WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Company Registration Number:
06894682 (England and Wales)

Unaudited statutory accounts for the year ended 30 September 2024

Period of accounts

Start date: 1 October 2023

End date: 30 September 2024

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Directors' report period ended 30 September 2024

The directors present their report with the financial statements of the company for the period ended 30 September 2024

Principal activities of the company

The principal activity of the Company remains that of ownership and management of Wharton Park Golf and Country Club.

Additional information

The profit for the year after taxation was £24k (2023: £113k loss). The company paid no dividend during the year (2023: £Nil). Fixed assets were revalued as at 30 September 2024 by the independent valuers Colliers, Chartered Surveyors, being members of the Royal Institution of Chartered Surveyors. The directors have considered this value, recognising the impact of any capital investment since the valuation (less subsequent depreciation), the impact of any strategic direction changes and development potential. The Directors adopted these values and have adjusted fixed asset values accordingly as detailed in the accounts.



Directors

The directors shown below have held office during the whole of the period from
1 October 2023 to 30 September 2024

Richard Calvert
David Smith


Secretary Paul Wells

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
1 May 2025

And signed on behalf of the board by:
Name: David Smith
Status: Director

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Profit And Loss Account

for the Period Ended 30 September 2024

2024 2023


£

£
Turnover: 1,151,681 1,083,014
Cost of sales: ( 157,184 ) ( 172,191 )
Gross profit(or loss): 994,497 910,823
Administrative expenses: ( 973,276 ) ( 992,308 )
Operating profit(or loss): 21,221 (81,485)
Profit(or loss) before tax: 21,221 (81,485)
Tax: 2,758 ( 31,483 )
Profit(or loss) for the financial year: 23,979 (112,968)

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Balance sheet

As at 30 September 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 1,500,000 1,500,000
Total fixed assets: 1,500,000 1,500,000
Current assets
Stocks: 4 24,072 21,256
Debtors: 5 106,607 103,300
Cash at bank and in hand: 40,372 208,879
Total current assets: 171,051 333,435
Prepayments and accrued income: 5,191 2,798
Creditors: amounts falling due within one year: 6 ( 3,109,126 ) ( 3,293,097 )
Net current assets (liabilities): (2,932,884) (2,956,864)
Total assets less current liabilities: (1,432,884) ( 1,456,864)
Total net assets (liabilities): (1,432,884) (1,456,864)
Capital and reserves
Called up share capital: 100,000 100,000
Profit and loss account: (1,532,884 ) (1,556,864 )
Total Shareholders' funds: ( 1,432,884 ) (1,456,864)

The notes form part of these financial statements

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Balance sheet statements

For the year ending 30 September 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 1 May 2025
and signed on behalf of the board by:

Name: David Smith
Status: Director

The notes form part of these financial statements

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    The total turnover of the Company for the year has been derived entirely from its principal activity wholly undertaken in the United Kingdom. Turnover is recognised at the fair value of the consideration received or receivable for annual membership subscriptions, joining fees and other services supplied to external customers in the ordinary nature of the business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is shown net of Value Added Tax.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:- Fixtures, fittings and equipment 10% to 20% Course improvements 10% Freehold property 2% Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life. They are reviewed annually and adjusted if necessary. Land and buildings are accounted for separately even when acquired together.

    Valuation information and policy

    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 loss are recognised in profit or loss.

    Other accounting policies

    Stocks Stocks of golf and food & beverage products are stated at the lower of cost and net realisable value. Cost is calculated on an average cost basis, and net realisable value is the estimated selling price less any costs of disposal. At each reporting date, the Company assess if stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the estimated selling price less costs to complete and sell over the carrying amount of the stock is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential, i.e. benefits expected from use or sale of the stock. Going concern The Company forms part of the larger Club Company Group and the Directors assess Going Concern as part of the wider Group. The Company has ongoing financial support from companies within the Group if required. In that context, in the year ended 30th September 2024, the Directors prepared forecasts and projections taking account of reasonable possible changes in trading fo the Group performance. These forecasts and projections show that the Company has the financial resources to continue in operational existence for the foreseeable future. Accordingly, at the time of approving the financial statements, the Directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future, and there is no material uncertainty in relation to going concern.

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 31 37

    The directors’ remuneration was paid by a fellow subsidiary company.

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 October 2023 981,980 423,613 485,164 55,166 25,127 1,971,050
Additions 551 1,159 1,710
Disposals ( 24,623 ) ( 24,623 )
Revaluations 100,437 100,437
Transfers
At 30 September 2024 1,057,794 424,164 486,323 55,166 25,127 2,048,574
Depreciation
At 1 October 2023 0 271,514 140,432 46,304 12,800 471,050
Charge for year 18,362 23,297 46,550 3,244 4,433 95,886
On disposals
Other adjustments 18,362 18,362
At 30 September 2024 0 294,811 186,982 49,548 17,233 548,574
Net book value
At 30 September 2024 1,057,794 129,353 299,341 5,618 7,894 1,500,000
At 30 September 2023 981,980 152,099 344,732 8,862 12,327 1,500,000

Freehold property was revalued as at 30 September 2024 by independent valuers Colliers, Chartered Surveyors, being members of the Royal Institution of Chartered Surveyors. The directors have considered this value, recognising the impact of any capital investment since the valuation (less subsequent depreciation), the impact of any strategic direction changes and development potential. The directors have adjusted fixed asset values accordingly resulting in a valuation at 30 September 2024 of £1.500m. Security against land and buildings The Company has pledged the freehold property having a net book value of £1,058k, to secure the bank loans of a fellow subsidiary company by way of a fixed charge.

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

4. Stocks

2024 2023
£ £
Stocks 24,072 21,256
Total 24,072 21,256

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

5. Debtors

2024 2023
£ £
Trade debtors 17,699 17,150
Other debtors 88,908 86,150
Total 106,607 103,300

Other debtors is a deferred tax asset

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 38,091 4,436
Accruals and deferred income 43,133 74,917
Other creditors 3,027,902 3,213,744
Total 3,109,126 3,293,097

Other creditors includes amounts due to subsidiaries.

WHARTON PARK GOLF AND COUNTRY CLUB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

7. Financial Commitments

The total future minimum lease payments under non-cancellable operating leases are as follows: 2024 Within 1 year £nil Between 1 and 5 years £nil After five years £nil 2023 Within 1 year £3k Between 1 and 5 years £2k After five years £nil