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Registration number: 08838433

Ashford (Kent) Golf Operations Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Ashford (Kent) Golf Operations Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Ashford (Kent) Golf Operations Limited

Company Information

Directors

C Andrews

N S Barnes

G Baxter

J Betts

N E Champion

K Hopson

D James

R L Keep

N R Tegg

N Watkin

T Wood

G Woodcock

Company secretary

D A Huckstepp

Registered office

Golf Clubhouse
Sandyhurst Lane
Ashford
Kent
TN25 4NT

 

Ashford (Kent) Golf Operations Limited

(Registration number: 08838433)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

4,765

Tangible assets

5

422,495

388,239

 

422,495

393,004

Current assets

 

Stocks

31,432

23,757

Debtors

6

25,072

39,793

Cash at bank and in hand

 

78,450

73,691

 

134,954

137,241

Creditors: Amounts falling due within one year

7

(453,670)

(460,086)

Net current liabilities

 

(318,716)

(322,845)

Total assets less current liabilities

 

103,779

70,159

Creditors: Amounts falling due after more than one year

7

(12,692)

(3,515)

Net assets

 

91,087

66,644

Capital and reserves

 

Called up share capital

100

100

Income and expenditure account

90,987

66,544

Total equity

 

91,087

66,644

 

Ashford (Kent) Golf Operations Limited

(Registration number: 08838433)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income and Expenditure Account.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................

G Baxter
Director

.........................................

R L Keep
Director

 

Ashford (Kent) Golf Operations Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office, and its principal place of business, is:

Golf Clubhouse
Sandyhurst Lane
Ashford
Kent
TN25 4NT

These financial statements were authorised for issue by the Board on 22 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in pounds sterling, which is the company’s functional currency, rounded to the nearest whole pound.

Going concern

The company’s financial statements are prepared on a going concern basis.

Revenue recognition

Income comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Income is shown net of value added tax.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

The company applies the accrual model for accounting for government grants. A grant is classified either as a grant relating to revenue or a grant relating to assets.

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Deferred tax

Full provision is made for material deferred tax liabilities arising from timing differences between the recognition of surpluses and deficits in the financial statements and their recognition for tax purposes. Material unrelieved tax deficits 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 future taxable surpluses.

 

Ashford (Kent) Golf Operations Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Value added tax (VAT)
Part of the company’s income is exempt from VAT. This means that the company is not able to reclaim the VAT charged on all of its expenditure. The proportion of VAT not reclaimable on the purchase of fixed assets is treated as part of the cost of the assets themselves. The balance of the VAT not reclaimable is charged to the income and expenditure account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment deficits.

Depreciation and impairment of tangible assets

Depreciation is charged so as to write off the cost of tangible fixed assets as follows:

Asset class

Depreciation method and rate

Leasehold clubhouse and buildings

2% on original cost

Improvements to leasehold clubhouse and buildings

6.67% on original cost

Leasehold course

5%-10% on original cost

Machines and equipment (owned and on hire purchase)

25% on written down value

Machines and equipment (on finance lease)

Straight-line over lease term

Furniture, utensils, office equipment and club trophies

10%-25% on written down value

(except lockers originally purchased in 2002/03

6.67% on original cost)

In the case of assets acquired on 1 October 2014 from Ashford (Kent) Golf Club which were being depreciated by the Club on a straight-line basis, the company is continuing this depreciation policy on the basis of the original cost to the Club.

Tangible fixed assets are subject to an impairment review at the end of each reporting period.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment deficits.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised in accordance with the policy stated below.

Amortisation and impairment of intangible assets

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Intangible fixed assets are subject to an impairment review at the end of each reporting period.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Hire purchase and leasing

Rentals payable under operating leases are charged to the income and expenditure account as incurred.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the lease term. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element under each agreement is charged to income and expenditure account on a straight-line basis over the life of the agreement.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives.The capital element of future finance payments is included within creditors. The interest element under each agreement is charged to income and expenditure account on a straight-line basis over the life of the agreement.

 

Ashford (Kent) Golf Operations Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments which are not basic financial instruments.

Contributions to defined contribution pension schemes

Contributions to defined contribution pension schemes are recognised as an expense when they are payable under the rules of each scheme.

3

Staff numbers

The average number of persons employed by the company during the year, excluding directors, was 20 (2023 - 20).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 October 2023

47,650

47,650

At 30 September 2024

47,650

47,650

Amortisation

At 1 October 2023

42,885

42,885

Amortisation charge

4,765

4,765

At 30 September 2024

47,650

47,650

Carrying amount

At 30 September 2024

-

-

At 30 September 2023

4,765

4,765

 

Ashford (Kent) Golf Operations Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Leasehold clubhouse and buildings
£

Improvts to leasehold clubhouse and buildings
 £

Machines and equipment
£

Improvts to leasehold course
£

Furniture, utensils, office equipment and club trophies
 £

Total
£

Cost

At 1 October 2023

136,056

84,374

418,588

81,425

85,570

806,013

Additions

-

33,078

43,943

-

41,340

118,361

Disposals

-

-

-

-

(2,874)

(2,874)

At 30 September 2024

136,056

117,452

462,531

81,425

124,036

921,500

Depreciation

At 1 October 2023

18,810

36,362

277,309

35,265

50,028

417,774

Charge for the year

2,725

6,059

53,326

6,000

15,404

83,514

Eliminated on disposals

-

-

-

-

(2,283)

(2,283)

At 30 September 2024

21,535

42,421

330,635

41,265

63,149

499,005

Carrying amount

At 30 September 2024

114,521

75,031

131,896

40,160

60,887

422,495

At 30 September 2023

117,246

48,012

141,279

46,160

35,542

388,239

 

Ashford (Kent) Golf Operations Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Debtors

2024
£

2023
£

Prepayments

14,773

9,635

Other debtors

10,299

30,158

 

25,072

39,793

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,515

6,850

Trade creditors

 

25,664

52,855

Taxation and social security

 

14,371

17,082

Accruals and deferred income

 

370,382

351,461

Other creditors

 

34,738

31,838

 

453,670

460,086

Other creditors include secured liabilities of £1,678 (2023 £182).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

12,692

3,515

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

3,515

6,850

Other borrowings

5,000

-

8,515

6,850

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

-

3,515

Other borrowings

12,692

-

12,692

3,515

The finance lease liabilities are secured on the assets to which they relate.

 

Ashford (Kent) Golf Operations Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

9

Financial commitments and contingencies

Contingent liability

The company commenced activities on 1 October 2014 when the activities, assets and liabilities of a former unincorporated association, Ashford (Kent) Golf Club, were transferred to a new corporate structure. On that date, the members of the Golf Club became members of a new holding company limited by guarantee, Ashford (Kent) Golf Club Limited. On the same date, the shares owned by the Club in Ashford (Kent) Golf Freeholds Limited (a company also incorporated in England and Wales) were transferred to the holding company; and the activities, the other assets and all of the liabilities of the Club were transferred to this company.

Prior to 1995, Ashford (Kent) Golf Club owned 373 of the 501 issued £5 Ordinary Shares of Ashford (Kent) Golf Freeholds Limited. During 1995 it acquired the 128 shares owned by the minority shareholders.

Under the terms of the acquisition, the former minority shareholders or their successors are entitled to a share of any realised development profit if Ashford (Kent) Golf Freeholds Limited should dispose of any part of its freehold land within 60 years of the date of the acquisition. The entitlement is equivalent to 80% of the profit attributable to each share if this had arisen in the year after the acquisition and thereafter abating by equal annual instalments to a nil share after 60 years.

It is not possible to quantify the additional amount which the company as the successor to the Club would need to pay to the minority shareholders or their successors under these terms as this would depend upon whether Ashford (Kent) Golf Freeholds Limited disposed of any part of its freehold land within the 60 year period, the amount of any realised development profit arising and when the disposal took place. However, any realised development profit would be calculated after providing for the cost of a replacement golf course and appropriate ancillary facilities.

Financial commitments

Amounts not provided for in the balance sheet

Obligations under operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,723

2,300

Later than one year and not later than five years

10,892

9,200

Later than five years

13,615

13,800

27,230

25,300

Other financial commitment

The total amount of financial commitments in respect of purchases of capital equipment contracted for at the balance sheet date but not included in the balance sheet is £nil (2023 £42,899).

10

Parent and ultimate parent undertaking

The company is a wholly-owned subsidiary of Ashford (Kent) Golf Club Limited, a company incorporated in England and Wales. Ashford (Kent) Golf Club Limited is the company's parent and ultimate parent undertaking. Ashford (Kent) Golf Club Limited is exempt from the requirement to prepare consolidated financial statements as the group is a small group.

The address of the registered office of Ashford (Kent) Golf Club Limited is Golf Clubhouse, Sandyhurst Lane, Ashford, Kent TN25 4NT.

The company has a bank overdraft facility which is secured by fixed and floating charges over the assets and undertakings of the company and another wholly-owned subsidiary of Ashford (Kent) Golf Club Limited, Ashford (Kent) Golf Freeholds Limited.