Company registration number 03006203 (England and Wales)
KINGS HILL GOLF LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
KINGS HILL GOLF LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KINGS HILL GOLF LIMITED (REGISTERED NUMBER: 03006203)
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,121,421
1,145,280
Current assets
Stocks
42,697
48,594
Debtors
4
46,230
46,047
Cash at bank and in hand
885,187
805,872
974,114
900,513
Creditors: amounts falling due within one year
5
(631,098)
(611,776)
Net current assets
343,016
288,737
Total assets less current liabilities
1,464,437
1,434,017
Creditors: amounts falling due after more than one year
6
(4,828,575)
(4,860,372)
Net liabilities
(3,364,138)
(3,426,355)
Capital and reserves
Called up share capital
8
60
60
Other reserves
304,528
318,957
Members' deposits
866,086
854,910
Profit and loss reserves
(4,534,812)
(4,600,282)
Total equity
(3,364,138)
(3,426,355)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

KINGS HILL GOLF LIMITED (REGISTERED NUMBER: 03006203)
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
Mr D Kelso
Director
KINGS HILL GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Kings Hill Golf Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Clubhouse, Fortune Way, Kings Hill, West Malling, Kent, ME19 4GF.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis even if during the year the company made a profit beforetrue taxation of £46,562 (2023: £104,926) and at the balance sheet date the company had net current assets amounting to (2023: current assets of £288,737).

 

The majority shareholder has expressed his willingness to continue to support the company to enable it to trade for at least the next twelve months from the date of the approval of the financial statements and therefore the directors continue to use the going concern basis.

 

1.3
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. The following criteria also must be met before turnover is recognised.

Turnover for the sale of goods is recognised when all of the following conditions are met:

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

KINGS HILL GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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
- 2% on straight-line
Plant and equipment
- 25% on straight-line
Fixtures and fittings
- 25% on straight-line

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the applicable costs of purchasing the items included within the year-end stock balance.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

KINGS HILL GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9

Members' deposits reserve

Certain members' deposits are repayable under the terms of the company's golf club's rules. The deposits are unsecured and generally repayable with a premium equal to the increase in the Index of Retail Prices since the date of original receipt of the member's deposit. The directors have reviewed the accounting treatment of the members' deposits and consider that, according to the club's rules, the possibility of these deposits being refunded is remote. In addition there have been a number of legal claims for repayment of similar deposits against golf clubs that have all failed. There have been no repayments by the club of deposits for in excess of six years and it is unlikely that the club will sell these types of membership in the near future.

The deposits are not recorded as a liability but are accounted for as a members' deposits reserve, as the directors consider this to be the most appropriate accounting treatment.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
41
41
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2023
3,216,547
713,626
393,653
4,323,826
Additions
45,061
42,150
1,422
88,633
At 30 September 2024
3,261,608
755,776
395,075
4,412,459
Depreciation and impairment
At 1 October 2023
2,162,657
641,729
374,160
3,178,546
Depreciation charged in the year
64,650
38,714
9,128
112,492
At 30 September 2024
2,227,307
680,443
383,288
3,291,038
Carrying amount
At 30 September 2024
1,034,301
75,333
11,787
1,121,421
At 30 September 2023
1,053,890
71,897
19,493
1,145,280

The net book value of assets held under hire purchase agreements at the balance sheet was £64,188 (2023: £58,860).

KINGS HILL GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,254
21,733
Other debtors
25,976
24,314
46,230
46,047
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,000
116,042
Taxation and social security
48,447
43,220
Other creditors
521,651
452,514
631,098
611,776
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,828,575
4,860,372

Included in other creditors greater than one year is a directors loan account balance of £644,096, which is the director's mortgage. The director's mortgage is secured and interest free.

 

It may be repayable at any time in multiples of £1,000 with a minimum of £5,000. In the event that all of the issued shares in the company not being owned by the company directors then the loaned amount and interest shall become immediately and wholly repayable in full on demand.

7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
32,673
-
0
In two to five years
34,333
66,130
67,006
66,130
KINGS HILL GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
6,000
6,000
60
60
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
51,579
66,207
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