28 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02893062 2023-04-01 2024-03-31 02893062 2024-03-31 02893062 2023-03-31 02893062 2022-04-01 2023-03-31 02893062 2023-03-31 02893062 2022-03-31 02893062 core:PlantMachinery 2023-04-01 2024-03-31 02893062 core:MotorVehicles 2023-04-01 2024-03-31 02893062 bus:Director6 2023-04-01 2024-03-31 02893062 bus:Director7 2023-04-01 2024-03-31 02893062 bus:Director1 2023-04-01 2024-03-31 02893062 bus:Director2 2023-04-01 2024-03-31 02893062 core:LandBuildings 2023-03-31 02893062 core:PlantMachinery 2023-03-31 02893062 core:MotorVehicles 2023-03-31 02893062 core:LandBuildings 2024-03-31 02893062 core:PlantMachinery 2024-03-31 02893062 core:MotorVehicles 2024-03-31 02893062 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 02893062 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 02893062 core:WithinOneYear 2024-03-31 02893062 core:WithinOneYear 2023-03-31 02893062 core:AfterOneYear 2024-03-31 02893062 core:AfterOneYear 2023-03-31 02893062 core:ShareCapital 2024-03-31 02893062 core:ShareCapital 2023-03-31 02893062 core:SharePremium 2024-03-31 02893062 core:SharePremium 2023-03-31 02893062 core:RetainedEarningsAccumulatedLosses 2024-03-31 02893062 core:RetainedEarningsAccumulatedLosses 2023-03-31 02893062 core:BetweenOneFiveYears 2024-03-31 02893062 core:BetweenOneFiveYears 2023-03-31 02893062 core:LandBuildings 2023-03-31 02893062 core:PlantMachinery 2023-03-31 02893062 core:MotorVehicles 2023-03-31 02893062 bus:Director1 2023-03-31 02893062 bus:Director1 2022-03-31 02893062 bus:Director2 2023-03-31 02893062 bus:Director2 2022-03-31 02893062 bus:SmallEntities 2023-04-01 2024-03-31 02893062 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02893062 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02893062 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02893062 bus:FullAccounts 2023-04-01 2024-03-31 02893062 core:OfficeEquipment 2023-04-01 2024-03-31 02893062 core:OfficeEquipment 2023-03-31 02893062 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 02893062
Pedham Place Golf Centre Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
R E Jones and Co.
Pedham Place Golf Centre Limited
Statement of Financial Position
31 March 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
1,315,204
1,213,710
Current assets
Stocks
68,835
66,070
Debtors
6
32,960
49,854
Cash at bank and in hand
1,843,290
1,406,947
-------------
-------------
1,945,085
1,522,871
Creditors: amounts falling due within one year
7
636,432
536,640
-------------
-------------
Net current assets
1,308,653
986,231
-------------
-------------
Total assets less current liabilities
2,623,857
2,199,941
Creditors: amounts falling due after more than one year
8
1,135,762
1,142,024
-------------
-------------
Net assets
1,488,095
1,057,917
-------------
-------------
R E Jones and Co.
Pedham Place Golf Centre Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
(restated)
Note
£
£
£
Capital and reserves
Called up share capital
82,434
82,434
Share premium account
840,443
840,443
Profit and loss account
565,218
135,040
-------------
-------------
Shareholders funds
1,488,095
1,057,917
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
D M Powell
E R Boyes
Director
Director
Company registration number: 02893062
R E Jones and Co.
Pedham Place Golf Centre Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 132 Burnt Ash Road, Lee, London, SE12 8PU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Motor vehicle
-
25% reducing balance
Office and bar equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 27 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 (as restated)
1,041,463
538,315
18,800
251,620
1,850,198
Additions
52,014
151,854
203,868
-------------
----------
---------
----------
-------------
At 31 March 2024
1,041,463
590,329
18,800
403,474
2,054,066
-------------
----------
---------
----------
-------------
Depreciation
At 1 April 2023
440,986
5,317
190,185
636,488
Charge for the year
35,664
3,371
63,339
102,374
-------------
----------
---------
----------
-------------
At 31 March 2024
476,650
8,688
253,524
738,862
-------------
----------
---------
----------
-------------
Carrying amount
At 31 March 2024
1,041,463
113,679
10,112
149,950
1,315,204
-------------
----------
---------
----------
-------------
At 31 March 2023
1,041,463
97,329
13,483
61,435
1,213,710
-------------
----------
---------
----------
-------------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property
£
At 31 March 2024
Aggregate cost
2,326,160
Aggregate depreciation
-------------
Carrying value
2,326,160
-------------
At 31 March 2023
Aggregate cost
2,326,160
Aggregate depreciation
-------------
Carrying value
2,326,160
-------------
6. Debtors
2024
2023
(restated)
£
£
Trade debtors
7,505
7,316
Other debtors
25,455
42,538
---------
---------
32,960
49,854
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
55,295
164,917
Corporation tax
121,639
37,621
Social security and other taxes
84,599
44,560
Other creditors
374,899
289,542
----------
----------
636,432
536,640
----------
----------
The National Westminster Bank Plc hold a legal mortgage charge over all interests in Pedham Place Golf Centre, London Road, Swanley Kent BR8 8PP, and it's associated assets. The National Westminster Bank Plc, hold a debenture over all property of the Company, now or in the future including all tangible and intangible assets of the Company. The National Westminster Bank Plc, hold a personal guarantee for £100,000 against the Directors Mr John Wade Crocker, and Mr Matthew John Fitzpatrick.
8. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Other creditors
1,135,762
1,142,024
-------------
-------------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
6,261
5,939
Later than 1 year and not later than 5 years
15,863
22,125
---------
---------
22,124
28,064
---------
---------
10. Prior period errors
During the preparation of the financial statements for the year ended 31 March 2024, an error was identified in the financial statements for the year ended 31 March 2014. The share premium account was incorrectly reduced by £260,000, and the director/shareholder loan accounts were correspondingly overstated by the same amount. The error has been corrected by restating the opening balances as at 1 April 2023, as follows:
Share Premium J Crocker Loan M J Fitzpatrick Loan
£ £ £
As previously stated 580,443 565,084 554,815
Adjustment 260,000 (130,000) (130,000)
---------- ---------- ----------
As restated 840,443 435,084 424,815
---------- ---------- ----------
This adjustment has no impact on the profit and loss account for the current or prior periods. The comparative figures for the year ended 31 March 2023 have also been restated accordingly.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
52,295
52,295
Later than 1 year and not later than 5 years
153,905
206,200
----------
----------
206,200
258,495
----------
----------
The company leases the land for the golf course from the Director Mr J W Crocker for £72,000 per annum.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
M J Fitzpatrick
( 424,815)
( 424,815)
J W Crocker
( 435,084)
( 435,084)
----------
----------
( 859,899)
( 859,899)
----------
----------
13. Related party transactions
The Company has no overall controlling party. The company paid to a director, Mr J W Crocker , rent totaling £269,692 (2023 : £225,666), included in these rents is £72,000 per annum which is a base rent for the lease of the land for the golf course. These transactions were at arms length and the normal market price was charged. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102.