Oake Manor Golf Club Limited Filleted accounts for Companies House (small and micro)

OAKE MANOR GOLF CLUB LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02740375

Oake Manor Golf Club Limited

Filleted Unaudited Financial Statements

31 March 2019

Oake Manor Golf Club Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6	1,788,105	1,825,473
Investments	7	1,000	–
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
		1,789,105	1,825,473

Current assets

Stocks		40,897	42,791
Debtors	8	2,943	5,187
Cash at bank and in hand		33,960	53,191
		ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
		77,800	101,169

Prepayments and accrued income	14,663		17,989

Creditors: amounts falling due within one year	9	210,172		289,615
		ÄÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄÄ
Net current liabilities			117,709	170,457
			ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities			1,671,396	1,655,016

Creditors: amounts falling due after more than one year	10		578,843	580,776

Provisions

Taxation including deferred tax		41,988	42,675

Accruals and deferred income	286,589	269,215
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Net assets	763,976	762,350
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Capital and reserves

Called up share capital	637,500	637,500
Profit and loss account	126,476	124,850
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Shareholders funds	763,976	762,350
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

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

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

Oake Manor Golf Club Limited

Statement of Financial Position (continued)

31 March 2019

For the year ending 31 March 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 December 2019 , and are signed on behalf of the board by:

Mr R W King	Mr M J King
Director	Director

Mr P Kelly
Director

Company registration number: 02740375

Oake Manor Golf Club Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oake, Taunton, Somerset, TA4 1BA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Description of activities

The principal activity of the company during the year was providing golf facilities to members.

4. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short term highly liquid investments.

Judgements and key estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Golf course and clubhouse	-	2% straight line
Driving range	-	2% straight line
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance

Motor vehicles	-	20% reducing balance
Computer equipment	-	25% reducing balance
Grass keeping machinery	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 45 (2018: 49 ).

6. Tangible assets

	At 1 Apr 2018	Additions	At 31 Mar 2019
	£	£	£
Cost
Freehold property	300,000	–	300,000
Golf course and clubhouse	1,358,455	–	1,358,455
Driving range	44,317	–	44,317
Plant and machinery	243,740	2,051	245,791
Fixtures and fittings	321,984	5,088	327,072
Motor vehicles	51,534	–	51,534
Computer equipment	67,654	559	68,213
Grass-keeping machinery	554,394	37,846	592,240
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	2,942,078	45,544	2,987,622
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

	At 1 Apr 2018	Charge for the year	At 31 Mar 2019
	£	£	£
Depreciation
Freehold property	–	–	–
Golf course and clubhouse	125,565	27,169	152,734
Driving range	8,018	886	8,904
Plant and machinery	199,447	6,952	206,399
Fixtures and fittings	262,931	9,621	272,552
Motor vehicles	24,992	5,308	30,300
Computer equipment	58,422	2,447	60,869
Grass-keeping machinery	437,230	30,529	467,759
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	1,116,605	82,912	1,199,517
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

	At 31 Mar 2019	At 31 Mar 2018
	£	£
Carrying amount
Freehold property	300,000	300,000
Golf course and clubhouse	1,205,721	1,232,890
Driving range	35,413	36,299
Plant and machinery	39,392	44,293
Fixtures and fittings	54,520	59,053
Motor vehicles	21,234	26,542
Computer equipment	7,344	9,232
Grass-keeping machinery	124,481	117,164
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	1,788,105	1,825,473
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Grass-keeping machinery	Total
	£	£	£
At 31 Mar 2019	3,781	68,497	72,278
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
At 31 Mar 2018	4,448	57,845	62,293
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

7. Investments

	Other investments other than loans
	£
Cost
At 1 Apr 2018	–
Additions	1,000
	ÄÄÄÄÄÄÄ
At 31 Mar 2019	1,000
	ÍÍÍÍÍÍÍ
Impairment
At 1 Apr 2018 and 31 Mar 2019	–
	ÍÍÍÍÍÍÍ

Carrying amount
At 31 Mar 2019	1,000
	ÍÍÍÍÍÍÍ
At 31 Mar 2018	–
	ÍÍÍÍÍÍÍ

8. Debtors

	2019	2018
	£	£
Trade debtors	2,943	5,187
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍ

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	101,162
Trade creditors	65,376	87,116
Social security and other taxes	105,182	77,580
Obligations under finance leases and hire purchase contracts	37,776	22,439
Pension liability	1,509	577
Other creditors	329	741
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	210,172	289,615
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

10. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Obligations under finance leases and hire purchase contracts	6,713	30,296
Director loan accounts	158,694	158,147
Other creditors	413,436	392,333
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	578,843	580,776
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

11. Directors' advances, credits and guarantees

There were no directors' advances, credits or guarantees in the current or previous year.

12. Related party transactions

There were no transactions with related parties which require disclosure under FRS 102 Section 1A .