously reported
(184,291)
Loss as adjusted
(244,538)
CENTURION GOLF PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
25
Prior period adjustment
(Continued)
- 25 -
Notes to reconciliation
Recognition of Finance Leases and associated fixed assets
During the year, the directors have noted that a number of finance leases were being incorrectly treated as operating leases and their cost expensed directly through the profit or loss account. In order to correct this, the accounts have been restated to capitalise the fixed assets that are the subject of the leases as well as recognising the loan element of the leases on to the balance sheet. The fixed assets have been depreciated over the life of the lease and the loan repayments allocated against the creditor balances. Where finance costs apply, these continue to be expensed through the profit or loss account. The net result of this has increased the loss for the prior period by an additional £60,247. As no tax charge arose in the prior period, there is no impact on the corporation tax charge, however, the additional losses have been carried forward for future use.
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