Chichester Golf Sussex LLP - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: OC307141 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

FOR

CHICHESTER GOLF SUSSEX LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DESIGNATED MEMBERS:

Sussex Golf Clubs Limited

Brian Langmead Limited

REGISTERED OFFICE:

Chichester Golf Club

Hunston Village

Chichester

West Sussex

PO20 1AX

REGISTERED NUMBER:

OC307141 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

BANKERS:

Barclays Bank PLC

74-75 East Street

Chichester

West Sussex

PO19 1HT

FIXED ASSETS

Intangible assets

4

8,250

9,750

Tangible assets

5

1,073,317

1,142,519

1,081,567

1,152,269

CURRENT ASSETS

Stocks

102,762

84,399

Debtors

6

8,946

10,237

Cash at bank and in hand

89,224

59,688

200,932

154,324

CREDITORS

Amounts falling due within one year

7

551,785

658,240

NET CURRENT LIABILITIES

(350,853

)

(503,916

)

TOTAL ASSETS LESS CURRENT LIABILITIES

730,714

648,353

CREDITORS

Amounts falling due after more than one year

8

143,022

283,483

NET ASSETS ATTRIBUTABLE TO MEMBERS

587,692

364,870

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

585,692

362,870

MEMBERS' OTHER INTERESTS

Capital accounts

2,000

2,000

587,692

364,870

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

585,692

362,870

Members' other interests

2,000

2,000

587,692

364,870

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 May 2017.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 10 August 2017 and were signed by:

Sussex Golf Clubs Limited - Designated member

Brian Langmead Limited - Designated member

1.	STATUTORY INFORMATION

Chichester Golf Sussex LLP is registered in England and Wales. The LLP's registered number and registered

office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements relate to Chichester Golf Sussex LLP as an individual entity.

The financial statements are presented in Sterling (£) and rounded to the nearest pound (£).

Turnover recognition

Turnover is measured at the fair value of the consideration received and represents the value of goods and

services supplied from the golf shop and clubhouse together with membership subscriptions, net of discounts

and value added tax. Membership subscriptions are spread evenly in the profit and loss account over the period

to which they relate.

Goodwill

Goodwill has been transferred from Sussex Golf Clubs Limited, and is the amount paid in connection with the

acquisition of Chichester Golf Club from Mr R Haygarth in 2002. This is being written off evenly over its

estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% - 33% straight line

Fixtures and fittings

-

5% - 25% straight line

Motor vehicles

-

20% straight line

Office equipment

-

20% - 50% straight line

Assets under the course of construction represent planning fees and associated costs. No depreciation has

been charged during the period as the asset is not yet in use.

Stocks

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

slow moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account as incurred.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 39 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

28,125

AMORTISATION

At 1 June 2016

18,375

Charge for year

1,500

At 31 May 2017

19,875

NET BOOK VALUE

At 31 May 2017

8,250

At 31 May 2016

9,750

5.	TANGIBLE FIXED ASSETS

Assets

under the

course of

Long

con

Plant and

leasehold

struction

machinery

£

£

£

COST

At 1 June 2016

475,309

-

1,015,654

Additions

-

7,170

29,603

Disposals

-

-

(14,041

)

At 31 May 2017

475,309

7,170

1,031,216

DEPRECIATION

At 1 June 2016

25,746

-

454,535

Charge for year

23,765

-

92,092

Eliminated on disposal

-

-

(12,249

)

At 31 May 2017

49,511

-

534,378

NET BOOK VALUE

At 31 May 2017

425,798

7,170

496,838

At 31 May 2016

449,563

-

561,119

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2016

179,323

22,990

58,929

1,752,205

Additions

45,025

-

4,923

86,721

Disposals

(1,336

)

-

(3,789

)

(19,166

)

At 31 May 2017

223,012

22,990

60,063

1,819,760

DEPRECIATION

At 1 June 2016

78,064

8,013

43,328

609,686

Charge for year

27,314

3,952

7,008

154,131

Eliminated on disposal

(1,336

)

-

(3,789

)

(17,374

)

At 31 May 2017

104,042

11,965

46,547

746,443

NET BOOK VALUE

At 31 May 2017

118,970

11,025

13,516

1,073,317

At 31 May 2016

101,259

14,977

15,601

1,142,519

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,555

1,014

Other debtors

7,391

9,223

8,946

10,237

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

143,808

140,182

Trade creditors

74,257

90,321

Taxation and social security

107,254

77,688

Other creditors

226,466

350,049

551,785

658,240

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

143,022

283,483

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

8,812

11,131

Between one and five years

-

8,812

8,812

19,943

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

286,830

423,665

Barclays Bank PLC hold a charge over Chichester Golf Sussex LLP, Hillbarn Golf Club Ltd, Horton Park Golf

Club Ltd and Sussex Golf Clubs Ltd on the bank's standard form dated 21 May 2009.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2017

2016

£

£

Amounts owed to members in respect of profits

585,692

362,870

Falling due within one year

585,692

362,870

Loans and other debts due to members would rank pari passu with unsecured creditors in the event of a winding

up.

12.	CONTINGENT LIABILITIES

The LLP has given an unlimited cross guarantee to its related company's bankers. As at 31 May 2017 the

amount of this contingent liability was £1,579,695 (2016: £1,800,794).

13.	ULTIMATE CONTROLLING PARTY

In the members' opinion there is no ultimate controlling party.

14.	FIRST YEAR ADOPTION

The LLP has adopted FRS 102 Section 1a from 1 June 2016 for the year ended 31 May 2017. There are no

re-statements required under the new standard for earlier periods which were prepared under previous UK

GAAP.

The following reproduces the text of the report prepared for the members in respect of the LLP's annual

unaudited financial statements. In accordance with the Companies Act 2006, the LLP 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 Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability

Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your

approval the financial statements of Chichester Golf Sussex LLP for the year ended 31 May 2017 which comprise the

Income Statement, Balance Sheet and the related notes from the LLP'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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Chichester Golf Sussex LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chichester Golf Sussex LLP and state those matters that we have agreed to state to the members of Chichester Golf Sussex LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chichester Golf Sussex LLP members, as a body, for our work or for this report.

It is your duty to ensure that Chichester Golf Sussex LLP 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 profit of Chichester Golf Sussex LLP. You consider that Chichester Golf Sussex LLP 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 financial statements of Chichester Golf Sussex LLP. 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.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

18 August 2017