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Registration number: 00239460

Finchley Golf Club Limited Annual Report and Financial Statements for the Year Ended 31 December 2025
Brebners Chartered Accountants & Statutory Auditor 1 Suffolk Way Sevenoaks Kent TN13 1YL

Finchley Golf Club Limited

Contents

Company Information | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 7
Income Statement | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 to 15

Finchley Golf Club Limited

Company Information

Directors | D Carman C Chene J G R Ganduglia H Gush K Holman A Iarchy S Marsden B Plumridge T Rushforth J Wright

Company secretary | P Stokes

Registered office | Nether Court Frith Lane Mill Hill London NW7 1PU

Auditor | Brebners Chartered Accountants & Statutory Auditor 1 Suffolk Way Sevenoaks Kent TN13 1YL

Finchley Golf Club Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

D Carman

C Chene

J G R Ganduglia (appointed 28 March 2025)

H Gush (appointed 27 March 2025)

K Holman

A Iarchy

S Marsden (appointed 1 October 2025)

B Plumridge

T Rushforth

J Wainwright (resigned 28 March 2025)

J Wright

Mr Tom Huntley (resigned 27 March 2025)

Dividends

Pursuant to article 120 of the company's Articles of Association the declaration of dividends is prevented. During the year no dividends were declared in line with the declaration.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 10 March 2026 and signed on its behalf by:

.........................................
J Wright
Director

Finchley Golf Club Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

Finchley Golf Club Limited

Independent Auditor's Report to the Members of Finchley Golf Club Limited

Opinion

We have audited the financial statements of Finchley Golf Club Limited (the 'company') for the year ended 31 December 2025, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, 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 FRS 102 Section 1A '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 2025 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 auditor 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Finchley Golf Club Limited

Independent Auditor's Report to the Members of Finchley Golf Club Limited

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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; or
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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 is 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.

Auditor 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 an auditor’s 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 financial statements.

Finchley Golf Club Limited

Independent Auditor's Report to the Members of Finchley Golf Club Limited

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:
Based on our understanding of the company and the golfing industry, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, environmental legislation, health and safety legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management who are responsible for legal compliance procedures and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

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 auditor's report.

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 an auditor’s 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.

Finchley Golf Club Limited

Independent Auditor's Report to the Members of Finchley Golf Club Limited

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of Brebners, Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

10 March 2026

Finchley Golf Club Limited

Income Statement for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover |  | 1,179,270 | 1,043,991
Gross profit |  | 1,179,270 | 1,043,991
Administrative expenses |  | (1,046,513) | (1,035,710)
Other operating income |  | 4,411 | 2,033
Operating profit |  | 137,168 | 10,314
Other interest receivable and similar income |  | 3,471 | 1,746
Interest payable and similar expenses |  | (16,422) | (14,246)
|  | (12,951) | (12,500)
Profit/(loss) before tax | 5 | 124,217 | (2,186)
Tax on profit/(loss) |  | (6,005) | (995)
Profit/(loss) for the financial year |  | 118,212 | (3,181)

Finchley Golf Club Limited

Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 6 | 1,600,158 | 1,685,186
Current assets |  |  |
Debtors | 7 | 59,747 | 30,247
Cash at bank and in hand |  | 191,779 | 59,121
|  | 251,526 | 89,368
Creditors: Amounts falling due within one year | 8 | (466,683) | (421,406)
Net current liabilities |  | (215,157) | (332,038)
Total assets less current liabilities |  | 1,385,001 | 1,353,148
Creditors: Amounts falling due after more than one year | 8 | (178,781) | (265,140)
Net assets |  | 1,206,220 | 1,088,008
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Share premium reserve |  | 21,383 | 21,383
Capital redemption reserve |  | 751 | 751
Retained earnings |  | 1,184,085 | 1,065,873
Shareholders' funds |  | 1,206,220 | 1,088,008

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 10 March 2026 and signed on its behalf by:

.........................................

D Carman

Director

.........................................

J Wright

Director

Company registration number: 00239460

Finchley Golf Club Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Share premium £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 January 2025 | 1 | 21,383 | 751 | 1,065,873 | 1,088,008
Profit for the year | - | - | - | 118,212 | 118,212
At 31 December 2025 | 1 | 21,383 | 751 | 1,184,085 | 1,206,220

| Share capital £ | Share premium £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 January 2024 | 1 | 21,383 | 751 | 1,069,054 | 1,091,189
Loss for the year | - | - | - | (3,181) | (3,181)
At 31 December 2024 | 1 | 21,383 | 751 | 1,065,873 | 1,088,008

Finchley Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Nether Court
Frith Lane
Mill Hill
London
NW7 1PU

The principal activity of the company is that of the operation of a members only golf club.

2 | Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

The company made a profit for the year ended 31 December 2025 and although the company had net assets of £1,206,220 at that date it had net current liabilities of £215,157.
Working capital is provided by members subscriptions which are paid annually in advance and are not refundable in accordance with The Club's rules. At 31 December 2025 an amount of £218,268 is shown in other creditors as deferred income which will be released to turnover in due course and will not become repayable.
The company will endeavour to restrict expenditure, where practical, whilst ensuring the smooth running of The Club. A forecast has been produced which shows that the company has sufficient working capital for a period of at least 12 months from the date of the approval of the financial statements.
The directors are confident that the company has adequate resources in place to continue in operational existence for the foreseeable future. On the basis of the above the directors continue to prepare the financial statements on the going concern basis.

Summary of significant accounting policies

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.

Revenue recognition

Turnover comprises the value of services received or receivable in the normal company's activities exclusive of value added tax and discounts and rebates.
The company recognises turnover from membership income spread evenly over the period of membership. Turnover from catering and retail services, green fees and other ancillary golfing income is recognised at the point of sale or supply.

Finchley Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold Property | 2% straight line
Plant & Machinery | 20% straight line
Fixtures & Fittings | 10% reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Finchley Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company during the year, was 10 (2024 - 10).

4 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 4,500 | 4,274

Finchley Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5 | Profit/loss before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 92,221 | 90,726
Impairment loss | - | 13,500

6 | Tangible assets

| Long leasehold property £ | Fixtures and Fittings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2025 | 1,900,381 | 320,885 | 913,598 | 3,134,864
Additions | - | 12,570 | - | 12,570
Disposals | (5,877) | - | - | (5,877)
At 31 December 2025 | 1,894,504 | 333,455 | 913,598 | 3,141,557
Depreciation
At 1 January 2025 | 409,762 | 294,070 | 745,846 | 1,449,678
Charge for the year | 26,645 | 8,768 | 56,808 | 92,221
Eliminated on disposal | (500) | - | - | (500)
At 31 December 2025 | 435,907 | 302,838 | 802,654 | 1,541,399
Carrying amount
At 31 December 2025 | 1,458,597 | 30,617 | 110,944 | 1,600,158
At 31 December 2024 | 1,490,619 | 26,815 | 167,752 | 1,685,186

7 | Debtors

| 2025 £ | 2024 £
Trade debtors | 24,787 | 14,029
Other debtors | 34,960 | 16,218
| 59,747 | 30,247

Finchley Golf Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Loans and borrowings | 9 | 92,366 | 100,984
Trade creditors |  | 46,677 | 15,403
Taxation and social security |  | 24,546 | 17,591
Accruals and deferred income |  | 248,577 | 240,480
Other creditors |  | 54,517 | 46,948
|  | 466,683 | 421,406

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Loans and borrowings | 9 | 120,163 | 212,752
Other financial liabilities |  | 58,618 | 52,388
|  | 178,781 | 265,140

9 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank loans | 49,026 | 45,391
Hire purchase obligations | 43,340 | 55,593
| 92,366 | 100,984

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank loans | 61,417 | 111,400
Hire purchase obligations | 58,746 | 101,352
| 120,163 | 212,752

Bank loans repayable by instalments due in greater than 5 years amounted to £Nil (2024: £7,449).

Bank loans amounting to £82,678 (2024: £123,589) are secured by a fixed charge over the long leasehold property and by a fixed and floating charge over the other assets and undertakings of the company.
Finance leases and hire purchase liabilities are secured on the assets concerned.