Registration number:
Ashford (Kent) Golf Freeholds Limited
Financial Statements
for the Year Ended 30 September 2024
Ashford (Kent) Golf Freeholds Limited
Contents
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Company Information |
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Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Ashford (Kent) Golf Freeholds Limited
Company Information
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Directors |
G Baxter R L Keep T Rawbone |
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Company secretary |
M J Bush |
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Registered office |
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Auditors |
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Ashford (Kent) Golf Freeholds Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ashford (Kent) Golf Freeholds Limited
(Registration number: 00212767)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Provisions for liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,505 |
2,505 |
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Other reserves |
50 |
50 |
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Income and expenditure account |
64,951 |
65,794 |
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Total equity |
67,506 |
68,349 |
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
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R L Keep
Director
Ashford (Kent) Golf Freeholds Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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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
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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 financial statements have been prepared on a going concern basis. The company is reliant on the support of the group of which the company is a member as another group undertaking is the tenant of the company’s freehold land and buildings and as such the company’s only source of income. Support from the group is expected to be forthcoming as required.
Income recognition
Income represents rent receivable by the company.
The company recognises income when the amount of income can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for the company's activities.
Deferred tax
Full provision is made for material deferred tax liabilities arising from timing differences between the recognition of profits and losses in the accounts and their recognition for tax purposes. Material 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 assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The company's freehold land and buildings are used by another undertaking of the group to which the company belongs and are therefore treated as a tangible fixed asset rather than as an investment property.
Ashford (Kent) Golf Freeholds Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold buildings |
2% pa straight-line |
Freehold buildings are being depreciated from 1 October 2016 over the remainder of their useful economic lives, estimated to be 50 years.
Tangible fixed assets are subject to an impairment review at the end of each reporting period.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to income and expenditure account on a straight-line basis over the period of the lease.
Audit report
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Staff numbers |
Excluding the directors, the company had
Ashford (Kent) Golf Freeholds Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Freehold land and buildings |
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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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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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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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Other creditors |
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Ashford (Kent) Golf Freeholds Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2,505 |
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2,505 |
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Parent and ultimate parent undertaking and related parties |
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 banking facilities of another wholly-owned subsidiary of Ashford (Kent) Golf Club Limited, Ashford (Kent) Golf Operations Limited, are secured by fixed and floating charges over the assets and undertakings of Ashford (Kent) Golf Operations Limited and Ashford (Kent) Golf Freeholds Limited. At 30 September 2024, Ashford (Kent) Golf Operations Limited had a bank overdraft of £nil (2023 £nil) and an overdraft facility of £285,000 (2023 £285,000).
Ashford (Kent) Golf Operations Limited will meet the auditor's remuneration for the year, amounting to £1,150 (2023 £1,050).
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Obligations under operating leases |
The total of future minimum lease payments is as follows:
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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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The above obligations arise from an operating lease for an area of land of which Ashford (Kent) Golf Freeholds Limited is the tenant. However, there is a sublease of this land between Ashford (Kent) Golf Freeholds Limited and its fellow subsidiary, Ashford (Kent) Golf Operations Limited, under which rent is receivable by Ashford (Kent) Golf Freeholds Limited from Ashford (Kent) Golf Operations Limited which is the same as the rent payable by Ashford (Kent) Golf Freeholds Limited to the head landlord.