Calcot Golf Club Limited - Limited company accounts 18.2

REGISTERED NUMBER: 00241241 (England and Wales)

DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 FEBRUARY 2018 TO 31 MAY 2019

FOR

CALCOT GOLF CLUB LIMITED

Page

Company Information

1

Directors' Report

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

S W Brooker

R Buckland

R L Burt

H Chapple

P J Cook

P Kowalik

C P Shackell

G B Wilson

SECRETARY:

M Deller-Merricks

REGISTERED OFFICE:

The Clubhouse

Calcot Park Golf Club

Calcot

Reading

Berkshire

RG31 7RN

REGISTERED NUMBER:

00241241 (England and Wales)

The directors present their report with the financial statements of the company for the period 1 February 2018 to 31 May 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2018 to the date

of this report.

S W Brooker

R Buckland

R L Burt

H Chapple

P J Cook

P Kowalik

Other changes in directors holding office are as follows:

P R Birtwistle - resigned 24 October 2018

R J Lloyd - resigned 24 October 2018

J Bonner - appointed 25 October 2018 - resigned 11 March 2019

C P Shackell - appointed 25 October 2018

G B Wilson - appointed 25 October 2018

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' 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 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 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. 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps

that he ought to have taken as a director in order to make himself aware of any relevant audit information

and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Vale & West Accountancy Services Limited, will be proposed for re-appointment at the

forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

R L Burt - Director

2 October 2019

Opinion

We have audited the financial statements of Calcot Golf Club Limited (the 'company') for the period ended

31 May 2019 which comprise the Income Statement, Balance Sheet, 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 Financial Reporting Standard 102 '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 May 2019 and of its profit for the period 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 Auditors'

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us

to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in

the Directors' Report, but does not include the financial statements and our Report of the Auditors 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.

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 the 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' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors

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

Auditors' 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 a Report of the Auditors 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.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Lee Gardner ACA FCCA (Senior Statutory Auditor)

for and on behalf of Vale & West Accountancy Services Limited

Chartered Accountants

Statutory Auditors

Victoria House

26 Queen Victoria Street

Reading

Berkshire

RG1 1TG

30 December 2019

TURNOVER

1,657,798

1,087,131

Cost of sales

307,178

202,502

GROSS PROFIT

1,350,620

884,629

Administrative expenses

1,427,751

1,147,333

(77,131

)

(262,704

)

Other operating income

83,484

48,696

OPERATING PROFIT/(LOSS)

6,353

(214,008

)

Interest receivable and similar income

1,099

195

PROFIT/(LOSS) BEFORE TAXATION

7,452

(213,813

)

Tax on profit/(loss)

2,321

(4,747

)

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

5,131

(209,066

)

FIXED ASSETS

Tangible assets

4

560,531

690,853

Investment property

5

650,000

650,000

1,210,531

1,340,853

CURRENT ASSETS

Stocks

25,755

24,695

Debtors

6

155,142

86,189

Cash at bank and in hand

582,729

296,750

763,626

407,634

CREDITORS

Amounts falling due within one year

7

616,622

396,083

NET CURRENT ASSETS

147,004

11,551

TOTAL ASSETS LESS CURRENT LIABILITIES

1,357,535

1,352,404

PROVISIONS FOR LIABILITIES

71,329

71,329

NET ASSETS

1,286,206

1,281,075

CAPITAL AND RESERVES

Called up share capital

105,001

105,001

Retained earnings

1,181,205

1,176,074

1,286,206

1,281,075

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

The financial statements were approved by the Board of Directors on 2 October 2019 and were signed on its behalf by:

R L Burt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2017

105,001

1,385,140

1,490,141

Changes in equity

Total comprehensive income

-

(209,066

)

(209,066

)

Balance at 31 January 2018

105,001

1,176,074

1,281,075

Changes in equity

Total comprehensive income

-

5,131

5,131

Balance at 31 May 2019

105,001

1,181,205

1,286,206

1.	STATUTORY INFORMATION

Calcot Golf Club Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparation of the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is derived from the provision of golf and ancillary facilities and represents membership

entrance fees and subscription income receivable in respect of the year. Turnover from membership

fees is initially deferred and subsequently recognised over the period that it relates.

Food, beverage and retail sales are made from the on-site restaurant and shop. The turnover is

recognised as income at the time the sale is made, at invoice value excluding value added tax.

Turnover also includes non-membership golf and leisure income (green fees, competition income and

social income) which is also recognised at the time the sale is made.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical

cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary

for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their

estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property

- 4% Straight line

Machinery and equipment

- 10-20% Straight line

Sprinkler system

- 10% Straight line

Drainage system, fencing and nets

- 10% Straight line

Sheds

- 5-10% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if

appropriate, or if there is an indication of a 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 statement of comprehensive income.

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from

the current market rents and investment property yields for comparable real estate, adjusted if

necessary for any difference in the nature, location or condition of the specific asset. No depreciation

is provided. Changes in fair value are recognised in the statement of comprehensive income.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less

costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in

progress and finished goods include labour.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying

amount is reduced to its selling price less costs to complete and sell. The impairment loss is

recognised immediately in profit or loss.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of

comprehensive income, except that a charge attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted

or substantively enacted by the balance sheet date in the countries where the Company operates and

generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not

reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of

business combinations, when deferred tax is recognised on the differences between the fair values of

assets acquired and the future tax deductions available for them and the differences between the fair

values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined

using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a

pension plan under which the Company pays fixed contributions into a separate entity. Once the

contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due.

Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are

held separately from the Company in independently administered funds.

Going concern

The company has cash resources and has no requirement for external funding. The directors have a

reasonable expectation that the company has adequate resources to continue in operational existence

for the foreseeable future. They continue to believe the going concern basis of accounting appropriate

in preparing the annual financial statements.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised

cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty

on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no

more than three months from the date of acquisition and that are readily convertible to known

amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments 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, loans to related parties and investments in non-puttable ordinary shares.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank

loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method.

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using

the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive

obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate

can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the

Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet

date of the expenditure required to settle the obligation, taking into account relevant risks and

uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 24 (2018 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Sprinkler

Sheds,

system

Freehold

machinery

and

land and

and

course

buildings

equipment

improvements

£

£

£

COST

At 1 February 2018

714,229

869,788

422,078

Additions

1,790

8,449

1,786

Disposals

-

(31,875

)

-

At 31 May 2019

716,019

846,362

423,864

DEPRECIATION

At 1 February 2018

541,341

673,394

216,774

Charge for period

12,609

75,658

35,965

Eliminated on disposal

-

(28,896

)

-

At 31 May 2019

553,950

720,156

252,739

NET BOOK VALUE

At 31 May 2019

162,069

126,206

171,125

At 31 January 2018

172,888

196,394

205,304

Furniture,

fittings

Drainage,

and

fencing

equipment

and nets

Totals

£

£

£

COST

At 1 February 2018

432,138

206,418

2,644,651

Additions

12,182

-

24,207

Disposals

-

-

(31,875

)

At 31 May 2019

444,320

206,418

2,636,983

DEPRECIATION

At 1 February 2018

379,747

142,542

1,953,798

Charge for period

17,721

9,597

151,550

Eliminated on disposal

-

-

(28,896

)

At 31 May 2019

397,468

152,139

2,076,452

NET BOOK VALUE

At 31 May 2019

46,852

54,279

560,531

At 31 January 2018

52,391

63,876

690,853

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2018

and 31 May 2019

650,000

NET BOOK VALUE

At 31 May 2019

650,000

At 31 January 2018

650,000

The last external valuation of the investment properties was undertaken by Lansley in 31 January

2017 on an open market value for existing use basis. No such valuation took place on 31 May 2019,

but the directors believe that the current valuation represents the fair value of the investment

properties as at the balance sheet date.

The initial cost of the properties was determined on a best estimate basis by the directors. The

estimate used the apportioned square footage of the properties.

Fair value at 31 May 2019 is represented by:

£

Valuation in 2015

459,186

Valuation in 2016

90,000

Valuation in 2017

35,000

Cost

65,814

650,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.1.18

£

£

Trade debtors

56,876

42,718

Other debtors

98,266

43,471

155,142

86,189

Trade debtors are stated after provisions for impairment of £34 (2018: £1,000).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.1.18

£

£

Payments received on account

369,781

203,791

Trade creditors

104,287

51,667

Taxation and social security

(2,245

)

25,749

Other creditors

144,799

114,876

616,622

396,083

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.5.19

31.1.18

£

£

Within one year

39,080

4,997

Between one and five years

110,499

8,964

149,579

13,961