First Golf & Leisure Limited - Period Ending 2014-12-31

Registration number: 02677898

First Golf & Leisure Limited

trading as First Golf & Leisure Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Booth & Co
Chartered Certified Accountants
The Hermitage
15A Shenfield Road
Brentwood
Essex
CM15 8AG

First Golf & Leisure Limited
trading as First Golf & Leisure Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
First Golf & Leisure Limited
trading as First Golf & Leisure Ltd
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of First Golf & Leisure Limited for the year ended 31 December 2014 set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the Board of Directors of First Golf & Leisure 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 accounts of First Golf & Leisure Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Golf & Leisure Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that First Golf & Leisure Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of First Golf & Leisure Limited. You consider that First Golf & Leisure Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of First Golf & Leisure 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 accounts.

......................................

Booth & Co
Chartered Certified Accountants
The Hermitage
15A Shenfield Road
Brentwood
Essex
CM15 8AG

24 December 2015

Page 1

First Golf & Leisure Limited
trading as First Golf & Leisure Ltd
(Registration number: 02677898)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					3,754,677			3,756,235
Current assets
Stocks					5,680			5,680
Debtors		3			1,165,658			1,132,794
Cash at bank and in hand					84,879			83,429
					1,256,217			1,221,903
Creditors: Amounts falling due within one year					(2,594,648)			(2,725,602)
Net current liabilities					(1,338,431)			(1,503,699)
Total assets less current liabilities					2,416,246			2,252,536
Creditors: Amounts falling due after more than one year					(126,953)			(126,953)
Net assets					2,289,293			2,125,583
Capital and reserves
Called up share capital		5			1,000			1,000
Revaluation reserve					1,486,671			1,486,671
Profit and loss account					801,622			637,912
Shareholders' funds					2,289,293			2,125,583

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 24 December 2015

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

First Golf & Leisure Limited
trading as First Golf & Leisure Ltd
(Registration number: 02677898)
Abbreviated Balance Sheet at 31 December 2014
......... continued

.........................................
Mr Russell Derek Bartlett
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

First Golf & Leisure Limited
trading as First Golf & Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% Reducing balance basis
Fixtures and fittings	25% Reducing balance basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

First Golf & Leisure Limited
trading as First Golf & Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		3,792,319			3,792,319
At 31 December 2014		3,792,319			3,792,319
Depreciation
At 1 January 2014		36,084			36,084
Charge for the year		1,558			1,558
At 31 December 2014		37,642			37,642
Net book value
At 31 December 2014		3,754,677			3,754,677
At 31 December 2013		3,756,235			3,756,235

3

Debtors

Debtors includes £980,939 (2013 - £981,889) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		2,347,411			2,433,538

5	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 5

First Golf & Leisure Limited
trading as First Golf & Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

6

Control

The company is controlled by the Trustees of the Alexander and Edward Bartlett Trust by way of the trust's shareholding.

Page 6