Norwood Park Golf Course Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03612467 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017

FOR

NORWOOD PARK GOLF COURSE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Sir John Starkey Bt

H J Starkey

REGISTERED OFFICE:

Norwood Park

Southwell

Nottinghamshire

NG25 0PF

REGISTERED NUMBER:

03612467 (England and Wales)

ACCOUNTANTS:

Stephenson Nuttall & Co

Chartered Accountants

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

FIXED ASSETS

Tangible assets

4

-

998,010

CURRENT ASSETS

Stocks

-

8,909

Debtors

5

804,626

33,398

Cash at bank and in hand

8,463

623

813,089

42,930

CREDITORS

Amounts falling due within one year

6

187,624

402,805

NET CURRENT ASSETS/(LIABILITIES)

625,465

(359,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

625,465

638,135

CREDITORS

Amounts falling due after more than one year

7

(52,223

)

(40,059

)

PROVISIONS FOR LIABILITIES

9

-

(25,569

)

NET ASSETS

573,242

572,507

CAPITAL AND RESERVES

Called up share capital

10

500,000

500,000

Retained earnings

11

73,242

72,507

SHAREHOLDERS' FUNDS

573,242

572,507

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15th December 2017 and were signed on its behalf by:

Sir John Starkey Bt - Director

1.	STATUTORY INFORMATION

Norwood Park Golf Course 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

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to tenanted property

-

2% on cost

Buildings

-

10% on reducing balance

Golf course construction costs

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Irrigation equipment

-

10% 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

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2016 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Golf

to

course

tenanted

construction

property

Buildings

costs

£

£

£

COST

At 1st April 2016

221,360

61,623

658,201

Additions

-

8,000

-

Disposals

(221,360

)

(69,623

)

(658,201

)

At 31st March 2017

-

-

-

DEPRECIATION

At 1st April 2016

56,982

22,996

-

Charge for year

4,249

4,663

-

Eliminated on disposal

(61,231

)

(27,659

)

-

At 31st March 2017

-

-

-

NET BOOK VALUE

At 31st March 2017

-

-

-

At 31st March 2016

164,378

38,627

658,201

Fixtures

Plant and

and

Irrigation

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2016

408,925

97,961

14,153

1,462,223

Additions

53,603

1,515

-

63,118

Disposals

(462,528

)

(99,476

)

(14,153

)

(1,525,341

)

At 31st March 2017

-

-

-

-

DEPRECIATION

At 1st April 2016

303,923

70,837

9,475

464,213

Charge for year

20,917

4,219

-

34,048

Eliminated on disposal

(324,840

)

(75,056

)

(9,475

)

(498,261

)

At 31st March 2017

-

-

-

-

NET BOOK VALUE

At 31st March 2017

-

-

-

-

At 31st March 2016

105,002

27,124

4,678

998,010

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1st April 2016

89,638

Additions

52,960

Disposals

(108,348

)

Transfer to ownership

(34,250

)

At 31st March 2017

-

DEPRECIATION

At 1st April 2016

23,172

Charge for year

11,115

Eliminated on disposal

(20,591

)

Transfer to ownership

(13,696

)

At 31st March 2017

-

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

66,466

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

1,031

1,307

Other debtors

43,319

510

Interest in NPP

760,276

-

Prepayments

-

31,581

804,626

33,398

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Bank loans and overdrafts

42,385

32,349

Hire purchase contracts

35,833

20,430

Trade creditors

80,935

77,683

Tax

2,366

9,272

Social security and other taxes

4,305

4,006

VAT

11,378

13,450

Other creditors

817

-

Accrued expenses

9,605

245,615

187,624

402,805

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/17

31/3/16

£

£

Hire purchase contracts

52,223

40,059

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/17

31/3/16

£

£

Hire purchase contracts

88,056

60,489

The hire purchase contracts relate to tangible fixed assets forming part of the company's interest in NPP and

remain secured on these tangible fixed assets.

9.	PROVISIONS FOR LIABILITIES

31/3/17

31/3/16

£

£

Deferred tax

-

25,569

Deferred

tax

£

Balance at 1st April 2016

25,569

Accelerated capital allowances

325

Transfer on disposals

(25,894

)

Balance at 31st March 2017

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/17

31/3/16

value:

£

£

500,000

Ordinary

£1

500,000

500,000

11.

RESERVES

Retained

earnings

£

At 1st April 2016

72,507

Profit for the year

735

At 31st March 2017

73,242

12.	CONTINGENT LIABILITIES

The company had no contingent liabilities at 31st March 2017 (2016 - Nil).

13.	CAPITAL COMMITMENTS

31/3/17

31/3/16

£

£

Contracted but not provided for in the

financial statements

-

-

14.	RELATED PARTY DISCLOSURES

During the year, the company purchased goods and services from Starkeys Fruit Limited for £21,471 (2016 -

£16,784) on normal commercial terms. Sir John Starkey Bt is a director and the controlling shareholder of

Starkeys Fruit Limited. At 31st March 2017 trade creditors included £0 (2016 - £5,898) due to Starkeys Fruit

Limited.

During the year rent at normal commercial rates was paid to a trust of which Sir John Starkey Bt is the settlor

amounting to £21,960 (2016 - £21,960).

At 31st March 2017 the company's trade was transferred to Norwood Park Partnership, a partnership in which

the company is a partner. The company's tangible fixed assets and stocks were also transferred to the partnership

at their market values of £997,605 and £11,159 respectively. The company's interest in the partnership at 31st

March 2017 was £760,276 and is included within debtors.

15.	ULTIMATE CONTROLLING PARTY

Sir John Starkey Bt owns 96.8% of the company's issued share capital.

16.	FIRST TIME ADOPTION OF FINANCIAL REPORTING STANDARD 102

These financial statements are the first which the company has prepared in accordance with the provisions of

Financial Reporting Standard 102 (FRS 102), including those of Section 1A relating to "Small Entities". The

transition to FRS 102 has had no effect on any item included within the opening balance sheet of the comparative

period at 1st April 2015, the income statement for the comparative period ended 31st March 2016 or the closing

balance sheet of the comparative period at 31st March 2016.