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REGISTERED NUMBER: 02302980 (England and Wales)















WORFIELD GOLF CLUB LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






WORFIELD GOLF CLUB LIMITED (REGISTERED NUMBER: 02302980)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 8

WORFIELD GOLF CLUB LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: O S C Eaton
G J Cleaver





SECRETARY: O S C Eaton





REGISTERED OFFICE: Roughton
Nr Bridgnorth
Shropshire
WV15 5HE





REGISTERED NUMBER: 02302980 (England and Wales)





ACCOUNTANTS: Phoenix Associates Limited
Chartered Certified Accountants
The Riding School House
Bulls Lane
Wishaw
Sutton Coldfield
West Midlands
B76 9QW

WORFIELD GOLF CLUB LIMITED (REGISTERED NUMBER: 02302980)

BALANCE SHEET
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,034,153 2,092,823

CURRENT ASSETS
Debtors 5 772 8,373
Cash at bank 9,767 60
10,539 8,433
CREDITORS
Amounts falling due within one year 6 2,053,312 2,040,962
NET CURRENT LIABILITIES (2,042,773 ) (2,032,529 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(8,620

)

60,294

CREDITORS
Amounts falling due after more than one
year

7

-

292,468
NET LIABILITIES (8,620 ) (232,174 )

CAPITAL AND RESERVES
Called up share capital 1,014,049 1,014,049
Share premium 50,512 50,512
Revaluation reserve 8 553,200 553,200
Retained earnings (1,626,381 ) (1,849,935 )
SHAREHOLDERS' FUNDS (8,620 ) (232,174 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WORFIELD GOLF CLUB LIMITED (REGISTERED NUMBER: 02302980)

BALANCE SHEET - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





O S C Eaton - Director


WORFIELD GOLF CLUB LIMITED (REGISTERED NUMBER: 02302980)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Worfield Golf Club Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As at the balance sheet date, the company had net current liabilities totalling £2,042,773 (2023 : £2,032,529) and net liabilities of £8,620. Of this amount £315,234 relates to a director's loan account. The relevant director has given his assurance that he will not draw upon this loan until cashflow permits. In addition, included in 'Creditors - Amounts falling due within one year' is an amount of £1,736,333 (2023 : £1,752,869) relates to related undertakings controlled by a director of the company, who has given assurances that repayment will not be requested until cashflow permits. The directors are of the opinion that sufficient funds will be available to settle creditors when they fall due for payment. The company is also reliant upon its owners for their continued support, which the directors' consider to be ongoing. Consequently the directors' consider the going concern basis of preparation to be applicable.

Significant judgements and estimates
Freehold Property
The value of the freehold property is assessed by the directors at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the freehold property without actively marketing the property for sale.

Turnover
Turnover is calculated net of value added tax and represents the total amount receivable by the company in respect of services supplied and goods sold in the normal course of business. Non refundable income is taken into account at the date it is received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - at varying rates on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss AccountIncome Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WORFIELD GOLF CLUB LIMITED (REGISTERED NUMBER: 02302980)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses 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 profits.

Tangible fixed assets
The company's freehold property, which comprises the land and the golf course, but not the clubhouse, are not depreciated.

In accordance with FRS 102, the values of the land and golf course are reviewed annually, by the directors, and the aggregate surplus or deficit is transferred to a revaluation reserve. No depreciation is provided in respect of the freehold land and golf course. Whilst this is a departure from the Companies Act 2006 the directors consider that this accounting policy results in the accounts giving a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amounts which might otherwise have been shown cannot be separately identified or quantified.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 2,333,344 944,701 3,278,045
Additions - 1,350 1,350
At 30 June 2024 2,333,344 946,051 3,279,395
DEPRECIATION
At 1 July 2023 397,753 787,469 1,185,222
Charge for year 17,061 42,959 60,020
At 30 June 2024 414,814 830,428 1,245,242
NET BOOK VALUE
At 30 June 2024 1,918,530 115,623 2,034,153
At 30 June 2023 1,935,591 157,232 2,092,823

WORFIELD GOLF CLUB LIMITED (REGISTERED NUMBER: 02302980)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

In October 1990, the company's freehold land was professionally valued at £750,000. The valuation was on the basis of its current market value, taking into account planning permission which had been granted. This valuation was incorporated into the accounts to 31st December 1990. The historical cost of the land and golf course at 30th June 2024 was £927,110 (2023 : £927,110).

The company has taken advantage of exemptions allowed under FRS 102 Section 1A upon transition to the new reporting framework and has adopted the latest valuation as the deemed cost for the property.

Cost or valuation at 30 June 2024 is represented by:

FreeholdPlant and
PropertyClubhouseMachineryTotals
££££

Valuation in 1990750,000--750,000
Cost730,310853,034791,2912,374,635
1,480,310853,034791,2913,124,635



5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Other debtors 772 8,373

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Other creditors 2,053,312 2,040,962

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Other creditors - 292,468

8. RESERVES
Revaluation
reserve
£   
At 1 July 2023
and 30 June 2024 553,200

WORFIELD GOLF CLUB LIMITED (REGISTERED NUMBER: 02302980)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

9. RELATED PARTY DISCLOSURES

As at 30 June 2024, the company owed £1,736,333 to Icarus Investments Limited (2023 : £1,736,333). No interest is chargeable on these loans, which are repayable on demand. Mr OSC Eaton is a director and has a controlling interest in Icarus Investments Limited.

During the year a related party loan from Tailfin Finance Limited of £265,198 and unpaid interest thereon of £27,270 was written off. Mr OSC Eaton is a director and shareholder of both companies.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WORFIELD GOLF CLUB LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Worfield Golf Club Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Worfield Golf Club Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Worfield Golf Club Limited and state those matters that we have agreed to state to the Board of Directors of Worfield Golf Club Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Worfield Golf Club 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 profit of Worfield Golf Club Limited. You consider that Worfield Golf Club 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 Worfield Golf Club 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.






Phoenix Associates Limited
Chartered Certified Accountants
The Riding School House
Bulls Lane
Wishaw
Sutton Coldfield
West Midlands
B76 9QW


18 March 2025