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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MAY 2018 |
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HILLBARN GOLF CLUB LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MAY 2018 |
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FOR |
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HILLBARN GOLF CLUB LIMITED |
HILLBARN GOLF CLUB LIMITED (REGISTERED NUMBER: 04523877) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
HILLBARN GOLF CLUB LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
24 Park Road South |
Havant |
Hampshire |
PO9 1HB |
HILLBARN GOLF CLUB LIMITED (REGISTERED NUMBER: 04523877) |
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BALANCE SHEET |
31ST MAY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
HILLBARN GOLF CLUB LIMITED (REGISTERED NUMBER: 04523877) |
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BALANCE SHEET - continued |
31ST MAY 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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HILLBARN GOLF CLUB LIMITED (REGISTERED NUMBER: 04523877) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2018 |
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1. | STATUTORY INFORMATION |
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Hillbarn Golf Club Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements relate to Hillbarn Golf Club Limited as an individual entity. |
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The financial statements are presented in Sterling (£) and rounded to the nearest pound (£). |
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Significant judgements and estimates |
The preparation of financial statements requires the use of estimates and assumptions that affect reported |
amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the |
reporting period. These estimates and assumptions are based on management's best knowledge of the amount, |
event or actions. Actual results may differ from those amounts. |
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Management do not consider there to be any significant judgements used in the preparation of these financial |
statements. |
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Significant estimates |
Depreciation policies are based on the expected useful lives and economic lives of the different categories of |
assets. The directors have used their experience and knowledge of the business to estimate these influencing |
factors. |
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Turnover |
Turnover is measured at the fair value of consideration received and represents the value of goods and services |
supplied from the golf shop and clubhouse together with membership subscriptions, net of discounts and value |
added tax. Membership subscriptions are spread evenly in the profit and loss account over the period to which |
they relate. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of Hillbarn Golf Club from Worthing Borough |
Council in 2003, is being written off evenly over its estimated useful life of twenty years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Furniture & fittings | - |
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Office equipment | - |
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Tangible fixed assets are included at cost less depreciation and impairment. |
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if |
appropriate. |
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Stocks |
Stocks are valued at lower of cost and estimated selling price less costs to complete and sell, after making due |
allowance for obsolete and slow moving items. |
HILLBARN GOLF CLUB LIMITED (REGISTERED NUMBER: 04523877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are recognised in line with Sections 11 and 12 of FRS 102. |
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Basic financial instruments, such as bank and cash, loans, amounts due to/from group undertakings, trade |
receivables and payables are initially recognised at transaction price, unless they constitute a financing |
arrangement, when the transaction is measured at the present value of the future receipts/payments discounted |
at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective |
interest rate method. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1st June 2017 |
and 31st May 2018 |
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AMORTISATION |
At 1st June 2017 |
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Charge for year |
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At 31st May 2018 |
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NET BOOK VALUE |
At 31st May 2018 |
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At 31st May 2017 |
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HILLBARN GOLF CLUB LIMITED (REGISTERED NUMBER: 04523877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Furniture | Office |
property | machinery | & fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st June 2017 |
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Additions |
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Disposals |
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At 31st May 2018 |
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DEPRECIATION |
At 1st June 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31st May 2018 |
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NET BOOK VALUE |
At 31st May 2018 |
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At 31st May 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Barclays bank loan | - | 54,697 |
HILLBARN GOLF CLUB LIMITED (REGISTERED NUMBER: 04523877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2018 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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The bank loan is secured by the following: |
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- a first legal charge over the freehold property known as Hill Barn Golf Course, Worthing, West Sussex; |
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- a guarantee of £1,000,000 from Mr R Haygarth and Mrs S Haygarth; |
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- an assignment over an acceptable life policy on the lives of Mr R Haygarth and Mrs S Haygarth; |
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- a debenture on the bank's standard form. |
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11. | CONTINGENT LIABILITIES |
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The company has given an unlimited cross guarantee to its related company's bankers. As at 31 May 2018 the |
amount of this contingent liability was £1,110,776 (2017: £1,398,038). |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
HILLBARN GOLF CLUB LIMITED |
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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 Income Statement and certain other primary statements and |
the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Hillbarn Golf Club Limited for the year ended 31st May 2018 which comprise the Income |
Statement, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Hillbarn 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 Hillbarn Golf Club Limited and state those matters that we have agreed to state to the Board of Directors of Hillbarn Golf Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hillbarn Golf Club Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Hillbarn 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 profit of Hillbarn Golf Club Limited. You consider that Hillbarn Golf Club Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Hillbarn 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. |
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Chartered Accountants |
24 Park Road South |
Havant |
Hampshire |
PO9 1HB |
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