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Company registration number: 07239828
Garon Park Golf Complex Limited
Unaudited filleted financial statements
31 December 2018
Garon Park Golf Complex Limited
Contents
Statement of financial position
Notes to the financial statements
Garon Park Golf Complex Limited
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 417,407 408,243
_______ _______
417,407 408,243
Current assets
Stocks 98,983 90,252
Debtors 6 29,472 26,413
Cash at bank and in hand 197,636 276,574
_______ _______
326,091 393,239
Creditors: amounts falling due
within one year 7 ( 428,697) ( 524,634)
_______ _______
Net current liabilities ( 102,606) ( 131,395)
_______ _______
Total assets less current liabilities 314,801 276,848
_______ _______
Net assets 314,801 276,848
_______ _______
Capital and reserves
Called up share capital 99,001 99,001
Profit and loss account 215,800 177,847
_______ _______
Shareholders funds 314,801 276,848
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 April 2019 , and are signed on behalf of the board by:
Alan Henry Walker
Director
Company registration number: 07239828
Garon Park Golf Complex Limited
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 169 New London Road, Chelmsford, Essex, CM2 0AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis.
Tangible assets
Tangible assets are intially recorded at cost and are subsequently stated at cost less accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 33.3 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price, less selling costs. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. These contributions represent the Company's contributions to a pension plan which commenced in October 2015 under the auto enrolment scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2017: 39 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2018 372,116 187,894 80,105 5,000 645,115
Additions - 60,536 5,142 - 65,678
Disposals - ( 33,045) ( 2,517) - ( 35,562)
_______ _______ _______ _______ _______
At 31 December 2018 372,116 215,385 82,730 5,000 675,231
_______ _______ _______ _______ _______
Depreciation
At 1 January 2018 82,847 102,542 47,386 4,097 236,872
Charge for the year 12,337 21,603 11,800 180 45,920
Disposals - ( 22,887) ( 2,081) - ( 24,968)
_______ _______ _______ _______ _______
At 31 December 2018 95,184 101,258 57,105 4,277 257,824
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2018 276,932 114,127 25,625 723 417,407
_______ _______ _______ _______ _______
At 31 December 2017 289,269 85,352 32,719 903 408,243
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Other debtors 29,472 26,413
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 49,128 85,226
Corporation tax 6,663 12,573
Social security and other taxes 46,975 31,571
Other creditors 325,931 395,264
_______ _______
428,697 524,634
_______ _______
Included in 'Other creditors' is a shareholder's loan for £26,590 (2017: £80,288) and a director's loan for £51,261 (2017: £75,114). Both of these loans are secured and are repayable on demand. However, all parties are satisfied that repayment will be deferred until the company has sufficient funds to make the repayments and is in a position to do so.
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 139,582 87,480
Later than 1 year and not later than 5 years 401,372 325,613
Later than 5 years 2,000,000 2,080,000
_______ _______
2,540,954 2,493,093
_______ _______
Further to the amounts disclosed above, additional rent is due in respect of the lease for the site at which the Golf Club is located. This is calculated annually and is based on percentages of turnover.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Alan Henry Walker ( 75,114) ( 1,147) 25,000 ( 51,261)
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Alan Henry Walker ( 81,161) ( 1,313) 7,360 ( 75,114)
_______ _______ _______ _______
10. Controlling party
A.H. Walker, director, is the controlling party by virtue of his majority shareholding.