Company registration number 2937539 (England and Wales)
HOUGHWOOD GOLF LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HOUGHWOOD GOLF LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
HOUGHWOOD GOLF LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,829,598
1,823,173
Current assets
Stocks
28,041
27,005
Debtors
4
64,314
65,262
Cash at bank and in hand
108,310
133,347
200,665
225,614
Creditors: amounts falling due within one year
5
(1,480,092)
(1,270,056)
Net current liabilities
(1,279,427)
(1,044,442)
Total assets less current liabilities
550,171
778,731
Creditors: amounts falling due after more than one year
6
(110,968)
(102,208)
Net assets
439,203
676,523
Capital and reserves
Called up share capital
7
426,750
426,750
Revaluation reserve
150,616
150,616
Profit and loss reserves
(138,163)
99,157
Total equity
439,203
676,523

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
Dr W C Eng
Director
Company Registration No. 2937539
HOUGHWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Houghwood Golf Limited is a private company limited by shares incorporated in England and Wales. The registered office is Billinge Hill, Crank Road, Crank, St Helens, Merseyside, WA11 8RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The net current liabilities reflected on the balance sheet primarily consist of deferred memberships as well as intercompany loans to the total value of £1,121,459. The Company's parent company Orando International (UK) limited and ultimate controlling party Orando Holdings Sdn Bhd have confirmed their ongoing financial support and that the intercompany loans will not be demanded for at least a 12 month period from the balance sheet date. As such, the directors have a reasonable expectation that the company has adequate resources to meet it's trading requirements for the foreseeable future and the directors are satisfied the going concern basis is appropriate.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

In order to reflect the members' golfing year which runs from 1 May to 30 April, 8 months of the 23/24 subscriptions have been credited to turnover, and the remaining months carried forward as deferred income.

1.4
Tangible fixed assets

Tangible fixed assets are stated at historical cost except for the freehold land, golf course and clubhouse, which have been included in the balance sheet at a valuation obtained during November 2011. On transition to FRS102 the company has elected to treat this valuation as deemed cost.

 

The revaluation reserve represents the surplus on revaluation of the freehold land, golf course and clubhouse, and is being credited back to the Profit and Loss Account at the same rate as which the underlying assets are depreciated.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line on cost
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

HOUGHWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

HOUGHWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable results for the year. The taxable result differs from the reported result in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

HOUGHWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
34
34
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 January 2024
1,755,258
746,308
594,744
3,096,310
Additions
-
0
94,797
25,338
120,135
Disposals
-
0
(10,050)
(5,142)
(15,192)
At 31 December 2024
1,755,258
831,055
614,940
3,201,253
Depreciation and impairment
At 1 January 2024
295,205
540,866
437,066
1,273,137
Depreciation charged in the year
-
0
68,931
43,785
112,716
Eliminated in respect of disposals
-
0
(9,276)
(4,922)
(14,198)
At 31 December 2024
295,205
600,521
475,929
1,371,655
Carrying amount
At 31 December 2024
1,460,053
230,534
139,011
1,829,598
At 31 December 2023
1,460,053
205,442
157,678
1,823,173

Included in land and buildings is non-depreciated Freehold Land at a cost of £538,440.

 

Included within tangible fixed assets are assets held under Hire Purchase agreements. The NBV of assets held under such agreements at year end was £198,091 (2023:£167,612).

HOUGHWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Tangible fixed assets
(Continued)
- 6 -

If revalued assets were stated on an historical cost basis rather than a deemed cost basis on transition to FRS 102, the total amounts included would have been as follows:

 

 

Land and buildings

2024
2023
£
£
Cost
1,982,141
1,982,141
Accumulated depreciation
(768,868)
(742,023)
Carrying value
1,213,273
1,240,118
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,821
12,266
Other debtors
51,493
52,996
64,314
65,262
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,247
54,621
Amounts owed to group undertakings
1,121,459
921,459
Taxation and social security
14,295
14,730
Other creditors
304,091
279,246
1,480,092
1,270,056
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
110,968
102,208

The company has total secured liabilities to the value of £175,519 (2023: £151,447) which comprise of net obligations under hire purchase contracts.

HOUGHWOOD GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
426,750
426,750
426,750
426,750
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified however, it draws attention to accounting policy note 1.2.

Senior Statutory Auditor:
Richard Johnson
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
Date of audit report:
4 August 2025
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
45,165
59,426
10
Parent company

The directors consider the ultimate parent undertaking and controlling party to be Orando Holdings sdn bhd, incorporated in Malaysia. The parent undertaking of the largest and smallest group of undertakings for which group financial statements are prepared is Orando Holdings sdn bhd, the ultimate parent undertaking, incorporated in Malaysia.

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