Company registration number 02518297 (England and Wales)
HORSLEY LODGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HORSLEY LODGE LIMITED
COMPANY INFORMATION
Directors
M L Brough
(Appointed 22 February 2024)
R L Brough
(Appointed 22 February 2024)
Company number
02518297
Registered office
Horsley Lodge
Smalley Mill Road
Horsley
Derbyshire
DE21 5BL
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
HORSLEY LODGE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
HORSLEY LODGE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HORSLEY LODGE LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horsley Lodge Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Horsley Lodge Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Horsley Lodge Limited and state those matters that we have agreed to state to the board of directors of Horsley Lodge Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horsley Lodge Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Horsley Lodge Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Horsley Lodge Limited. You consider that Horsley Lodge Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Horsley Lodge Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
21 March 2025
HORSLEY LODGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,724,060
520,546
Investments
5
-
0
588,840
3,724,060
1,109,386
Current assets
Stocks
6
17,766
15,224
Debtors
7
1,023,889
101,242
Cash at bank and in hand
332,025
715,022
1,373,680
831,488
Creditors: amounts falling due within one year
8
(1,201,292)
(931,450)
Net current assets/(liabilities)
172,388
(99,962)
Total assets less current liabilities
3,896,448
1,009,424
Creditors: amounts falling due after more than one year
9
-
0
(471,095)
Provisions for liabilities
(311,748)
(40,800)
Net assets
3,584,700
497,529
Capital and reserves
Called up share capital
11
140,200
140,200
Revaluation reserve
2,514,868
-
0
Capital redemption reserve
5,100
5,100
Profit and loss reserves
924,532
352,229
Total equity
3,584,700
497,529
HORSLEY LODGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
M L Brough
Director
Company registration number 02518297 (England and Wales)
HORSLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Horsley Lodge Limited is a private company limited by shares incorporated in England and Wales. The registered office is Horsley Lodge, Smalley Mill Road, Horsley, Derbyshire, DE21 5BL.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Golfing subscriptions: Turnover represents the full amount of subscriptions due from members in the period.

Bar, restaurant and other similar income: Turnover represents the same amounts earned in the period.

Weddings, events and hotel income: Sales are recognised on the date of the event and turnover represents amounts invoices when the company obtains the right to consideration.

All turnover is shown, where applicable, net of value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Freehold land and buildings
2% straight line over 50 years
Leasehold improvements
25% reducing balance and 2% on cost
Plant and machinery
25% on cost, 25% on reducing balance, 20% on cost and 10% on cost

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

HORSLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in 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 direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HORSLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of land and buildings

These valuations rely on a number of estimations and assumptions being made in relation to market conditions and developments.

HORSLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Employees

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

2024
2023
Number
Number
Total
52
53
4
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and machinery
Total
£
£
£
£
Cost or valuation
At 1 April 2023
-
0
1,340,176
284,273
1,624,449
Additions
-
0
23,937
54,510
78,447
Disposals
(915,240)
-
0
(14,000)
(929,240)
Revaluation
2,547,047
-
0
-
0
2,547,047
Transfers
1,364,113
(1,364,113)
-
0
-
0
Transfer from investments
588,840
-
0
-
0
588,840
At 31 March 2024
3,584,760
-
0
324,783
3,909,543
Depreciation and impairment
At 1 April 2023
-
0
943,639
160,264
1,103,903
Depreciation charged in the year
-
0
16,522
35,615
52,137
Eliminated in respect of disposals
-
0
-
0
(10,396)
(10,396)
Revaluation
(960,161)
-
0
-
0
(960,161)
Transfers
960,161
(960,161)
-
0
-
0
At 31 March 2024
-
0
-
0
185,483
185,483
Carrying amount
At 31 March 2024
3,584,760
-
0
139,300
3,724,060
At 31 March 2023
-
0
396,537
124,009
520,546

Land and buildings with a carrying amount of £3,584,760 were revalued at 24 January 2024 by independent valuers not connected with the company. The basis of the valuation was on a market value basis and were carried out in accordance with RICS.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

HORSLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 8 -
2024
2023
£
£
Cost
1,952,953
-
Accumulated depreciation
(960,161)
-
Carrying value
992,792
-
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
588,840
Movements in fixed asset investments
Interest in associates
£
Cost or valuation
At 1 April 2023
588,840
Transfer
(588,840)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
588,840
6
Stocks
2024
2023
£
£
Stocks
17,766
15,224
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,808
3,534
Amounts owed by group undertakings
915,240
-
0
Other debtors
106,841
97,708
1,023,889
101,242
HORSLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Loans and borrowings
10
-
65,968
Trade creditors
138,190
126,675
Amounts owed to group undertakings
459,782
-
0
Taxation and social security
84,666
141,286
Other creditors
518,654
597,521
1,201,292
931,450
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans and borrowings
10
-
471,095
10
-
0
471,095
10
Loans and borrowings
2024
2023
£
£
Bank loans
-
0
529,624
Other loans
-
0
7,439
-
537,063
Payable within one year
-
65,968
Payable after one year
-
471,095
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
140,200
89,000
140,200
89,000
Ordinary A shares of 0p each
-
100
-
100
Ordinary B shares of 0p each
-
100
-
100
Ordinary C shares of 0p each
-
500
-
500
Ordinary D shares of 0p each
-
500
-
500
Ordinary E shares of 0p each
-
50,000
-
50,000
140,200
140,200
140,200
140,200

Within the year transactions took place to reclassify all shares to Ordinary Shares.

HORSLEY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
12
Financial commitments, guarantees and contingent liabilities

Contingent liabilities

The company had entered into cross guarantees and debentures with its lenders to secure the liabilities of the parent company. The contingent liability as at 31 March 2024 is £1,979,249 (2023 - £nil). The future outcome is dependent on the performance of individual companies concerned. However the directors do not expect any liability to crystalise.

13
Related party transactions

The company has taken advantage of the exemption under FRS 102 1A in respect of disclosing transactions with other members of the group.

14
Directors' transactions

At the balance sheet date amounts owed to the directors amounted to £nil (2023 - £13,348).

15
Parent company

The company's immediate parent is HLGC Limited, incorporated in England.

 

The ultimate controlling party is Charjen Capital Limited.

 

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