04259839
LEADERBOARD GOLF COURSES
(DALE HILL) LIMITED
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2019
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
REGISTERED NUMBER:
04259839
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BALANCE SHEET
AS AT
31 DECEMBER 2019
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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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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 income and retained earnings 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
:
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
REGISTERED NUMBER:
04259839
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BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2019
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Leaderboard Golf Courses (Dale Hill) Limited is a company limited by shares domiciled and incorporated in England and Wales.
The address of its registered office is Sandford Springs, Wolverton, Tadley, Hampshire, RG26 5RT.
The address of the company's place of business is Dale Hill Golf Club, Ticehurst, Wadhurst, East Sussex, TN5 7DQ.
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 and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates.
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.
The following principal accounting policies have been applied:
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Financial reporting standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; and
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Leaderboard Golf Holdings Limited as at 31 December 2019 and these financial statements may be obtained from Dale Hill Hotel and Golf, Ticehurst, Wadhurst, East Sussex, TN5 7DQ.
The directors have considered the impact of the coronavirus (COVID-19) in preparing the financial statements. The directors have adopted initiatives to mitigate the impact of the pandemic on the business. Having taken into account all available information about the Company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the Company is a going concern given the continuing financial support of the parent company and ultimate shareholder.
Page 3
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
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it is probable that the company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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.
Page 4
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on the following basis:
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Freehold land and buildings
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Over 50 years (see below)
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Assets under construction
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Straight line over 5 years
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Fixtures, fittings and equipment
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Straight line over 5, 10 or 15 years as appropriate
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The cost of freehold buildings and course development is depreciated to a residual value of 50% at variable annual rates over 50 years; 1% for the first 15 years, 2% for the next 15 years and 2.75% for the final 20 years.
Assets under construction are carried at cost less any identified impairment loss. Deprecation of these assets, on the same basis as other fixed assets, commences when the assets are ready for their intended use.
No depreciation is charged in respect of land.
The freehold land and buildings are occupied by another group entity and are accounted for under the cost model.
The assets' residual values, useful 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 within 'other operating income' in the Statement of Income and Retained Earnings.
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Specifically, the value of the investment in subsidiary companies has been reviewed by the directors who consider that the impairment included within the accounts is reasonable.
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The average monthly number of employees, including directors, during the year was
4
(2018 -
4
)
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Page 5
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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The company has estimated losses of £141,600 (2018: £141,600) available for carry forward against future trading profits.
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Freehold land & buildings
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Fixtures, fittings & equipment
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Charge for the year on owned assets
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Included in freehold land and buildings is freehold land at cost of £3,786,788 (2018: £3,786,788) which is not depreciated.
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Page 6
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Page 7
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LEADERBOARD GOLF COURSES (DALE HILL) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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At 31 December 2019 the company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.3 in the financial statements, which outlines the directors’ assessment of going concern and considers the impact of COVID-19. As stated in note 2.3, the directors have concluded that it is appropriate to prepare these financial statements on a going concern basis and have not identified any material uncertainties in this respect. Our opinion is not modified in respect of this matter.
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The audit report was signed on
15 December 2020
by
James Pearce BA (Hons) FCA
(Senior statutory auditor) on behalf of
Creaseys Group Limited
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Page 8
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