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Registered number: 01503474
BARNHAM BROOM MANAGEMENT COMPANY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 01503474
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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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
REGISTERED NUMBER: 01503474
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 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.
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:
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 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.
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 following bases.
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.
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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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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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.
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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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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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 MANAGEMENT COMPANY 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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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 £606,412 (2022 - £761,317).
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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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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.
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BARNHAM BROOM MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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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