REGISTERED NUMBER: |
Financial Statements For The Year Ended 31st July 2024 |
for |
New Malden Golf Centre Limited |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31st July 2024 |
for |
New Malden Golf Centre Limited |
New Malden Golf Centre Limited (Registered number: 11526297) |
Contents of the Financial Statements |
For The Year Ended 31st July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
New Malden Golf Centre Limited |
Company Information |
For The Year Ended 31st July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
1st Floor |
5 Century Court |
Tolpits Lane |
Watford |
Hertfordshire |
WD18 9PX |
New Malden Golf Centre Limited (Registered number: 11526297) |
Balance Sheet |
31st July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
New Malden Golf Centre Limited (Registered number: 11526297) |
Notes to the Financial Statements |
For The Year Ended 31st July 2024 |
1. | STATUTORY INFORMATION |
New Malden Golf Centre Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
Revenue from golf driving range and adventure golf, hiring of facilities, food and beverage and merchandise sales are recognised at the time of sale or when the service is provided and revenue is measured at the fair value of the consideration received and receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets and depreciation |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follow : |
Computer equipments 25% reducing balance basis |
Motor vehicles 25% reducing balance basis |
Fixtures, fittings and equipments 10% reducing balance basis |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income 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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
New Malden Golf Centre Limited (Registered number: 11526297) |
Notes to the Financial Statements - continued |
For The Year Ended 31st July 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company continue to adopt the going concern basis of accounting in preparing the financial statements on the basis that the parent entity will continue to provide financial support to the Company if required and to provide sufficient funds to meet its liabilities as they fall due. The losses were reviewed and steps by the director taken to ensure before further investments into fixed assets are made that sales and profitability is returned from the investments in additions made in the current year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements | 12,650 | 11,500 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st August 2023 |
Additions |
At 31st July 2024 |
DEPRECIATION |
At 1st August 2023 |
Charge for year |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | - | 4,827 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 160,000 | - |
Taxation and social security |
Other creditors |
New Malden Golf Centre Limited (Registered number: 11526297) |
Notes to the Financial Statements - continued |
For The Year Ended 31st July 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to participating interests | 318,793 | - |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Above lease payment includes lease of its Land & building for next 24 years at £682,829 per annum. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) |
235,225 | 240,932 |
Deferred |
tax |
£ |
Balance at 1st August 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31st July 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
As at 31st July 2024, the company owed £478,793 (2023 (£4,827) ) to CMCP Investments. Mr C Purslow is a director and shareholder of CMCP Investments. No interest is charged on this loan. |
Professional & consultancy fee of £ 68,656 ( 2023 : £61,301) ) relates to amount paid to Campbell Sanders LLP a business in which the director Grant Wright is a member. There were no balances outstanding at the year end. These payment relates to consultancy services provided by that firm on an arms length basis. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The company is controlled by Mr C Purslow and he is the ultimate beneficial owner. |