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Registered number: 01245301
BARNHAM BROOM GOLF CLUB LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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BARNHAM BROOM GOLF CLUB LIMITED
REGISTERED NUMBER: 01245301
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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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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Creditors: amounts falling due after more than one year
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BARNHAM BROOM GOLF CLUB LIMITED
REGISTERED NUMBER: 01245301
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
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 comprehensive income 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 11 form part of these financial statements.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Barnham Broom Golf Club Limited is a private company limited by shares and incorporated in England
and Wales, registration number 01245301. 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 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 following principal accounting policies have been applied:
The Group to which the Company is 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, in particular regarding the effects of the current economic climate and its potential impact on the Company.
As part of their assessment, the directors have prepared forecasts until December 2024, taking into consideration expected trading performance, profitability and cash flow based on the current economic climate. In addition, the directors have considered the Company and Group’s current working capital facilities, which include an overdraft facility and 2 CBILs. The overdraft element of the facilities is currently due for its normal annual review, to which the Company and Group continues to have an excellent relationship with its bank, maintains regular dialogue, and the bank has informally indicated that the facility will be renewed.
Based on the above assessment, the directors have concluded that they have a reasonable expectation that the Company and Group 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.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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. The following criteria must also be met before turnover is recognised:
∙Accommodation income is recognised on a straight line basis over the period to which the income relates.
∙Food and drink, spa and golf passes and golf shop income is recognised at the point sale.
∙Gym, golf and spa memberships is recognised on a straight line basis over the period of the membership
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Finance costs are charged to profit or loss 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.
Defined contribution pension plan
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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 reporting 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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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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, on the following basis.
Depreciation is provided on the following basis:
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Leasehold land and buildings
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Assets under construction
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Not depreciated until asset brought into use
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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.
As a result of the current rental agreement, the Directors consider the residual value of the leasehold property to be greater than zero. Accordingly, they consider the depreciation policy of 1-2% to be a fair estimate.
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 weighted average basis.
At each reporting 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.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
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The average monthly number of employees, including directors, during the year was 143 (2022 - 143).
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Leasehold land and buildings
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Assets under construction
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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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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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The bank overdraft is secured by a debenture dated 12 April 2012 and first legal charges over leasehold properties of the Daveney Limited group.
Bank loans relate to three seperate loans secured by a debenture dated 12 April 2012, first legal charges over leasehold properties and the option to purchase land of the Daveney Limited group, an unlimited guarantee from Daveney Limited Group and a directors personal guarantee from C H Bothway up to a maximum of £150,000.
Interest is payable on these loans at rates of between 3% and 4.99% per annum above base rate.
The finance lease and hire purchase creditors are secured over the assets concerned. £2,702 (2022 - £26,520) of these assets are held by other companies within the Group.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Bank loans relate to three seperate loans secured by a debenture dated 12 April 2012, first legal charges over leasehold properties and the option to purchase land of the Daveney Limited group, an unlimited guarantee from Daveney Limited Group and a directors personal guarantee from C H Bothway up to a maximum of £150,000.
Interest is payable on these loans at rates of between 3% and 4.99% per annum above base rate.
The finance lease and hire purchase creditors are secured over the assets concerned. £2,702 (2022 - £26,520) of these assets are held by other companies within the Group.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Bank loans relate to three seperate loans secured by a debenture dated 12 April 2012, first legal charges over leasehold properties and the option to purchase land of the Daveney Limited group, an unlimited guarantee from Daveney Limited Group and a directors personal guarantee from C H Bothway up to a maximum of £150,000.
Interest is payable on these loans at rates of between 3% and 4.99% per annum above base rate.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company supports a cross guarantee and debenture for the bank with respect to Barnham Broom Limited, Barnham Broom Management Company Limited and Daveney Limited. The value of the guarantee at the balance sheet date was £606,412 (2022 - £761,317).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £40,620 (2022 - £36,334) . Contributions totalling £8,196 (2022 - £588) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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The Company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose the transactions between wholly owned members of a group.
The bank overdraft and loan of £606,412 (2022 - £761,317) was secured against land owned and a personal guarantee by C H Bothway (director). The guarantee is a maximum of £150,000 (2022 - £150,000).
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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 is incorporated in England.
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 year ended 31 March 2023 was unqualified.
The audit report was signed on 20 December 2023 by John Atkins ACA FCCA (Senior statutory auditor) on behalf of Larking Gowen LLP.
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