Registration number:
Ashford (Kent) Golf Operations Limited
Unaudited Financial Statements
for the Year Ended 30 September 2024
Ashford (Kent) Golf Operations Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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 |
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Ashford (Kent) Golf Operations Limited
(Registration number: 08838433)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Income and expenditure account |
90,987 |
66,544 |
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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:
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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
.........................................
Director
.........................................
Director
Ashford (Kent) Golf Operations Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company during the year, excluding directors, was
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 October 2023 |
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At 30 September 2024 |
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Amortisation |
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At 1 October 2023 |
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Amortisation charge |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
- |
- |
At 30 September 2023 |
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Ashford (Kent) Golf Operations Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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 |
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Cost |
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At 1 October 2023 |
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Additions |
- |
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- |
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Disposals |
- |
- |
- |
- |
( |
( |
At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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Eliminated on disposals |
- |
- |
- |
- |
( |
( |
At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Ashford (Kent) Golf Operations Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors include secured liabilities of £1,678 (2023 £182).
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Finance lease liabilities |
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Other borrowings |
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- |
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Non-current loans and borrowings
2024 |
2023 |
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Finance lease liabilities |
- |
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Other borrowings |
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- |
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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
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 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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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).
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.