REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
Kings Hill Golf Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
Kings Hill Golf Limited |
Kings Hill Golf Limited (Registered number: 03006203) |
Contents of the Financial Statements |
for the Year Ended 30 September 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Kings Hill Golf Limited |
Company Information |
for the Year Ended 30 September 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
123 Pall Mall |
St. James's |
London |
SW1Y 5EA |
BANKERS: |
43 Swan Street |
West Malling |
Kent |
ME19 6HF |
BANKERS: |
66 High Street |
Ashford |
Kent |
TN24 8TL |
Kings Hill Golf Limited (Registered number: 03006203) |
Balance Sheet |
30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | 9 |
Members' deposits reserve | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
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 and authorised for issue on |
Kings Hill Golf Limited (Registered number: 03006203) |
Notes to the Financial Statements |
for the Year Ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Kings Hill Golf Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in £ Sterling as this is considered by the director to be the company's functional currency. |
Going concern |
The financial statements have been prepared on a going concern basis even if during the year the company made a loss before taxation of £45,971 (2021: profit before taxation of £170,314) and at the balance sheet date the company had net current assets amounting to £167,086 (2021: current assets of £153,703). |
The majority shareholder has expressed his willingness to continue to support the company to enable it to trade for at least the next twelve months from the date of the approval of the financial statements and therefore the directors continue to use the going concern basis. |
Turnover |
Turnover comprises amounts derived from the provision of activities falling within the company's ordinary activities after deduction of value added tax. |
The turnover and loss before taxation is attributable to the one principal activity of the company. |
Subscription income from club members is recognised evenly over the period to which it relates. Any income received in advance is shown under deferred income. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are stated at cost less depreciation. |
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. |
Kings Hill Golf Limited (Registered number: 03006203) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Members' deposits reserve |
Certain members' deposits are repayable under the terms of the company's golf club's rules. The deposits are unsecured and generally repayable with a premium equal to the increase in the Index of Retail Prices since the date of original receipt of the member's deposit. The directors have reviewed the accounting treatment of the members' deposits and consider that, according to the club's rules, the possibility of these deposits being refunded is remote. In addition there have been a number of legal claims for repayment of similar deposits against golf clubs that have all failed. There have been no repayments by the club of deposits for in excess of six years and it is unlikely that the club will sell these types of membership in the near future. |
The deposits are not recorded as a liability but are accounted for as a members' deposits reserve, as the directors consider this to be the most appropriate accounting treatment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Kings Hill Golf Limited (Registered number: 03006203) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions |
At 30 September 2022 |
DEPRECIATION |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
5. | STOCKS |
30.9.22 | 30.9.21 |
£ | £ |
Finished goods |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
Kings Hill Golf Limited (Registered number: 03006203) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade creditors | 110,948 | 108,830 |
Social security and other taxes |
Value Added tax | 12,721 | 25,106 |
Other creditors |
Directors' loan accounts | 105 | 105 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Hire purchase contracts |
Director's mortgage |
Director's loan (note) | 4,150,146 | 4,150,146 |
The director's mortgage is secured and interest free. |
The directors loan is interest free. It may be repayable at any time in multiples of £1,000 with a minimum of £5,000. In the event that all of the issued shares in the company not being owned by the company directors then the loaned amount and interest shall become immediately and wholly repayable in full on demand. |
9. | RESERVES |
Members' |
Retained | Other | deposits |
earnings | reserves | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2021 | ( |
) | (3,545,505 | ) |
Deficit for the year | ( |
) | ( |
) |
Amortisation of capital contri |
bution | - | (14,429 | ) | - | (14,429 | ) |
Transfer of members' deposits | - | - | 52,320 | 52,320 |
At 30 September 2022 | ( |
) | (3,553,585 | ) |
The balance on other reserves represents the unamortised portion of the contribution towards the company's golf club construction costs provided by Rouse Kent Limited, the developer of an adjacent commercial site. |
10. | RELATED PARTY DISCLOSURES |
At the year end the company had a short-term liability of £105 (2021: £105) payable to Duncan Kelso, a director of the company. |
At the year end the company had a long-term liability of £4,150,146 (2021: £4,150,146) payable to Duncan Kelso, a director of the company. No interest was charged for the year. |
At the year end the company had a long-term liability of £644,096 (2021: £644,096) payable to D C Hammers, a director of the company. No interest was charged for the year. |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by |