West Hove Golf Club Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03408462 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2022

FOR

WEST HOVE GOLF CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors' Responsibilities Statement

8

Independent Chartered Certified Accountants' Review Report

9

DIRECTORS:

K G Hopkins

M R Barry

J E Godley

B C Murphy (Chairman)

M Emery

D Gillies

Ms S Gleeson

REGISTERED OFFICE:

Badgers Way

Hangleton

Hove

East Sussex

BN3 8EX

REGISTERED NUMBER:

03408462 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Tangible assets

4

1,797,227

1,828,073

CURRENT ASSETS

Stocks

6,476

6,562

Debtors

5

13,879

14,101

Cash in hand

274,452

283,500

294,807

304,163

CREDITORS

Amounts falling due within one year

6

164,464

187,298

NET CURRENT ASSETS

130,343

116,865

TOTAL ASSETS LESS CURRENT LIABILITIES

1,927,570

1,944,938

CREDITORS

Amounts falling due after more than one year

7

(713,676

)

(710,506

)

PROVISIONS FOR LIABILITIES

9

(11,778

)

(14,723

)

NET ASSETS

1,202,116

1,219,709

CAPITAL AND RESERVES

Called up share capital

45,297

45,297

Share premium

732,926

732,926

Revaluation reserve

10

96,730

96,730

Capital redemption reserve

31

31

Retained earnings

327,132

344,725

SHAREHOLDERS' FUNDS

1,202,116

1,219,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th March 2023 and were signed on its behalf by:

B C Murphy (Chairman) - Director

1.	STATUTORY INFORMATION

West Hove 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

In common with many other companies, the outbreak of COVID-19 in the UK and the measures taken to control its spread had a detrimental impact on our business. Specifically, there was been a severe decline in our takings from green fees and the bar in the previous year. The position in this year is much improved as the restrictions have eased. With the support of our loyal members and staff, our sponsors, NatWest Bank, Brighton & Hove Council and the Government’s furlough scheme, at the date of approving these accounts the directors have a reasonable expectation that the Company has adequate resources for the foreseeable future.

Significant judgements and estimates

Land and buildings are accounted for at valuation.

Turnover

Turnover represents members' subscriptions and amounts invoiced to third parties, net of value added tax. Members' subscriptions are credited to the profit and loss account on a straight line basis over the accounting period to which they relate.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Land and buildings are accounted for at revaluation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildings

over 50 years straight line

Plant and machinery

over 5 years and 10 years on reducing balance

Club furniture and fittings

over 5 years on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

Grants receivable

Grants received in respect of tangible fixed assets are credited to the profit and loss account over the expected useful economic lives of the assets to which they relate. Grants received but not yet released to the profit and loss account are included as deferred income in the balance sheet. A grant received for the purpose of giving immediate financial support to the Company with no future related costs is recognised as income in the period in which it is received.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1st September 2021

and 31st August 2022

1,943,018

628,066

2,571,084

DEPRECIATION

At 1st September 2021

192,434

550,577

743,011

Charge for year

15,348

15,498

30,846

At 31st August 2022

207,782

566,075

773,857

NET BOOK VALUE

At 31st August 2022

1,735,236

61,991

1,797,227

At 31st August 2021

1,750,584

77,489

1,828,073

Freehold land and buildings:

2022

2021

£

£

Historical cost

1,821,99 0

1,821,99 0

Cumulative depreciation based on historical cost

188,391

188,391

1,633,59 9

1,633,59 9

The freehold land and buildings, comprising 18 hole golf course, clubhouse, practice range and greenkeepers' maintenance facility are included at directors' valuation. The net book value of plant and machinery held under hire purchase contracts was £22,643 (2021 £28,303).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,137

7,533

Other debtors

11,742

6,568

13,879

14,101

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

51,915

58,066

Hire purchase contracts

3,013

14,147

Trade creditors

42,392

42,138

Tax

7,857

-

Social security and other taxes

9,173

8,653

VAT

8,461

17,060

Other creditors

29,629

26,911

Accruals and deferred income

12,024

20,323

164,464

187,298

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loan repayable in more

than 5 years by instalments

361,399

399,479

Hire purchase contracts

-

3,013

Subscriptions received in

advance (non-refundable)

339,763

289,248

Deferred government grants

12,514

18,766

713,676

710,506

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable in more

than 5 years by instalments

361,399

399,479

361,399

399,479

8.	SECURED DEBTS

The NatWest bank loan is secured by a fixed and floating charge over the company's assets for 25 years at 1.5% over base.

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

11,778

14,723

Deferred

tax

£

Balance at 1st September 2021

14,723

Credit to Income Statement during year

(2,945

)

Balance at 31st August 2022

11,778

10.

RESERVES

Revaluation

reserve

£

At 1st September 2021

and 31st August 2022

96,730

11.	CONTROLLING PARTY

The company is owned by the members of West Hove Golf Club, none of whom have a controlling interest.

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 31st August 2022 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

B C Murphy (Chairman) - Director

10th March 2023

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of West Hove Golf Club Limited for the year ended 31st August 2022, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 1 to 0. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter 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 directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page nil, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31st August 2022 and of its loss for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

Date: .............................................