The Herefordshire Golf Club Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12736512 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

The Herefordshire Golf Club Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

1

Tangible assets

5

2,785,948

2,739,503

2,785,949

2,739,504

CURRENT ASSETS

Stocks

82,361

87,026

Debtors

6

14,951

19,944

Cash at bank and in hand

144,774

110,533

242,086

217,503

CREDITORS

Amounts falling due within one year

7

351,109

411,385

NET CURRENT LIABILITIES

(109,023

)

(193,882

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,676,926

2,545,622

CREDITORS

Amounts falling due after more than one
year

8

2,674,478

2,297,923

NET ASSETS

2,448

247,699

CAPITAL AND RESERVES

Called up share capital

9

100

Non-distributable reserve

1,321,880

Retained earnings

(1,319,532

)

(1,074,281

)

SHAREHOLDERS' FUNDS

2,448

247,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by:

K Gallagher - Director

1.	STATUTORY INFORMATION

The Herefordshire Golf Club Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

12736512

Registered office:

Herefordshire Golf Club

Ravens Causeway

Wormsley

Hereford

HR4 8LY

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the rendering of services is recognised by reference to the stage of completion at the balance sheet date, provided that the outcome of the transaction can be estimated reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery etc. - straight line over 3, 4, 5 or 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payment ts 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 April 2024

and 31 March 2025

1

Net book value

At 31 March 2025

1

At 31 March 2024

1

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

Cost

At 1 April 2024

2,565,237

499,297

3,064,534

Additions

-

128,551

At 31 March 2025

2,565,237

627,848

3,193,085

Depreciation

At 1 April 2024

-

325,031

Charge for year

-

82,106

At 31 March 2025

-

407,137

Net book value

At 31 March 2025

2,565,237

220,711

2,785,948

At 31 March 2024

2,565,237

174,266

2,739,503

Land and buildings were valued on an open market basis by the directors of the company on 31 March 2023. Based on the information available at the latest reporting date, the directors consider the carrying value to remain appropriate.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

10,128

9,793

Other debtors

4,823

10,151

14,951

19,944

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Hire purchase contracts

15,663

39,109

Trade creditors

59,153

58,876

Amounts owed to group undertakings

-

2,852

Amounts owed to associates

-

26,809

Taxation and social security

40,407

41,572

Other creditors

235,886

242,167

351,109

411,385

Hire purchase liabilities are secured over the assets to which they relate.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Hire purchase contracts

6,747

22,411

Amounts owed to group undertakings

1,444,225

1,250,707

Amounts owed to associates

537,230

448,810

Other creditors

686,276

575,995

2,674,478

2,297,923

Hire purchase liabilities are secured over the assets to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary

£1

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors falling due after more than one year is a principal sum of £645,000 (2024: £545,000) due to a director who owns 25% of the company's share capital. This comprises multiple loan facilities, bearing interest at rates ranging from 1.5% to 4% per annum. The accumulated interest and principal sums are repayable in full 28 February 2032.

The accumulated interest of £41,276 (2024: £30,995) on these facilities has been accrued separately but forms part of other creditors falling due after more than one year

11.	AMOUNTS OWED TO GROUP UNDERTAKINGS

Included in amounts owed to group undertakings is a sum of £1,444,225 (2024: £1,250,707) due to Gallagher Family Group Limited, which owns 55% of the company's share capital.

The principal sum advanced is £1,385,000 (2024: £1,215,000). This comprises multiple loan facilities, bearing interest at rates ranging from 1.5% to 4% per annum. The accumulated interest and principal sums are repayable in full 28 February 2032.

The facilities are secured by a fixed and floating charge, comprising a negative pledge, over all assets of the company.

12.	AMOUNTS OWED TO ASSOCIATES

Included in amounts owed to associates is a sum of £537,230 (2024: £448,810) due to Russell Family Group Limited, which owns 20% of the company's share capital.

The principal sum advanced is £516,000 (2024: £436,000). This comprises multiple loan facilities, bearing interest at rates ranging from 1.5% to 4% per annum. The accumulated interest and principal sums are repayable in full 28 February 2032.

The facilities are secured by a fixed and floating charge, comprising a negative pledge, over all assets of the company.