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Registered number: 00823189
Chestfield Manor Golf Club Limited
Unaudited
Directors' report and financial statements
For the Year Ended 31 March 2021
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Chestfield Manor Golf Club Limited
Company Information
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D Bovis (resigned 4 April 2020)
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T J Hughes (resigned 17 April 2021)
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D S Clark (appointed 4 April 2020)
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I N Burrow (appointed 17 April 2021)
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National Westminster Bank plc
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Chestfield Manor Golf Club Limited
Contents
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Statement of changes in equity
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Notes to the financial statements
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Chestfield Manor Golf Club Limited
Directors' report
For the Year Ended 31 March 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
The loss for the year, after taxation, amounted to £227,168 (2020 - loss £15,513).
The directors who served during the year were:
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D Bovis (resigned 4 April 2020)
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T J Hughes (resigned 17 April 2021)
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D S Clark (appointed 4 April 2020)
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 4 October 2021 and signed on its behalf.
Page 1
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Chestfield Manor Golf Club Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Chestfield Manor Golf Club Limited for the Year Ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chestfield Manor Golf Club Limited for the year ended 31 March 2021 which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of directors of Chestfield Manor Golf Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Chestfield Manor Golf Club Limited and state those matters that we have agreed to state to the Board of directors of Chestfield Manor Golf Club Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chestfield Manor Golf Club Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Chestfield Manor Golf Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Chestfield Manor Golf Club Limited. You consider that Chestfield Manor Golf Club Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Chestfield Manor Golf Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
4 October 2021
Page 2
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Chestfield Manor Golf Club Limited
Profit and loss account
For the Year Ended 31 March 2021
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Income from other fixed asset investments
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Loss for the financial year
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The notes on pages 6 to 10 form part of these financial statements.
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Page 3
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Chestfield Manor Golf Club Limited
Registered number: 00823189
Balance sheet
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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Provisions for liabilities
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Capital redemption reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 were approved and authorised for issue by the board and were signed on its behalf on 4 October 2021.
The notes on pages 6 to 10 form part of these financial statements.
Page 4
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Chestfield Manor Golf Club Limited
Statement of changes in equity
For the Year Ended 31 March 2021
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Capital redemption reserve
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Comprehensive income for the year
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Revaluation of investment property
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The notes on pages 6 to 10 form part of these financial statements.
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Statement of changes in equity
For the Year Ended 31 March 2020
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Capital redemption reserve
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Comprehensive income for the year
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The notes on pages 6 to 10 form part of these financial statements.
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Page 5
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Chestfield Manor Golf Club Limited
Notes to the financial statements
For the Year Ended 31 March 2021
Chestfield Manor Golf Club Limited is a limited liability company incorporated in England, with the registration number 00823189. The address of the registered office and the principle place of business is 103 Chestfield Road, Chestfield, Whitstable, Kent, CT5 3LU.
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 following principal accounting policies have been applied:
The Directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements
Whilst the impact of the COVID-19 pandemic has been assessed by the Directors, so far as it is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the company’s future activities. However, taking into consideration the company’s level of reserves, the Director’s believe that the company will be able to continue in operational existence for the foreseeable future
Turnover comprises revenue recognised by the company in respect of rents received.
Page 6
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Chestfield Manor Golf Club Limited
Notes to the financial statements
For the Year Ended 31 March 2021
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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 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.
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 profit or loss.
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
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.
Page 7
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Chestfield Manor Golf Club Limited
Notes to the financial statements
For the Year Ended 31 March 2021
2.Accounting policies (continued)
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Provisions for liabilities
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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 profit or loss 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.
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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The average monthly number of employees, including directors, during the year was 0 (2020 - 0).
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Page 8
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Chestfield Manor Golf Club Limited
Notes to the financial statements
For the Year Ended 31 March 2021
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Freehold investment property
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The land and buildings were revalued during the year by a national firm of Chartered Surveyors on an open market basis for existing use purposes including the Club as sitting tenants. The valuation on this basis is stated as £600,000.
The directors would like to draw attention to the fact that the vacant possession valuation arrived at by the same Chartered Surveyors has been listed as £1.275m.
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Creditors: Amounts falling due within one year
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Page 9
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Chestfield Manor Golf Club Limited
Notes to the financial statements
For the Year Ended 31 March 2021
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Deferred tax on revaluation of shares
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Capital redemption reserve
This reserve relates to a cancellation of shares that is non-distributable.
Other reserves
This is a non-distributable reserves and comprises the revaluation of investment property less a provision for deferred tax in the event of disposal.
Profit & loss account
This reserve comprises all current and prior period profits and losses after deducting any distributions made to the group's shareholders.
81.9% (2020 – 81.9%) of the company’s share capital is held by the trustees of Chestfield Golf Club. The Articles of Association state that only paid up playing members of the Chestfield Golf Club are able to hold shares in the company.
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