KNOLE_PARK_GOLF_CLUB_LIMI - Accounts

The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Knole Park Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Seal Hollow Road, Sevenoaks, Kent, TN15 0HJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the club and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. Revenue us recognised for the different income streams as follows;

Golf membership subscription income is recognised in the income and expenditure account in the period to which it relates.

Other income streams are recognised as the activity arises.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income and expenditure account.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company only has financial instruments which are classified as basic financial instruments.

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

The exceptional item relates to a refund of overcharged VAT from HMRC. £120,344 of this amount relates to the actual refund and £43,519 relates to interest received on the refund. £28,983 of professional fees associated with the refund were deducted from the income to arrive at the figure above.

An adjustment has been made to the prior period, to reflect bar and catering income within income and direct bar and catering costs within expenditure. In the prior period, the net profit on bar and catering was included in income. This has resulted in an increase in both income and expenditure by £168,297. There is no impact on the result for the prior period, or on reserves.

The average monthly number of persons (including directors) employed by the company during the year was 29 (2017 - 29). This is split between 17 permanent staff (2017 - 17) and 12 temporary staff (2017 - 12).

On a historical cost basis, the investment property would have been included at a cost of £62,081.

The 2018 valuation was made by a chartered surveyor, on an open market value for existing use basis.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Amounts contracted for but not provided in the financial statements:

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: