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Registered number: 01503474
BARNHAM BROOM MANAGEMENT COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 01503474
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 01503474
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2021
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
Barnham Broom Management Company Limited is a private company limited by shares and incorporated in England and Wales, registration number 01503474. The registered office is Honingham Road, Barnham Broom, Norwich, Norfolk, NR9 4DD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The financial year end was extended to 31 March 2021 due to the impact of the Covid-19 pandemic. This means that the current period covers the 18 months from 1 October 2019 to 31 March 2021 whereas the comparative covers the 12 month period from 1 October 2018 to 30 September 2019.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Group to which the Company is a part operates the Barnham Broom Golf Club in Norfolk. As part of their going concern assessment, the directors have considered the Company’s position at the time of signing the financial statements.
As part of their assessment, the directors have prepared revised forecasts until December 2023, taking into consideration expected trading performance, profitability and cash flow based on the current economic climate. In addition, the directors have considered the Company’s current working capital facilities, together with the range of measures they have, and may take, to mitigate ongoing costs.
Based on the above assessment, the directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future and at least 12 months from the date of signing the financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover relates to charges on properties managed and facilities provided. Turnover is recognised on a straight line basis over the period for which the services are provided.
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model 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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively 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 profit or loss.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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.
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.
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Cash and cash equivalents
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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.
The Company only enters into basic financial instrument 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 ordinary shares.
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.Accounting policies (continued)
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.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Tax is recognised in profit or loss 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 reporting 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 Statement of financial position 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 reporting date.
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The average monthly number of employees, including directors, during the period was 3 (2019 - 3).
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company supports a cross guarantee and debenture for the bank with respect to Barnham Broom Golf Club Limited, Barnham Broom Limited and Daveney Limited. The value guaranteed at the balance sheet date was £869,959 (2019 - £293,630).
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Related party transactions
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The Company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose the transactions between wholly owned members of the group.
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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Ultimate parent undertaking and controlling party
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The ultimate parent company is Daveney Limited which is incorporated in England. The immediate parent company and immediate controlling party is Barnham Broom Limited which owns 100% of the issued share capital.
The ultimate controlling party is C H Bothway as a result of his shareholding.
The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is Daveney Limited. Consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The auditors' report on the financial statements for the period ended 31 March 2021 was unqualified.
The audit report was signed on 30 March 2022 by John Atkins ACA FCCA (Senior statutory auditor) on behalf of Larking Gowen LLP.
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