Registered number:
01245301
BARNHAM BROOM GOLF CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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BARNHAM BROOM GOLF CLUB LIMITED
REGISTERED NUMBER:
01245301
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
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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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Creditors: amounts falling due after more than one year
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BARNHAM BROOM GOLF CLUB LIMITED
REGISTERED NUMBER:
01245301
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MARCH 2021
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 comprehensive income 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 12 form part of these financial statements.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
Barnham Broom Golf Club Limited is a private company limited by shares and incorporated in England and Wales, registration number 01245301. 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 financial year was extended to 31 March 2021 due to the impact of the Covid-19 pandemic. This means that the current period covers the 18 months from 1 October 2019 to 31 March 2021 whereas the comparative covers the 12 month period from 1 October 2018 to 30 September 2019.
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 Company 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.
As part of their assessment, the directors have prepared revised forecasts until December 2023, taking into consideration expected trading performance, profitability and cash flow based on the current economic climate. In addition, the directors have considered the Company’s current working capital facilities, together with the range of measures they have, and may take, to mitigate ongoing costs.
Based on the above assessment, the directors have concluded that they have a reasonable expectation that the Company 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.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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:
Accommodation income is recognised on a straight line basis over the period to which the income relates.
Food and drink, spa, golf passes and golf shop income is recognised at the point of sale.
Gym, golf and spa membership is recognised on a straight line basis over the period of membership.
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.
Under FRS 102 Section 1A, management have elected to use a previous revaluation of their leasehold property before the date of transition as its deemed cost at the revaluation date.
Depreciation is provided on the following basis:
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Leasehold land and buildings
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Assets under construction
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Not depreciated until asset brought into use
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As a result of the current rental agreement, the directors consider the residual value of the leasehold property to be greater than zero. Accordingly, they consider the depreciation policy of 1-2% to be a fair estimate.
The assets' residual 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 the Statement of comprehensive income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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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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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Rentals under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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 Statement of financial position 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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the period was
130
(2019 -
137
)
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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Leasehold land and buildings
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Assets under construction
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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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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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The bank overdraft is secured by a debenture dated 12 April 2012 and first legal charges over leasehold properties of the Daveney Limited group.
The bank loan is secured by a debenture dated 12 April 2012, first legal charges over leasehold properties of the Daveney Limited group, an unlimited guarantee from Daveney Limited and a directors personal guarantee from C H Bothway.
The finance lease and hire purchase creditors are secured on the assets concerned. £58,651
(2019: £191,774)
of these assets are held by other companies within the Group.
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Amounts owed to group undertakings
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The bank loan is secured by a debenture dated 12 April 2012, first legal charges over leasehold properties of the Daveney Limited group, an unlimited guarantee from Daveney Limited and a directors personal guarantee from C H Bothway.
The finance lease and hire purchase creditors are secured on the assets concerned. £58,651
(2019: £191,774)
of these assets are held by other companies within the Group.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
Share premium account
The capital surplus received by the firm over the par value of its shares.
Revaluation reserve
The surplus or deficit arising on historical valuations of company assets.
Other reserves
Other reserves include capital contributions from parent undertakings.
The Company supports a cross guarantee and debenture for the bank with respect to Barnham Broom Limited, Barnham Broom Management Company Limited and Daveney Limited. The value of the guarantee at the balance sheet date was £869,959
(2019 - £293,630)
.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,050
(2019 - £30,554)
. Contributions totaling £533
(2019 - £6,818)
were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 March 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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BARNHAM BROOM GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
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Transactions with directors
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During the year an amount of £8,232
(2019 - 48,599)
was advanced to C H Bothway. The balance at the year end was a debtor of £2,750
(2019 - £4,195)
and this loan was interest free. This amount has been reimbursed since the year end.
Also during the year an amount of £9,677
(2019 - £2,309)
was advanced to T E Beckett. The balance at the year end was a debtor of £4,509
(2019 - £4,486)
and this loan was intrerest free. This amount has been reimbursed since the year end.
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Related party transactions
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The Company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose the transactions between wholly owned members of a group.
The bank overdraft and loan of £869,959
(2019 - £293,630)
was secured against land owned and a personal guarantee by C H Bothway (director).
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Ultimate parent undertaking and controlling party
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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 is incorporated in England.
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.
The auditors' report on the financial statements for the period ended 31 March 2021 was unqualified.
The audit report was signed on
30 March 2022
by
John Atkins ACA FCCA
(Senior statutory auditor) on behalf of
Larking Gowen LLP
.
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