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DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024 |
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report for the year ended 31 December 2024
Principal activity
The principal activity of the Group continues to be that of providing golf and associated recreational activities. The Company acts as a holding company for the Group. Fair Review of the business In 2024 the group produced a turnover of £13.8m compared to £13.5m in 2023. Higher staff costs incurred during 2024 result in an operating profit of £104k (2023: £581k). During the year several capital projects were completed:-
∙At Dale Hill, the lounge was converted into two suites, a wedding presentation room for brides, an office, a meeting room and a store.
∙At Sandford Springs the kitchen in the hotel was extended and refitted to allow for dinner service at the hotel rather than in the clubhouse. Also, a new pro gator was purchased to compliment the greenkeeping inventory.
∙At the Oxfordshire a large amount of carpeting was replaced.
Alongside the capital expenditure, there were substantial repairs to enhance the fabric of the buildings and improve the golf courses.
Our five-year plan is to continue to invest in the properties to aid the growth in top line sales and profitability. Especially to make us as self sufficient as possible with regard to power and water. The group has been able to fund itself from profits, throughout 2025, 2024, 2023, 2022 and 2021. Previously, the Chairman, who is also the principal shareholder, had funded the capital projects. Without the need to raise funds externally, the group has a definite advantage over its competitors.
Future Developments
Our future plans for the group include the construction of a 9 hole course, at the Oxfordshire. Also, a water storage facility at Sandford Springs to provide irrigation water for the 27 holes. We have identified a piece of development land, at the Oxfordshire, which shows good potential for commercial development or possibly housing. We have investigated a number of areas where we could crfeate ways of reducing our consumption of fossil fuels and improving the groups green credentials, by reducing its carbon footprint. This is not only better for the environment, but also makes sound financial sense given the increased cost of electricity. Our basic business concept forms part of the Leaderboard logo - owners of fine golf courses. This tells the reader that the whole of our business focus and our core business is set around our three golf venues. Our ethos is to provide a top-quality customer experience for both business and leisure guests. The quality of the product remains of paramount importance for continued growth.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Business Risks
Our golf breaks business achieved an overall increase in value, whilst the actual number of golf breaks decreased. One of the biggest risks we face is that our custoemrs will swap their allegiance to less expensive foreign venues, with the potential for better weather. The other significant risks that the goup faces fall into two categories. Costs The new 15% rate of employers' national insurance, together with the reduction in the hospitality relief on busihess rates, have had a significant impact on the overall results at all three centres. Staff The shortage of trained staff, particularly in the kitchen department, has prompted increased recruitment and wage costs.
Key Performance Indicators
The key performance indicators, used annually in this report, to best reflect the achievements of the group are as follows: - 1) Gross Profit Margin 2024: – 52.07% 2023: – 52.05% 2) Occupancy Rate 2024: - 75.43% 2023: - 76.77% 3) Membership Numbers Growth 2024: - (1.42%) 2023: - (4.70%) 4) Debtors Ratio 2024: 161:1 or 2 days 2023: 166:1 or 2 days 5) Stock Turnover Ratio 2024: – 11.86 times 2023: – 11.10 times Sustainability The company is a parent where subsidiary undertakings are individually exempt from complying with carbon reporting and are therefore not included in the group report.
This report was approved by the board and signed on its behalf.
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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.
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.
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;
∙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 2006. They 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.
The loss for the year, after taxation, amounted to £2,514 (2023 - profit £1,035,258).
No dividend was recommended for the year ended 31 December 2024.
The directors who served during the year were:
Future developments Please refer to Strategic Reports for future developments.
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LEADERBOARD GOLF HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group operates a framework for employee information and consultation. During the year, the policy of providing employees with information about the Group has been continued through internal newsletters at each of the centres. Employees have also been encouraged to present their suggestions and views on the Group’s performance at regular meetings held at each of the venues. Meetings are held between local management and employees to allow a free flow of information and ideas.
Disabled employees The Group is committed to a policy and practice under which it recognises its obligations under the Equality Act 2010 not to discriminate unlawfully against people with disabilities at any stage of employment, by seeking to:
The auditors, S&W Partners Audit Limited (formerly CLA Evelyn Partners Limited), will 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED
We have audited the financial statements of Leaderboard Golf Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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).
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 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.
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.
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LEADERBOARD GOLF HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Directors' Report and Financial Statements other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Directors' Report and Financial Statements. 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.
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.
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.
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LEADERBOARD GOLF HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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:
We obtained a general understanding of the Group and the parent Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. We obtained this understanding for significant components through discussion with group management.
We understand that the Group and the parent Company complies with the framework through:
∙Outsourcing accounting services, accounts preparation and tax compliance to external experts.
∙Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group and the parent Company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group and the parent Company:
∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
∙UK taxation law.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the Group and the parent Company’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
∙Revenue recognition, in particular cut-off and completeness, which is an inherent risk common to owner managed companies.
∙Manipulation of the financial statements, especially transactions with directors and management override, via fraudulent journal entries, particularly as the size of the company means that there is little opportunity for segregation of duties.
∙Freehold property values may be impaired.
The procedures we carried out to gain evidence in the above areas included:
∙Challenging management regarding the nature and appropriateness of unexpected or unusual accounting adjustments.
∙Substantive testing on material areas affecting timing of and completeness of revenue postings.
∙Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.
∙Challenging management regarding assumptions used in assessment of impairment.
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 Auditors' report.
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LEADERBOARD GOLF HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEADERBOARD GOLF HOLDINGS LIMITED (CONTINUED)
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 an Auditors' 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.
for and on behalf of
Statutory Auditors
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
TN4 8BS
Date:
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Leaderboard Golf Holdings Limited (the Company) is a limited company domiciled and incorporated in England and Wales.
The address of the Company's registered office is Dale Hill Hotel & Golf Limited, Ticehurst, Wadhurst, East Sussex, TN5 7DQ. The address of the Company's principal place of business is Sandford Springs, Wolverton, Tadley, Hampshire, RG26 5RT. The principal activity of the Group continues to be that of providing golf and associated recreational activities. The Company acts as a holding company for the Group.
2.Accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
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 3). Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated. The following principal accounting policies have been applied consistently by all group companies to all periods presented in these consolidated financial statements.
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 income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. All companies within the Group have the same reporting date of 31 December.
The Company has net current liabilities of £18,932,170 (2023: £18,543,512). The Group has net current liabilities of £20,646,506 (2023: £20,572,165). At the year-end, £21,923,798 (2023: £21,969,125) is owed to a director. This director, who is also the ultimate controlling party, has confirmed that, whilst the loan is repayable on demand and therefore presented in current liabilities, he will not call in this loan until the company and group have the financial resources to permit it.
Having taken into account all available information about the Group’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the Group is a going concern given the financial support of the director.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Joining fees are recognised on their receipt from new members. Flexi-membership income is recognised when the the member uses the units they have pre-paid to play a round of golf. Units last for a period of 12 months after which they are written off to the income statement. Where units are unspent (and within the time limit) they are included within deferred income. Bar, restaurant, shop and green fee income is recognised at the point of sale. Hotel income is recognised once the guest has completed each night's stay. Deposits taken for future events are held as a creditor and then released to income once the event has occurred.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
The following abbreviations indicate to which summary group of assets the individual class of assets belong.
Fixtures and fittings - F&F Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:
The cost of freehold buildings and course development is depreciated to a residual value of 50% at variable annual rates over 50 years; 1% for the first 15 years, 2% for the next 15 years and 2.75% for the final 20 years.
No depreciation is charged in respect of land. The assets' residual values, useful lives, and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of income and retained earnings.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.
The financial statements are presented in Sterling, which is also the functional currency of the Group. Transactions in currencies, other than the functional currency of the Group, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Short-term employee benefits are recognised as an expense in the period in which they are incurred. The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the Group in an independently administered fund.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Specifically, the value of the investment in subsidiary companies has been reviewed by the directors for indicators of impairment. They have assessed the carrying value of the investments at the year-end to be £26,748,881 (2023: £26,748,881), being the cost value which is assessed to be less than the fair value of the investment based on the expected future performance of the subsidiaries. By their nature, valuations of private companies are subjective, and so these estimations naturally carry some uncertainty. In addition to this, the cost of freehold buildings and course development is depreciated to a residual value of 50% at variable annual rates over 50 years; 1% for the first 15 years, 2% for the next 15 years and 2.75% for the final 20 years. The net book value at the year end was £32,568,312 (2023: £32,558,037) with a depreciation charge in the year of £206,072 (2023: £195,121). The policy has been reviewed by the directors who consider this to still be appropriate as the building carries a significant residual value. The depreciation policy increases over the 50 years as the longer the property is held, the greater the upkeep cost and therefore, the greater the charge.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group has estimated tax losses carried forward of £12,918,100 (Restated 2023: £13,519,219), to utilise against future trading profits. In addition to these trading losses, the group of companies has estimated capital losses of £2,934,304 (2023: £2,934,304) to carry forward against future capital gains.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 income and retained earnings in these financial statements. The loss after tax of the parent Company for the year was £
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Secured creditors
Obligations under hire purchase contracts are secured against the assets on which the hire purchase contracts arise. The aggregate amount of secured debt at the year-end was £105,079 (2023: £162,309).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.Deferred taxation (continued)
The Group's and Company's reserves are represented by the following:
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
A facility exists, dated 06 April 2018, in favour of the company's banker, which gives a cross guarantee to bank borrowings of group companies. The parties to the guarantee are Leaderboard Golf Holdings Limited, Dale Hill Hotel & Golf Limited, Leaderboard Golf Courses (Oxfordshire) Limited, Leaderboard Golf Courses (Sandford Springs) Limited, Leaderboard Golf Courses (Dale Hill) Limited, Leaderboard Golf Courses (Anaconda) Limited, The Oxfordshire Golf Club Limited, Sandford Springs Limited. As at the balance sheet date there were no bank borrowings by any of the aforementioned companies.
26.Directors' transactions
During the year, repayments were made to a director totalling £45,327. At the year-end, a balance included within other creditors was due to a director of £21,923,798 (2023: £21,969,125). This loan is interest-free and repayable on demand.
The ultimate controlling party is P. Gibbons, by virtue of his 100% shareholding in the Company.
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