REGISTERED NUMBER: 03534966 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ENSIGN LEISURE LIMITED

T/A

SLINFOLD GOLF & COUNTRY CLUB

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

E P Blacker

L J Blacker

REGISTERED OFFICE:

Slinfold Golf & Country Club

Stane Street

Slinfold

Horsham

West Sussex

RH13 0RE

REGISTERED NUMBER:

03534966 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Membership income during 2024 grew by 16% to £2,349,998, and total income grew by 15% to £3,550,333. Gross profit grew during 2024 by 19% to £2,112,542.

Net profit before tax fell by 36% to £275,629. The company has continued to retain earnings in order to strengthen its liquidity position.

Towards the end of 2023 significant upgrades were made to the driving range, particularly the introduction of Trackman golf ball tracking technology and the automation of the ball delivery and payment systems. This has proven very popular with members and visitors alike, and has given rise to a turnover increase on the range from £77,075 in 2023 to £209,964 in 2024.

Membership numbers continued to grow during 2024, with an overall increase of 2.6%, reflecting the company's focus on member satisfaction and retention, and the addition of new member services.

The business continues to evaluate a range of future facilities and services upgrades that could be delivered to improve the range and quality of the experience members and guests receive.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks and uncertainties affecting the company:

Economic risk:

Despite the easing of inflation, cost of living pressures continue to impact on consumer spending. It remains a key focus therefore to ensure that good value for money is offered in all areas, and price increases, where necessary, are reflective of affordability, and go hand in hand with a commitment to high quality service provision.

The company's energy costs have been fixed throughout the recent years of turmoil caused by global issues. These fixed contracts ended in 2025 and, after a period of market research, we have now entered into new arrangements which offer best price and availability in the current market.

The company is currently negotiating a new bank loan facility to replace the current arrangement which is due to end in September 2026.

Actions of competitors:

The demand for fitness and leisure facilities continues to be buoyant in the area, resulting in healthy competition. The company's out-of-town location offers many benefits to members, and the directors believe the company is well placed to continue to attract new members and customers. The golf facilities, located in a rural open setting, and benefiting from continuing course improvements are well placed to benefit from the resurgence in interest in golf in recent years.

KEY PERFORMANCE INDICATORS

The directors use a range of financial key performance indicators (KPIs) in addition to those mentioned above, to monitor performance. A number of non-financial measures are continually appraised, the most important of these being changes in membership numbers, usage/capacity in key areas along with a number of other key financial indicators based on budgeted expectations. The introduction of improved technology and accounting processes have allowed the senior management a more transparent view of progress of the KPIs on a weekly and even daily basis, and in turn allowed a more accurate and responsive approach to performance and forecasting.

ON BEHALF OF THE BOARD:

L J Blacker - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company, is that of operating a health and fitness, golf and leisure facility.

DIVIDENDS

Ordinary dividends were paid amounting to £275,000. The directors do not recommend payment of a further dividend.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

E P Blacker

L J Blacker

FINANCIAL INSTRUMENTS

Treasury operations and financial instruments

The company operates a treasury function which is responsible for managing the liquidity, interest and credit risks associated with the company’s activities. The company operates the following management policies designed to minimise its exposure to financial risk:

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses.

Interest rate risk

The company operates a number of policies to ensure there is sufficient liquidity and cash. Regular cash flow forecasts are prepared to ensure the company is able to cover its interest payments and continually monitors the market rate of interest.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

FUTURE DEVELOPMENTS

The directors believe that there are currently no major future developments requiring disclosure.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

AUDITORS

Lewis Brownlee (Chichester) Limited were appointed as auditors to the company and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L J Blacker - Director

29 September 2025

Opinion

We have audited the financial statements of Ensign Leisure Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 report. Our 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance, where applicable;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors, where applicable.

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.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

29 September 2025

TURNOVER

4

3,550,333

3,088,196

Cost of sales

1,437,791

1,316,271

GROSS PROFIT

2,112,542

1,771,925

Administrative expenses

1,407,310

1,036,308

705,232

735,617

Other operating income

-

150,000

OPERATING PROFIT

6

705,232

885,617

Interest receivable and similar income

1,571

-

706,803

885,617

Interest payable and similar expenses

7

431,174

458,062

PROFIT BEFORE TAXATION

275,629

427,555

Tax on profit

8

15,288

155,800

PROFIT FOR THE FINANCIAL YEAR

260,341

271,755

Retained earnings at beginning of year

3,120,608

3,028,853

Dividends

9

(275,000

)

(180,000

)

RETAINED EARNINGS AT END OF YEAR

3,105,949

3,120,608

FIXED ASSETS

Tangible assets

10

8,054,543

7,959,667

CURRENT ASSETS

Stocks

11

41,731

38,191

Debtors

12

1,684,278

1,856,296

Cash at bank

48,939

210,696

1,774,948

2,105,183

CREDITORS

Amounts falling due within one year

13

1,060,310

1,130,032

NET CURRENT ASSETS

714,638

975,151

TOTAL ASSETS LESS CURRENT LIABILITIES

8,769,181

8,934,818

CREDITORS

Amounts falling due after more than one year

14

(4,815,392

)

(4,894,958

)

PROVISIONS FOR LIABILITIES

18

(6,188

)

(77,600

)

NET ASSETS

3,947,601

3,962,260

CAPITAL AND RESERVES

Called up share capital

19

625,000

625,000

Revaluation reserve

216,652

216,652

Retained earnings

3,105,949

3,120,608

SHAREHOLDERS' FUNDS

3,947,601

3,962,260

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

E P Blacker - Director

L J Blacker - Director

1.	STATUTORY INFORMATION

Ensign Leisure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.The financial statements have been prepared on the historical cost convention as modified by the revaluation of certain assets.

The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£).

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors are fully aware that the current bank loan arrangement is due for renewal in September 2026 and are currently in negotiations for this to be in place in good time and are confident that a new facility will be agreed upon.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance, from the rendering of services or sale of goods. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

The following criteria must also be met before turnover is recognised:

Membership income is spread over the period of the membership. Such income and deposits received relating to future accounting periods is treated as a creditor and recorded as turnover in the period to which it relates.

Green fees, bar and restaurant income, health and fitness treatments and other income is recognised at the time the goods are sold or the service is delivered.

Tangible fixed assets

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

-

not provided

Course improvements

-

not provided

Plant and machinery

-

20% 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 recognised in the income statement.

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 losses are recognised in profit or loss.

Freehold land and buildings and course improvements have not been depreciated as the directors consider their residual values at the end of their useful economic lives are at least equal to cost, as they are continually maintained to a high standard. This is periodically reviewed and adjusted prospectively if necessary.

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. A full valuation is obtained, where necessary, from a qualified valuer with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

At each reporting 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over relevant period. The capital element of the future payments is treated as a liability.

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

Employee and retirement benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

3.	JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Fair value of property (freehold land and buildings)

The judgement relating to the fair value of property, is based on the directors' use of the professional valuation carried out on behalf of the company's lenders on 4 July 2023 at £8 million, taking into account any additions and depreciation to this date. The valuation was carried out in accordance with the 31 January 2022 edition of RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) by Colliers, an independent firm of Chartered Surveyors with a recognised and relevant professional qualification and with recent experience in the location and category of the property. The valuation was made on the basis of existing use as a fully-equipped operational entity having regard to trading potential in line with Section 27 of FRS 102. The fair value of property was not revalued to £8 million at this date in the financial statements, as the valuation was not obtained for this purpose and is based on specific set conditions but is considered reliable evidence that the current carrying value of property is fairly stated.

Freehold land and buildings and course improvements are maintained to such a standard that their estimated residual value is not less than their cost, therefore no depreciation is charged on freehold land and building as this is not material.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Membership income

2,349,998

2,020,683

Green fees

390,201

252,096

Food and beverage income

631,247

616,282

Pro shop income

17,345

17,960

Health and fitness

147,127

161,547

Other income

14,415

19,628

3,550,333

3,088,196

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

3,550,333

3,088,196

3,550,333

3,088,196

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,181,142

1,044,933

Social security costs

82,302

68,155

Other pension costs

26,418

23,203

1,289,862

1,136,291

The average number of employees during the year was as follows:

2024

2023

Administration

23

21

Food and beverage

18

19

Greenkeeping

14

12

Health and fitness

21

20

76

72

2024

2023

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

46,582

48,746

Depreciation - assets on hire purchase contracts

32,029

31,301

Profit on disposal of fixed assets

(3,246

)

-

Auditors' remuneration

7,000

5,498

The company has taken advantage of the exemption to disclose amounts paid for non-audit services as these are disclosed in the group financial statements of the ultimate parent company.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

363,793

409,049

Other loan interest

36,256

24,438

Other interest

19,816

14,059

Hire purchase interest

11,309

10,516

431,174

458,062

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Deferred tax

15,288

155,800

Tax on profit

15,288

155,800

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

275,629

427,555

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

68,907

106,889

Effects of:

Expenses not deductible for tax purposes

4,954

7,014

Utilisation of tax losses not provided for

(393

)

-

Under/(over) provision in prior years

(58,180

)

42,000

Super deduction allowance

-

(399

)

Unutilised tax losses carried forward

-

1,088

Other timing differences

-

(792

)

Total tax charge

15,288

155,800

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Final

275,000

180,000

10.	TANGIBLE FIXED ASSETS

Freehold

land and

Course

Plant and

buildings

improvements

machinery

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2024

7,124,206

794,656

1,482,330

9,401,192

Additions

9,493

33,293

133,329

176,115

Disposals

-

-

(25,597

)

(25,597

)

At 31 December 2024

7,133,699

827,949

1,590,062

9,551,710

DEPRECIATION

At 1 January 2024

103,073

216,349

1,122,103

1,441,525

Charge for year

-

-

78,611

78,611

Eliminated on disposal

-

-

(22,969

)

(22,969

)

At 31 December 2024

103,073

216,349

1,177,745

1,497,167

NET BOOK VALUE

At 31 December 2024

7,030,626

611,600

412,317

8,054,543

At 31 December 2023

7,021,133

578,307

360,227

7,959,667

Land and buildings and course improvements were valued at 4 July 2023 by Colliers International Property Consultants Limited, independent valuers not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors believe the valuation is not materially different to the carrying value of these assets as at 31 December 2024, and therefore have not revalued them in the year.

Cost or valuation at 31 December 2024 is represented by:

Freehold

land and

Course

Plant and

buildings

improvements

machinery

Totals

£

£

£

£

Valuation in 2011

(836,700

)

-

-

(836,700

)

Valuation in 2013

1,450,000

-

-

1,450,000

Valuation in 2014

31,793

-

-

31,793

Valuation in 2015

(213,265

)

-

-

(213,265

)

Valuation in 2020

(1,618,425

)

-

-

(1,618,425

)

Valuation in 2022

1,403,249

-

-

1,403,249

Cost

6,917,047

827,949

1,590,062

9,335,058

7,133,699

827,949

1,590,062

9,551,710

Depreciation of £103,073 (2023: £103,073) has been charged under the historic cost model of freehold land and buildings.