Worfield Golf Club Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02302980 (England and Wales)

WORFIELD GOLF CLUB LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

9

DIRECTORS:

O S C Eaton

G J Cleaver

SECRETARY:

O S C Eaton

REGISTERED OFFICE:

Roughton

Nr Bridgnorth

Shropshire

WV15 5HE

REGISTERED NUMBER:

02302980 (England and Wales)

ACCOUNTANTS:

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

FIXED ASSETS

Tangible assets

4

2,068,314

2,086,065

CURRENT ASSETS

Stocks

12,600

28,250

Debtors

5

16,253

5,377

Cash in hand

12

345

28,865

33,972

CREDITORS

Amounts falling due within one year

6

1,244,245

1,179,995

NET CURRENT LIABILITIES

(1,215,380

)

(1,146,023

)

TOTAL ASSETS LESS CURRENT LIABILITIES

852,934

940,042

CREDITORS

Amounts falling due after more than one year

7

277,426

288,027

NET ASSETS

575,508

652,015

CAPITAL AND RESERVES

Called up share capital

1,014,049

1,014,049

Share premium

50,512

50,512

Revaluation reserve

9

553,200

553,200

Retained earnings

(1,042,253

)

(965,746

)

SHAREHOLDERS' FUNDS

575,508

652,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 23 March 2018 and were signed on its behalf by:

O S C Eaton - Director

1.	STATUTORY INFORMATION

Worfield Golf Club 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 as modified by the revaluation of certain assets.

As at the balance sheet date, the company had net current liabilities totalling £1,215,380 (2016 :

£1,146,023). Of this amount £186,628 relates to a director's loan account. The relevant director has

given his assurance that he will not draw upon this loan until cashflow permits. In addition, an amount

of £1,235,782 relates to related undertakings controlled by a director of the company, who have given

assurances that repayment will not be requested until cashflow permits. The directors are of the

opinion that sufficient funds will be available to settle creditors when they fall due for payment. The

company is also reliant upon its owners for their continued support, which the directors' consider to be

ongoing. Consequently the directors' consider the going concern basis of preparation to be applicable.

Significant judgements and estimates

Freehold Property

The value of the freehold property is assessed by the directors at each reporting date using publicly

available market evidence comprising primarily of values of comparable properties in the area and

national market statistics. However, it is inherently difficult to assess the true market value of the

freehold property without actively marketing the property for sale.

Changes in accounting policies

As a result of the company adopting Financial Reporting Standard 102 (FRS 102) for the first time, the

company has changed its accounting policy with regard to deferred tax on property valuations.

Previously, a deferred tax provision was only required where there was a contractual obligation to sell a

property and therefore a known tax liability arising where relevant. FRS 102 has introduced a

requirement for deferred tax to be provided on property valuations at each balance sheet date by

comparing the carrying fair value of the property with its original cost, enhancement expenditure and

any reductions to potential capital gains such as by way of indexation allowances.

The company has therefore amended its accounting policy for this change and has included a relevant

deferred tax liability at the rate prevailing at the date of approval of the financial statements.

Turnover

Turnover is calculated net of value added tax and represents the total amount receivable by the

company in respect of services supplied and goods sold in the normal course of business. Non

refundable income is taken into account at the date it is received.

Tangible fixed assets

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

Land and buildings

-

2% on cost and not provided

Plant and machinery etc

-

at varying rates on cost

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 Profit and Loss

AccountIncome 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.

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.

Tangible fixed assets

The company's freehold property, which comprises the land and the golf course, but not the

clubhouse, are not depreciated.

In accordance with FRS 102, the values of the land and golf course are reviewed annually, by the

directors, and the aggregate surplus or deficit is transferred to a revaluation reserve. No depreciation is

provided in respect of the freehold land and golf course. Whilst this is a departure from the Companies

Act 2006 the directors consider that this accounting policy results in the accounts giving a true and fair

view. Depreciation is only one of many factors reflected in the annual valuation and the amounts which

might otherwise have been shown cannot be separately identified or quantified.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

Clubhouse

machinery

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2016

1,480,310

853,034

630,565

2,963,909

Additions

-

-

22,014

22,014

At 30 June 2017

1,480,310

853,034

652,579

2,985,923

DEPRECIATION

At 1 July 2016

-

278,328

599,516

877,844

Charge for year

-

17,061

22,704

39,765

At 30 June 2017

-

295,389

622,220

917,609

NET BOOK VALUE

At 30 June 2017

1,480,310

557,645

30,359

2,068,314

At 30 June 2016

1,480,310

574,706

31,049

2,086,065

In October 1990, the company's freehold land was professionally valued at £750,000. The valuation

was on the basis of its current market value, taking into account planning permission which had been

granted. This valuation was incorporated into the accounts to 31st December 1990. The historical cost

of the land and golf course at 30th June 2017 was £927,110 (2016 : £927,110).

The company has taken advantage of exemptions allowed under FRS 102 Section 1A upon transition

to the new reporting framework and has adopted the latest valuation as the deemed cost for the

property.

Cost or valuation at 30 June 2017 is represented by:

Freehold

Plant and

Property

Clubhouse

Machinery

Totals

£

£

£

£

Valuation in 1990

750,000

-

-

750,000

Cost

730,310

853,034

652,579

2,235,923

1,480,310

853,034

652,579

2,985,923

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/17

30/6/16

as

restated

£

£

Trade debtors

13,741

1,514

Other debtors

2,512

3,863

16,253

5,377

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/17

30/6/16

as

restated

£

£

Bank loans and overdrafts

10,862

12,615

Trade creditors

40,803

29,449

Taxation and social security

1,484

9,210

Other creditors

1,191,096

1,128,721

1,244,245

1,179,995

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/17

30/6/16

as

restated

£

£

Other creditors

277,426

288,027

8.	SECURED DEBTS

The following secured debts are included within creditors:

30/6/17

30/6/16

as

restated

£

£

Bank overdrafts

10,862

12,615

The bank overdraft is secured by a first legal charge over the company and all property and assets in

the standard form.

9.

RESERVES

Revaluation

reserve

£

At 1 July 2016

and 30 June 2017

553,200

10.	RELATED PARTY DISCLOSURES

During the year, the company received loans from Icarus Investments Limited amounting to £55,127

and repaid the amount of £30,026.

As at 30 June 2017, the company owed £941,821 to Icarus Investments Limited (2016 : £916,720).

No interest is chargeable on these loans, which are repayable on demand.

Mr O S C Eaton is a director and has a controlling interest in Icarus Investments Limited.

11.	FIRST YEAR ADOPTION

As stated in note 2, these are the Company's first financial statements prepared in accordance with

FRS 102 Section 1A.

As a result of adopting FRS 102 Section 1A, there have been no transition adjustments due to the

measurement and recognition criteria of the accounting policies relevant to the entity remaining

unchanged.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and

certain other primary statements and the Report of the Directors 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, we have prepared for your approval

the financial statements of Worfield Golf Club Limited for the year ended 30 June 2017 which comprise the

Profit and Loss Account, Other Comprehensive Income, Balance Sheet, and the related notes 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://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Worfield Golf Club Limited, 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 Worfield Golf Club Limited and state those matters that we have agreed to state to the Board of Directors of Worfield Golf Club Limited, 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Worfield Golf Club Limited 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 loss of Worfield Golf Club Limited. You consider that Worfield Golf Club 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 financial statements of Worfield Golf Club 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 financial statements.

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

23 March 2018