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Company registration number: 07447067







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


BURHILL GROUP LIMITED






































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BURHILL GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
Edward Clive (Chairman) 
The Earl Of Iveagh 
The Hon Mrs Georgia Fanshawe 
Lady Honor Montagu 
Colin Mayes (resigned 1 April 2025)
James Conlan 
Simon O'Donnell 
Michelle Ward 
Simon Thompson (appointed 1 December 2024)




Company secretary
James Conlan



Registered number
07447067



Registered office
Burhill
Burwood Road

Walton On Thames

Surrey

KT12 4BX




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


BURHILL GROUP LIMITED
 



CONTENTS



Page
Group strategic report
1 - 4
Directors' report
5 - 9
Independent auditor's report
10 - 13
Consolidated statement of comprehensive income
14
Consolidated balance sheet
15
Company balance sheet
16
Consolidated statement of changes in equity
17
Company statement of changes in equity
18
Consolidated statement of cash flows
19 - 20
Consolidated analysis of net debt
21
Notes to the financial statements
22 - 40


 


BURHILL GROUP LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their Strategic Report on Burhill Group Limited for the year ended 31 December 2024.

Review of the business and key performance indicators
 
The consolidated statement of comprehensive income on page 14 records the profit for the year. The Group continues to use its established key performance indicators to monitor and measure progress. These include Turnover, Operating profit, Headcount, Operating Standards, Market Share and Profit Before Tax. 
Turnover
Total turnover of £65.5m increased by £4.6m, which is up +7.5% (2023: £60.9m). 
Golf and Leisure turnover of £64.3m increased by £4.2m, which is up +6.9% (2023: £60.1m).
Property rental turnover of £0.79m increased by £40k, which is up +5.4% (2023: £0.75m). 
Land and building sales were £380k (2023: £nil).
The increase in 2024 Group turnover reflects growth in the golf business from continuing investments, a full year of trading from Adventure Leisure sites opened in 2023 in Norwich, Bristol and Romford, plus the opening of a Mr Mulligans site in Hemel Hempstead in July 2024.
Operating profit
Operating profit of £5,102k decreased by £98k, which is down -1.9% (2023: £5,200k). 
The reduction in operating profit is due to ongoing inflationary cost increases during the year, a full year of 2024 costs at Adventure Leisure locations opened in 2023 and the opening of Hemel Hempstead in July 2024.
While growth was achieved in the Golf business, the overall reduction in operating profit is due to turnover increases in Leisure being offset by inflationary and new openings operating cost increases.
In the longer term, net earnings from new openings and reductions in energy contract prices are expected to secure future operating profit growth.
Headcount
Levels of headcount are continuously monitored against business levels, budgets and prior year. 
Average headcount for 2024 was 1,175 compared to 1,173 in 2023. This reflects the staffing levels required to provide a high service level to returning customers.
Operating Standards & Market Share
The Group consistently monitors operating standards and market share to understand the performance of its operating divisions in comparison to competitor businesses.
High levels of operating standards are achieved through ongoing staff training and senior management coaching and supervision. Customer feedback is monitored through use of Net Promoter Score systems and a programme of Mystery Shopper visits. Market share and market positioning are monitored via on-line Web based and Social Media feedback.
These activities contribute to the achievement of high levels of operating standards and customer service which impact positively on market share.
Profit Before Tax
Group profit before taxation of £5.7m decreased by £118k which is down -2.1% (2023: £5.8m). This reduction is due to the reasons highlighted in the Operating Profit section of this report.

Page 1

 


BURHILL GROUP LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
In preparing the financial statements the directors have assessed the Company’s ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, due consideration has been given to the Company’s banking facilities, historical and current trading trends and forward-looking projections. 
Detailed cashflow forecasts have been prepared and the directors believe the company is in a strong position to be able to deal with any future economic impacts. There are a range of steps the Company will take to mitigate any operational and financial impacts on the business. 
The directors have reviewed the cash flow forecasts and based on their best assessment believe that the Company has sufficient financing in place to ensure all cash flow requirements are satisfied for at least the next twelve months and to the end of 2026 and beyond. As such, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. The financial statements therefore do not include any adjustments that would result if the Company were unable to continue as a going concern.

Other principal risks and uncertainties
 
The golf and leisure market in the UK remains very competitive.
Investment in high quality golf operations and excellent customer service will continue to ensure customer retention and yield good financial performance. Ongoing innovation in golf products and various golf industry wide initiatives is expected to continue expansion in golf participation.
The principles of product innovation and service delivery are also pursued in the Adventure Leisure and Ninja Leisure businesses where excellence in the leisure experience delivery through high levels of service are the key to customer satisfaction.
The Group is exposed to the usual commercial risks associated with golf and leisure operations and property management. Continuous monitoring of market trends and competitor activity combined with product innovation will however ensure the Group maintains its position and takes advantage of opportunities for growth.
Strong financial control systems are in place to minimise the risk of loss. The Chief Financial Officer continuously monitors cash flow as part of the ongoing control procedures and the Chief Executive and the Board are regularly updated on the financial status of the Group.

Page 2

 


BURHILL GROUP LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of key stakeholders in the Company in their decision making. 
Key stakeholders have been identified as shareholders, customers, employees and suppliers.
 
Shareholders: Regular dialogue is maintained with shareholders and their advisers. Issues of significance are communicated to shareholders. In addition, a full shareholder briefing is provided at the Company’s annual general meeting of shareholders.
Customers: Satisfied customers are vital to the future success. There is regular communication with customers on Company initiatives and ongoing activities to provide the highest quality customer experience. Customer feedback is continuously received via web-based polling systems. This feedback is acted upon by senior management to improve customer experiences and develop new products to satisfy demand.
Employees: Motivated and satisfied employees are essential to our business. The Company strives to achieve high standards in its dealings with employees. The Company continues to provide comprehensive induction and ongoing training tailored to individual needs via the Group’s on-line training system which now has over 1000 available training modules.
Suppliers: The Company maintains appropriate arms-length trading relationships with quality suppliers and is fully committed to fairness in its dealing with suppliers, including meeting all agreed credit terms.

The Directors continue to act to ensure there is full regard to the long-term interests of both the Company and its key stakeholders. This includes considering the impact of the Company’s activities on the community and the environment, including the promotion of best practice in the Company’s Environmental, Social and Governance plan. In doing this the Directors continue to act fairly and in good faith to protect the reputation of the Company and promote its long terms success.
Key areas to be noted in this regard are:
 
The Directors fully consider the interests of its stakeholders when engaging with them.
Good relations are maintained with the key stakeholders such as shareholders, customers, employees, and suppliers by regular, open and honest communication.
The management structure ensures open an effective engagement with the workforce via the Executive Directors and the Senior Management.
Appropriate anti-corruption and anti-bribery, equal opportunities and whistleblowing procedures and policies are in place.

Examples of key decisions made by the Directors in the year ended 31st December 2024 acting in the best interests of the Company include:
 
Identification of future strategies and opportunities in Golf, Leisure and Property.
Opening of the new Mr Mulligans site in Hemel Hempstead, growing brand presence.
Supporting the continuous training of front line and support office staff to ensure compliance with the highest possible operating standards.
Supporting high levels of Health and Safety standards and training.
Implementation of a comprehensive Human Resources Information System.
Secure the Group’s sustainability credentials by supporting the development and implementation of its Environmental, Social and Governance plan.
Continuing investment in Golf and Leisure locations to ensure high standards of health and safety combined with excellence in customer experience.
Ongoing financial decisions relating to cashflow management, the efficient use of resources, ongoing capital investment and settlement of obligations with customers and suppliers on a timely basis.

The Directors look forward to the future development of Burhill Group Limited with confidence.

Page 3

 


BURHILL GROUP LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



James Conlan FCA
Director

Date: 14 May 2025

Page 4

 


BURHILL GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Group's principal activities during the year were the operation of golf & leisure facilities and property trading & management. The Group owns seven pay and play golf centres and three proprietary golf clubs with a total of 22 golf courses and two gym facilities, 5 outdoor and 14 indoor Adventure Golf locations, 5 indoor Ninja Leisure locations, property and estates assets.
There have been no changes to the Group's principal activities during the year.

Results and dividends

The profit for the year, after taxation, amounted to £3,845,647 (2023 - £3,819,990).

A final dividend of £7.00 per share for the year ended 31 December 2023 was paid on 30 June 2024.

Subject to approval at the Annual General Meeting on 18th June 2025, a dividend of £6.00 per share for the year ended 31 December 2024 will be paid in June 2025.
Page 5

 


BURHILL GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Directors

The directors who served during the year were:

Edward Clive (Chairman) 
The Earl Of Iveagh 
The Hon Mrs Georgia Fanshawe 
Lady Honor Montagu 
Colin Mayes (resigned 1 April 2025)
James Conlan 
Simon O'Donnell 
Michelle Ward 
Simon Thompson (appointed 1 December 2024)

Future developments

The Group continues to seek earnings enhancing opportunities by acquisition and business development.
The Group also continuously assesses opportunities to sell its stock of properties held for resale and where appropriate seeks to obtain relevant planning permissions in order to maximise the disposal value of property selected for disposal.

Financial instruments

Credit risk
Credit risk arises principally from the Group’s trade and other receivables. Management regularly review all debtors for potential impairment and are comfortable that all un-provided debts are fully recoverable.
Liquidity risk and cash flow risk
Liquidity risk arises from the Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is a normal commercial risk that the Group could theoretically encounter difficulty in meeting its financial obligations as they fall due. Liquidity and cashflow risk are closely managed through ongoing effective cash management.

Employee involvement

The provision of appropriate information to staff is maintained through regular briefings and other regular communications. Members of the management team regularly visit branches and discuss relevant business issues with members of staff and a programme of regular staff consultative committee meetings is followed.

Disabled employees

The Group gives full and fair consideration to applications for employment made by disabled persons and their continuing employment, training and career development, having full regard to their aptitudes and abilities.

Matters covered in the Group strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the Strategic Report preceding the Directors' Report includes information that would have formerly been included in the engagement with others section of the Directors' Report.

Page 6

 


BURHILL GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Streamlined Energy and Carbon Reporting (SECR)

Burhill Group Ltd are a 'large unquoted' company under the Streamlined Energy and Carbon Reporting (SECR) regulations and are required to report annually in the standard format on greenhouse gas emissions from Scope 1 and 2: Electricity, Gas and Transport.

This table summarises SECR information for Burhill Group for the year ended December 2024:

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Page 7

 


BURHILL GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

SECR - Quantification and reporting methodology

The reporting period is the most recent financial year 01/01/2024 to 31/12/2024. This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting.
All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement below.
The carbon figures have been calculated using the Department for Business Energy and Industrial Strategy 2023 carbon conversion factors for all fuels, other than the market-based electricity which has been taken from the relevant UK suppliers.
SECR - Intensity Measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover, the recommended ratio for the sector.
SECR - Market-based assessment of emissions changes
The market based purchased electricity emissions shown above reflect the officially approved calculation of reduced emissions due to sourcing electricity supply from renewable sources.
In 2024, the market-based assessment of gross emissions of carbon dioxide increased by 161 tonnes to 1,489 tonnes when compared to 2023. The Intensity Ratio of tonnes of carbon dioxide per £1m of turnover increased by 0.92 tonnes to 22.74 compared to 2023.
SECR – Location-based assessment of emissions changes
In 2024, largely due to the addition of 1 new trading location, the location-based assessment of gross emissions of carbon dioxide increased by 71 tonnes to 2,865 tonnes when compared to 2023. However, due to the increase in turnover, the Intensity Ratio of tonnes of carbon dioxide per £1m of turnover reduced by 2.13 tonnes to 43.77 compared to 2023.
SECR - Statement of exclusions:
Scope 1 - 
None
Scope 2 - Purchased electricity does not include the Transmission and Distribution element as this is owned by the supplier.
Scope 3 - Voluntary
SECR – Ongoing measures taken to improve energy efficiency
The Group has continued with the development and implementation of its Environmental, Social and Governance (ESG) plan to further the overall objective of improving sustainability and energy efficiency to reduce greenhouse gas emissions.
The ESG plan includes the following specific elements:
• Sourcing energy supplies from renewable sources wherever possible.
• Responsible procurement across the supply chain.
• Implementation of sustainable re-cycling across the Group to reduce waste to landfill.
• Working with suppliers who are committed to reducing their own carbon footprint.
• Use of electric or hybrid vehicles wherever practical.
• Ensuring new openings all include up to date energy conservation measures.
• Increased use of video conferencing facilities to reduce business travel.
• Installation of LED lighting and other energy saving measures.
• Boiler replacements at the highest energy efficiency level and ground or air source heat pumps to be preferred.
• Installation of energy efficient air handling systems.
• Installation of energy efficient kitchen equipment.
• Installation of lighting movement sensors to reduce electricity consumption.
• Continuance with a “cashless” policy in operations.
• Installation of Solar panels at selected locations to reduce on-site electricity consumption.
 
Page 8

 


BURHILL GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

The actions highlighted will facilitate ongoing energy savings and emissions reduction.
Action is also being taken to engage staff, customers and suppliers with the ESG plan and performance monitoring is in place to measure progress.
Current events and economic trends
The directors continue to closely monitor the ongoing impact of all known current events and economic trends, including the adverse effects of inflation and interest rate movements.
The directors continue to be fully prepared to take the necessary actions to protect the interests of the Company and its stakeholders including all shareholders, customers, employees and suppliers.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, Menzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





James Conlan FCA
Director

Date: 14 May 2025

Page 9

 


BURHILL GROUP LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURHILL GROUP LIMITED

Opinion


We have audited the financial statements of Burhill Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 10

 


BURHILL GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURHILL GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 


BURHILL GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURHILL GROUP LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
 
The Companies Act 2006;
Financial Reporting Standard 102; 
UK employment legislation.
UK health and safety legislation;
General Data Protection Regulations;
UK tax legislation;

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. He did not identify any issues in this area.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; 
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of the accounts team, or with unusual descriptions or account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisationfor fraud and identified the greatest potential for fraud in the following areas:
 
The application of inappropriate judgements or estimation to manipulate the financial position in the calculation of the year end provisions;
The posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 


 
Page 12

 


BURHILL GROUP LIMITED


img1f24.png
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURHILL GROUP LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Wooding FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
95 Gresham Street
London
EC2V 7AB

20 May 2025
Page 13

 


BURHILL GROUP LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 5 
65,457,280
60,863,620

Cost of sales
  
(26,947,120)
(24,904,582)

Gross profit
  
38,510,160
35,959,038

Administrative expenses
  
(33,407,764)
(30,753,836)

Other operating income
  
-
(4,789)

Operating profit
 6 
5,102,396
5,200,413

Interest receivable and similar income
 10 
671,099
635,376

Interest payable and similar expenses
 11 
(118,826)
(62,636)

Profit before taxation
  
5,654,669
5,773,153

Tax on profit
 12 
(1,809,022)
(1,953,163)

Profit for the financial year
  
3,845,647
3,819,990

Profit for the year attributable to:
  

Owners of the parent Company
  
3,845,647
3,819,990

  
3,845,647
3,819,990

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 22 to 40 form part of these financial statements.

Page 14

 


BURHILL GROUP LIMITED
REGISTERED NUMBER:07447067



CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
2,242,676
2,495,374

Tangible assets
 15 
55,243,153
54,817,947

  
57,485,829
57,313,321

Current assets
  

Stocks
 17 
4,127,558
4,058,982

Debtors: amounts falling due after more than one year
 18 
7,718,179
7,128,193

Debtors: amounts falling due within one year
 18 
3,735,985
2,357,939

Cash at bank and in hand
 19 
4,681,133
2,494,975

  
20,262,855
16,040,089

Creditors: amounts falling due within one year
 20 
(16,614,764)
(14,780,145)

Net current assets
  
 
 
3,648,091
 
 
1,259,944

Total assets less current liabilities
  
61,133,920
58,573,265

Provisions for liabilities
  

Deferred taxation
 21 
(4,140,048)
(3,279,261)

Dilapidations provision
 22 
(1,618,667)
(1,495,046)

  
 
 
(5,758,715)
 
 
(4,774,307)

Net assets
  
55,375,205
53,798,958


Capital and reserves
  

Called up share capital 
 24 
324,200
324,200

Profit and loss account
 23 
55,051,005
53,474,758

  
55,375,205
53,798,958


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



James Conlan
Simon Thompson
Director
Director


Date: 14 May 2025
Date: 14 May 2025

The notes on pages 22 to 40 form part of these financial statements.

Page 15

 


BURHILL GROUP LIMITED
REGISTERED NUMBER:07447067



COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
423,419
241,908

Investments
 16 
3,964,168
3,964,168

  
4,387,587
4,206,076

Current assets
  

Debtors: amounts falling due after more than one year
 18 
2,926,753
2,686,318

Debtors: amounts falling due within one year
 18 
23,191,306
21,792,610

Cash at bank and in hand
 19 
97,723
60,954

  
26,215,782
24,539,882

Creditors: amounts falling due within one year
 20 
(21,421,915)
(20,086,749)

Net current assets
  
 
 
4,793,867
 
 
4,453,133

Total assets less current liabilities
  
9,181,454
8,659,209

  

  

Net assets
  
9,181,454
8,659,209


Capital and reserves
  

Called up share capital 
 24 
324,200
324,200

Profit and loss account brought forward
  
8,335,009
7,877,857

Profit for the year
  
2,791,645
2,078,152

Dividends paid

  

(2,269,400)
(1,621,000)

Profit and loss account carried forward
  
8,857,254
8,335,009

  
9,181,454
8,659,209


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



James Conlan
Simon Thompson
Director
Director


Date: 14 May 2025
Date: 14 May 2025

The notes on pages 22 to 40 form part of these financial statements.

Page 16

 


BURHILL GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
324,200
51,275,768
51,599,968


Comprehensive income for the year

Profit for the year
-
3,819,990
3,819,990
Total comprehensive income for the year
-
3,819,990
3,819,990


Contributions by and distributions to owners

Dividends paid
-
(1,621,000)
(1,621,000)


Total transactions with owners
-
(1,621,000)
(1,621,000)



At 1 January 2024
324,200
53,474,758
53,798,958


Comprehensive income for the year

Profit for the year
-
3,845,647
3,845,647
Total comprehensive income for the year
-
3,845,647
3,845,647


Contributions by and distributions to owners

Dividends paid
-
(2,269,400)
(2,269,400)


Total transactions with owners
-
(2,269,400)
(2,269,400)


At 31 December 2024
324,200
55,051,005
55,375,205


The notes on pages 22 to 40 form part of these financial statements.

Page 17

 


BURHILL GROUP LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
324,200
7,877,857
8,202,057


Comprehensive income for the year

Profit for the year
-
2,078,152
2,078,152
Total comprehensive income for the year
-
2,078,152
2,078,152


Contributions by and distributions to owners

Dividends paid
-
(1,621,000)
(1,621,000)


Total transactions with owners
-
(1,621,000)
(1,621,000)



At 1 January 2024
324,200
8,335,009
8,659,209


Comprehensive income for the year

Profit for the year
-
2,791,645
2,791,645
Total comprehensive income for the year
-
2,791,645
2,791,645


Contributions by and distributions to owners

Dividends paid
-
(2,269,400)
(2,269,400)


Total transactions with owners
-
(2,269,400)
(2,269,400)


At 31 December 2024
324,200
8,857,254
9,181,454


The notes on pages 22 to 40 form part of these financial statements.

Page 18

 


BURHILL GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,845,647
3,819,990

Adjustments for:

Amortisation of intangible assets
252,698
205,818

Depreciation of tangible assets
6,635,029
6,287,976

Loss on disposal of tangible assets
(11,180)
(5,678)

Interest payable
118,826
62,636

Interest receivable
(671,099)
(635,376)

Taxation charge
1,809,022
1,953,163

(Increase) in stocks
(68,576)
(715,423)

(Increase) in debtors
(629,516)
(358,548)

Increase/(decrease) in creditors
463,052
(882,529)

Increase in provisions
123,642
209,532

Corporation tax (paid)
(1,325,224)
(1,129,488)

Net cash generated from operating activities

10,542,321
8,812,073


Cash flows from investing activities

Purchase of tangible fixed assets
(7,316,232)
(10,336,980)

Sale of tangible fixed assets
267,177
165,942

Adjustment to consideration
-
(17,964)

Interest received
81,118
209,946

Net cash from investing activities

(6,967,937)
(9,979,056)
Page 19

 


BURHILL GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
2,000,000
1,000,000

Repayment of loans
(1,000,000)
-

Dividends paid
(2,269,400)
(1,621,000)

Interest paid
(118,826)
(62,636)

Net cash used in financing activities

(1,388,226)
(683,636)

Net increase/(decrease) in cash and cash equivalents
2,186,158
(1,850,619)

Cash and cash equivalents at beginning of year
2,494,975
4,345,594

Cash and cash equivalents at the end of year
4,681,133
2,494,975


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,681,133
2,494,975

4,681,133
2,494,975


The notes on pages 22 to 40 form part of these financial statements.

Page 20

 


BURHILL GROUP LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

2,494,975

2,186,158

4,681,133

Debt due within 1 year

(1,000,000)

(1,000,000)

(2,000,000)


1,494,975
1,186,158
2,681,133

The notes on pages 22 to 40 form part of these financial statements.

Page 21

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Burhill Group Limited is a private company incorporated in England and Wales under the Companies Act 2006. It is a company limited by shares. The address of the registered office is given on the Company Information page and the nature of the Company’s operations and principal activities are given in the Directors’ Report and Strategic Report.


2.


Prior year restatement

During the year, the Company transferred accounting systems. As part of the transfer process, the Director's have reclassified a number of expense categories between cost of sales and administrative expenses to show a more appropriate classification. As a result, the prior year comparatives have also been restated to reflect the classification change. The impact of the reclassification is an decrease in cost of sales by £2,307,474 and a corresponding increase in administrative expenses by the same amount.

3.Accounting policies

  
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The presentational and functional curreny of these financial statements is GBP. Values are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 4).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Parent Company disclosure exemptions
 
Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the Group and the Parent Company would be identical.
No cash flow statement has been presented for the Parent Company;
Disclosures in respect of the Parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Group as a whole; and
No disclosure has been given for the aggregate remuneration of the key management personnel of the Parent Company as their remuneration is included in the totals for the Group as a whole.

The following principal accounting policies have been applied:

 
3.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 22

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

 
3.3

Going concern

In preparing the financial statements the Directors are required to assess the Group and Company’s ability to continue to trade as a going concern for the foreseeable future.
In undertaking this assessment, the Directors have given due consideration to the Group and Company's banking facilities, historical and current trading, together with the forward-looking projections.
The Directors have reviewed the cash flow forecasts and based on their best assessment therefore believe that the Group and Company will have sufficient financing in place to ensure future cash flow requirements are satisfied for the next twelve months and beyond. As such, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. Consequently, the financial statements do not include any adjustments that would result if the Group and Company were unable to continue as a going concern.

 
3.4

Turnover

Turnover represents the gross receipts for the provision and management of golf and leisure facilities, gross rental charges receivable during the year and sale of trading property less relevant value added tax. Green fees and related golf and leisure turnover are recognised on the day of sale. Membership fee income is recognised over the life of the membership. Rental turnover is recognised over the period it relates to. Trading property turnover is recognised on the date of legal completion.

 
3.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, except for freehold land, evenly over their expected useful lives. It is calculated at the following rates:

Depreciation is provided on the following basis:

Freehold land and buildings
-
15 to 50 years straight line per annum
Long-term leasehold property
-
15 to 50 years straight line per annum
Plant, machinery and equipment
-
5 to 20 years straight line per annum

The carrying value of fixed assets is reviewed for impairments in periods in which events or changes in circumstances indicate that the carrying value may not be fully recoverable. The need for any fixed asset impairment write-down is assessed by comparison of the carrying value of the asset against the higher of realisable value and value in use.


Page 23

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

  
3.6

Intangible assets

Goodwill represents the excess of the cost of a business combination over the fair value of the Group's share of the net identifiable assets of the acquired subsidiary at the date of the acquisition. Goodwill on acquisitions of subsidiaries is included in 'intangible assets.' Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. Goodwill amortisation is calculated by applying the straight-line method to its estimated useful life which has been deemed as 15 years and is being amortised to administrative expenses.
Estimates of the useful economic life of goodwill are based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

  
3.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
3.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

 
3.9

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.
 
 
3.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
3.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 24

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

  
3.12

Financial assets

Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

  
3.13

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument’s legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

 
3.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
3.15

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
3.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
3.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
3.18

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 25

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

 
3.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
 
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
3.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
3.21

Properties held for resale

Property in the course of or planned development is valued at the lower of direct cost and realisable value. Direct cost comprises the cost of land and buildings. Net realisable value is based upon estimated selling price less additional costs to completion and disposal.

Page 26

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

  
3.22

Leased assets

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.
All other leases are treated as operating leases. Their annual rentals are charged to profit or loss on a straight-line basis over the term of the lease.


4.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Directors have made the following judgement:
• Determine whether there are any indicators of impairment of the Group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty
• Tangible fixed assets (see note 15)
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
• Provision of restoration costs (see note 22)
Restoration costs are included as a provision at the year end based on estimated costs that are expected to be incurred at the end of the lease. Directors have estimated the costs of restoration based on a cost per square foot.

Page 27

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Golf and leisure
64,291,634
60,118,092

Sale of land and buildings
379,723
-

Rental income
785,923
745,528

65,457,280
60,863,620


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
65,457,280
60,863,620

65,457,280
60,863,620



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
3,118,454
3,234,323


7.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Group's auditor and its associates for the audit of the parent Company's annual accounts
9,500
9,000

Fees payable to the Group auditor in respect of:

The auditing of accounts of subsidiaries of the Group pursuant to legislation
81,250
71,000

Taxation compliance and advisory services
27,500
24,000

Accounts preparation
18,950
17,000

Page 28

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023 as restated
2024
2023 as restated
£
£
£
£


Wages and salaries
22,660,059
20,219,811
1,439,155
1,284,874

Social security costs
1,716,903
1,424,888
180,032
158,919

Cost of defined contribution scheme
534,880
468,965
58,035
54,631

24,911,842
22,113,664
1,677,222
1,498,424


The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Office and management
141
138
19
18



Outdoor, leisure and catering staff
1,034
1,035
-
-

1,175
1,173
19
18


9.


Directors' remuneration

2024
2023
£
£



Directors' emoluments
1,478,014
721,249

1,478,014
721,249

During the current year and prior year retirement benefits were not accruing to any Directors in respect of defined contribution pension schemes.
The highest paid Director received £808,124 (2023 - £378,336).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
110,333
141,137

Other interest receivable
560,766
494,239

671,099
635,376

Page 29

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
118,826
62,636

118,826
62,636


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,567,860
1,448,653

Adjustments in respect of prior periods
(619,604)
(155,100)


948,256
1,293,553


Total current tax
948,256
1,293,553

Deferred tax


Origination and reversal of timing differences
860,766
435,245

Adjustments in respect of prior periods
-
224,365

Total deferred tax
860,766
659,610


Tax on profit
1,809,022
1,953,163
Page 30

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,654,669
5,773,153


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
1,413,667
1,356,691

Effects of:


Expenses not deductible for tax purposes
6,707
3,824

Capital allowances for year in excess of depreciation
525,574
500,980

Adjustments in respect of prior periods
(619,604)
(155,100)

Adjustments in respect of prior periods (deferred tax)
-
224,365

Deferred tax not recognised
203,882
(54,933)

Other timing differences
278,796
77,336

Total tax charge for the year
1,809,022
1,953,163


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid at £7.00 per share (2023: £5.00 per share)
2,269,400
1,621,000

2,269,400
1,621,000

Page 31

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2024
3,033,438



At 31 December 2024

3,033,438



Amortisation


At 1 January 2024
538,064


Charge for the year on owned assets
252,698



At 31 December 2024

790,762



Net book value



At 31 December 2024
2,242,676



At 31 December 2023
2,495,374



Page 32

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets

Group






Freehold property
Leasehold property
Fixtures and fittings
Plant and machinery
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
31,838,588
3,934,082
22,556,807
50,034,679
108,364,156


Additions
-
-
3,116,588
4,199,644
7,316,232


Disposals
-
-
(817,475)
(13,660,118)
(14,477,593)



At 31 December 2024

31,838,588
3,934,082
24,855,920
40,574,205
101,202,795



Depreciation


At 1 January 2024
14,853,830
2,218,435
7,721,573
28,752,371
53,546,209


Charge for the year on owned assets
456,498
77,103
2,264,613
3,836,815
6,635,029


Disposals
-
-
(719,498)
(13,502,098)
(14,221,596)



At 31 December 2024

15,310,328
2,295,538
9,266,688
19,087,088
45,959,642



Net book value



At 31 December 2024
16,528,260
1,638,544
15,589,232
21,487,117
55,243,153



At 31 December 2023
16,984,758
1,715,647
14,835,234
21,282,308
54,817,947




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
16,528,260
16,984,758

Long leasehold
1,532,770
1,386,190

Short leasehold
105,774
116,801

18,166,804
18,487,749


Page 33

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           15.Tangible fixed assets (continued)


Company






Fixtures and fittings

£

Cost or valuation


At 1 January 2024
1,136,040


Additions
362,622


Disposals
(705,882)



At 31 December 2024

792,780



Depreciation


At 1 January 2024
894,132


Charge for the year on owned assets
107,722


Disposals
(632,493)



At 31 December 2024

369,361



Net book value



At 31 December 2024
423,419



At 31 December 2023
241,908







16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
3,964,168



At 31 December 2024
3,964,168




Page 34

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Burhill Developments Limited
Property trading and management
Ordinary
100%
Burhill Golf and Leisure Limited
Golf and leisure management
Ordinary
100%
Shropshire County Leisure Limited (*)
Golf management
Ordinary
100%
Adventure Leisure Limited
Leisure management
Ordinary
100%
Burhill Golf Centres Limited
Dormant
Ordinary
100%
Birchwood Park Golf Centre Limited
Dormant
Ordinary
100%
Manor of Bosham Limited
Dormant
Ordinary
100%
Ninja Leisure Limited
Leisure management
Ordinary
100%
Ninja Leisure UK Sheffield Limited (*)
Leisure management
Ordinary
100%
Ninja Leisure UK Southampton Limited (*)
Leisure management
Ordinary
100%
Innovation Leisure Manchester Limited  (*)
Leisure management
Ordinary
100%

The registered office address for all subsidiaries is Burhill, Walton on Thames, Surrey, KT12 4BX.
(*) Indirect holding


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
1,495,646
1,445,941

Properties held for re-sale
2,631,912
2,613,041

4,127,558
4,058,982


 Stock is stated at the lower of cost and net realisable value. 

Page 35

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
7,718,179
7,128,193
2,926,753
2,686,318

7,718,179
7,128,193
2,926,753
2,686,318


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
706,727
305,612
31,952
2,577

Amounts owed by group undertakings
-
-
22,018,997
20,678,426

Other debtors
702,603
192,962
696,768
756,383

Prepayments and accrued income
2,274,888
1,859,365
263,442
168,705

Tax recoverable
51,767
-
-
-

Deferred taxation
-
-
180,147
186,519

3,735,985
2,357,939
23,191,306
21,792,610



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,681,133
2,494,975
97,723
60,954

4,681,133
2,494,975
97,723
60,954


Page 36

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,000,000
1,000,000
2,000,000
1,000,000

Trade creditors
2,336,715
1,925,859
29,305
27,025

Amounts owed to group undertakings
-
-
17,707,707
16,719,982

Corporation tax
963,743
592,176
-
166,702

Other taxation and social security
1,808,162
1,516,853
1,434,514
1,170,163

Other creditors
1,600,416
1,531,269
2,593
79,240

Accruals and deferred income
7,905,728
8,213,988
247,796
923,637

16,614,764
14,780,145
21,421,915
20,086,749


Bank loans totalling £2,000,000 (2023: £1,000,000) are secured by a debenture and a fixed and floating charge given by Burhill Group Limited to HSBC UK Bank plc. 

Page 37

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(3,279,261)
(2,619,651)


Charged to profit or loss
(860,787)
(659,610)



At end of year
(4,140,048)
(3,279,261)

Company


2024
2023


£

£






At beginning of year
186,519
189,442


Charged to profit or loss
(6,372)
(2,923)



At end of year
180,147
186,519

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(4,587,971)
(3,508,708)
10,846
10,846

Other timing differences
447,923
229,447
169,301
175,673

(4,140,048)
(3,279,261)
180,147
186,519


22.


Provisions


Group



Dilapidations provision

£





At 1 January 2024
1,495,046


Charged to profit or loss
123,621



At 31 December 2024
1,618,667

Provision has been made for site restoration costs arising under contractual lease arrangements in Adventure Leisure Limited, Ninja Leisure UK Sheffield Ltd, Ninja Leisure UK Southampton Ltd and Innovation Leisure Manchester Limited.

Page 38

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends paid and other adjustments.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



324,200 (2023 - 324,200) Ordinary shares of £1.00 each
324,200
324,200



25.


Capital commitments




Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements
715,542
554,931
43,803
95,785

715,542
554,931
43,803
95,785


26.


Pension commitments

The Group operates a defined contribution personal pension scheme. Pension contributions are charged in the statement of comprehensive income as they become payable. The pension cost for this year is £534,880 (2023: £468,965).
The are £84,570 of pension contributions unpaid at the year end (2023: £NIL).


27.


Commitments under operating leases

At 31 December 2024 the Group had future minimum lease payments due under non- cancellable operating leases as follows:

Land and buildings 2024
Plant and machinery 2024
Land and buildings  2023
Plant and machinery 2023
£
£
£
£
Not later than 1 year

3,188,370

226,785

3,038,359
 
161,044
 
Later than 1 year and not later than 5 years

10,792,440

877,538

10,821,478
 
277,815
 
Later than 5 years

7,368,570

-

9,262,840
 
-
 
21,349,380

1,104,323

23,122,677
 
438,859
 

Page 39

 


BURHILL GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Related party transactions

Companies under common ownership
There are balances owed from related parties whose shareholders are common to Burhill Group Limited. The balances owed are included in aggregate in debtors due after more than one year. During the year, interest of £560,766 (2023: £494,238) has accrued on these balances.
 
Key management personnel
The Directors of Burhill Group Limited are considered to be key management personnel. Their remuneration is disclosed in note 9.
 
Controlling parties
There is no ultimate controlling party.


29.


Post balance sheet events

On 17 February 2025, the Group entered into a new additional lease for a period of 10 years with annual rent of £231,180 being payable.

 
Page 40