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Company No: 07314988 (England and Wales)

HALESWORTH GOLF LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

HALESWORTH GOLF LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

HALESWORTH GOLF LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
HALESWORTH GOLF LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 87,500 100,000
Tangible assets 4 1,687,542 1,759,218
1,775,042 1,859,218
Current assets
Stocks 83,331 100,884
Debtors
- due within one year 5 351,661 373,026
- due after more than one year 5 31,907 0
Cash at bank and in hand 313,541 90,465
780,440 564,375
Creditors: amounts falling due within one year 6 ( 528,621) ( 520,145)
Net current assets 251,819 44,230
Total assets less current liabilities 2,026,861 1,903,448
Creditors: amounts falling due after more than one year 7 ( 2,703,320) ( 2,703,320)
Net liabilities ( 676,459) ( 799,872)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 676,460 ) ( 799,873 )
Total shareholder's deficit ( 676,459) ( 799,872)

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Halesworth Golf Limited (registered number: 07314988) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mrs L J Hunt
Director

21 February 2025

HALESWORTH GOLF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
HALESWORTH GOLF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Halesworth Golf Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales, registration number 07314988. The address of the Company's registered office is 33 Cavendish Square, London, W1G 0PW, United Kingdom. The principal place of business is Halesworth Golf Club, Bramfield Road, Halesworth, Ipswich, IP19 9XA.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
10 years straight line
Plant and machinery 3 - 10 years straight line
Vehicles 5 years straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 53 51

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 250,000 250,000
At 31 May 2024 250,000 250,000
Accumulated amortisation
At 01 June 2023 150,000 150,000
Charge for the financial year 12,500 12,500
At 31 May 2024 162,500 162,500
Net book value
At 31 May 2024 87,500 87,500
At 31 May 2023 100,000 100,000

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 June 2023 1,620,567 691,597 46,859 2,359,023
Additions 2,783 20,258 0 23,041
Disposals 0 ( 505) 0 ( 505)
At 31 May 2024 1,623,350 711,350 46,859 2,381,559
Accumulated depreciation
At 01 June 2023 72,589 515,050 12,166 599,805
Charge for the financial year 10,298 75,341 9,078 94,717
Disposals 0 ( 505) 0 ( 505)
At 31 May 2024 82,887 589,886 21,244 694,017
Net book value
At 31 May 2024 1,540,463 121,464 25,615 1,687,542
At 31 May 2023 1,547,978 176,547 34,693 1,759,218

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 210,928 184,582
Prepayments 41,772 44,449
Other debtors 98,961 143,995
351,661 373,026
Debtors: amounts falling due after more than one year
Deferred tax asset 31,907 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 142,415 142,396
Accruals and deferred income 261,137 263,224
Other taxation and social security 116,669 104,578
Other creditors 8,400 9,947
528,621 520,145

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 2,703,320 2,703,320

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Credited to the Income Statement 31,907 0
At the end of financial year 31,907 0

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 80,289) 0
Tax losses carry forward 112,500 0
Other timing differences ( 304) 0
0 0
31,907 0

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Company pension costs 11,190 9,541

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director's Loan Account 2,703,320 2,703,320

The above figure is included within creditors falling due after more than one year. The loan is interest-free and is repayable on demand but the director has indicated that the funds will not be withdrawn in the next twelve months as a show of commitment to their support for the company.