6 6 Woodhall Spa Estate Management Company Limited 03056116 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is letting and operating of owned or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true false 03056116 2024-04-01 2025-03-31 03056116 2025-03-31 03056116 core:CurrentFinancialInstruments 2025-03-31 03056116 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 03056116 core:LandBuildings 2025-03-31 03056116 bus:SmallEntities 2024-04-01 2025-03-31 03056116 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 03056116 bus:FilletedAccounts 2024-04-01 2025-03-31 03056116 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 03056116 bus:RegisteredOffice 2024-04-01 2025-03-31 03056116 bus:Director4 2024-04-01 2025-03-31 03056116 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 03056116 core:FurnitureFittings 2024-04-01 2025-03-31 03056116 1 2024-04-01 2025-03-31 03056116 countries:EnglandWales 2024-04-01 2025-03-31 03056116 2024-03-31 03056116 core:LandBuildings 2024-03-31 03056116 2023-04-01 2024-03-31 03056116 2024-03-31 03056116 core:CurrentFinancialInstruments 2024-03-31 03056116 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03056116 core:LandBuildings 2024-03-31 xbrli:pure iso4217:GBP

Registration number: 03056116

Woodhall Spa Estate Management Company Limited
Unaudited Financial Statements
for the Year Ended 31 March 2025

Woodhall Spa Estate Management Company Limited

Contents

Statement of Financial Position | 1
Notes to the Unaudited Financial Statements | 2 to 6

Woodhall Spa Estate Management Company Limited

(Registration number: 03056116)
Statement of Financial Position as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 875,000 | 875,000
Investment property | 5 | 2,275,000 | 2,275,000
|  | 3,150,000 | 3,150,000
Current assets |  |  |
Debtors | 6 | 50,593 | 49,342
Cash at bank and in hand |  | 405,119 | 352,322
|  | 455,712 | 401,664
Creditors: Amounts falling due within one year | 7 | (42,934) | (37,506)
Net current assets |  | 412,778 | 364,158
Total assets less current liabilities |  | 3,562,778 | 3,514,158
Provisions for liabilities |  | (12,871) | (12,871)
Net assets |  | 3,549,907 | 3,501,287
Capital and reserves |  |  |
Called up share capital |  | 6,500,001 | 6,500,001
Revaluation reserve |  | 50,220 | 50,220
Retained earnings |  | (3,000,314) | (3,048,934)
Shareholders' funds |  | 3,549,907 | 3,501,287

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 July 2025 and signed on its behalf by:

AJ Sibley Director |  |

Woodhall Spa Estate Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The National Golf Centre
The Broadway
Woodhall Spa
Lincolnshire
LN10 6PU

These financial statements were authorised for issue by the Board on 29 July 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Woodhall Spa Estate Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The golf courses are included in the financial statements at market value (previously at cost), which constitutes freehold land, which is not depreciated, and development costs which are also not depreciated. The carrying value is reviewed annually and any impairments in value are to be charged immediately to the income and expenditure account.

Depreciation

The assets are not depreciated as they are predominantly land and kept in a good state of repair such that any depreciation would not be material.

Asset class | Depreciation method and rate
Golf courses | Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined triennially by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 6).

The company's employees consist solely of the directors of the company none of whom are remunerated.

Woodhall Spa Estate Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Golf courses £ | Total £
Cost or valuation
At 1 April 2024 | 875,000 | 875,000
At 31 March 2025 | 875,000 | 875,000
Depreciation
Carrying amount
At 31 March 2025 | 875,000 | 875,000
At 31 March 2024 | 875,000 | 875,000

Land is carried at valuation. If land was measured using the cost model, the carrying amounts would have been approximately £6,835,645 (2024: £6,835,645), being cost £6,835,645 (2024: £6,835,645) and depreciation £Nil (2024: £Nil).
The golf courses were revalued at October 2020 by Messrs Savills Chartered Surveyors and Valuers on an open market basis. No depreciation is provided in respect of these properties. They are valued professionally every five years although they are reviewed by the Directors annually.
Up to the year ended 31 October 2013 the golf courses were included in the company's financial statements at their cost price of £6,835,645. An exceptional item was disclosed in the company's financial statements for the period 1 November 2013 to 31 March 2015 following receipt of the valuation report from Savills. This exceptional charge was in the sum of £6,145,645 being the difference between the original cost (£6,835,645) and the valuation at that time (£690,000).

Included within the net book value of land above is £875,000 (2024 - £875,000) in respect of freehold land.

Woodhall Spa Estate Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5 | Investment properties

| 2025 £
At 1 April | 2,275,000
At 31 March | 2,275,000

The investment properties were valued at October 2020 by Messrs Savills Chartered Surveyors and Valuers on an open market basis. No depreciation is provided in respect of these properties.
Up to the year ended 31 October 2013 the investment properties were included in the company's financial statements at their cost price of £3,283,988. An exceptional item was disclosed in the company's financial statements for the period 1 November 2013 to 31 March 2015 following receipt of the valuation report from Savills. This exceptional charge was in the sum of £885,988 being the difference between the original cost (£3,283,988) and the valuation at that date (£2,398,000).

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 12,275 | 12,050
Amounts owed by related parties | 32,113 | 32,113
Prepayments | 6,101 | 5,012
Accrued income | 104 | 167
| 50,593 | 49,342

Woodhall Spa Estate Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 2,803 | 9,222
Taxation and social security | 18,185 | 5,171
Accruals and deferred income | 19,477 | 20,644
Other creditors | 2,469 | 2,469
| 42,934 | 37,506

Deferred grants
At 31 March 2025 deferred government grants totalled £2,668 (2024: £2,668).
During the course of the year ended 31 March 2017 the company undertook a project to refurbish the "Tower on the Moor" which is located adjacent to the 3rd hole on the Hotchkin Course at Woodhall Spa. This building, which is the emblem of Woodhall Spa, is the fragmentary ruin of a much larger 15th century structure with only the North-West stair tower remaining. The Tower is listed by Historic England (since 1985) and is considered to be of special architectural and historical interest.
The refurbishment project was undertaken by a team of specialist architects and contractors and is intended to ensure that the Tower is preserved for future generations. The company had committed to the project at 31 March 2016 and this was reported in the financial statements of the company for that year.
In the year to 31 March 2017 the repair costs incurred by the company totalled £105,717 with the value of the grant received from Historic England being £83,536.
The project was fully completed in the year to 31 March 2017 and no work has been undertaken on The Tower since that time. No costs have been incurred nor has any further grant funding been received in the current year (2024: £Nil).

8 | Parent and ultimate parent undertaking

The company's immediate parent is Woodhall Spa Land Holdings Limited, incorporated in England and Wales.