Brookwood Park Limited - Limited company accounts 18.2

REGISTERED NUMBER: 00034195 (England and Wales)

DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

BROOKWOOD PARK LIMITED

Page

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Financial Statements

10

DIRECTORS:

P N Bryant

D J Spinks

Cllr G Cundy

Dr B M Maunders

SECRETARY:

Clyde Secretaries Limited

REGISTERED OFFICE:

The St Botolph Building

138 Houndsditch

London

EC3A 7AR

REGISTERED NUMBER:

00034195 (England and Wales)

AUDITOR:

Hamlyns LLP

Statutory Auditor and

Chartered Accountants

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU

BANKERS:

Barclays Bank Plc

PO Box 317

Woking

Surrey

GU21 1WT

SOLICITORS:

Clyde & Co LLP

The St Botolph Building

138 Houndsditch

London

EC3A 7AR

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of owning and operating the Brookwood Cemetery.

REVIEW OF BUSINESS

In 2018 there was a positive increase in burial volumes and Brookwood Cemetery won the Gold prize in the Large Cemetery

Category of the National Competition Cemetery of the year, which focused on Industry Standards, Good Practice and Freedom

of Choice.

The year saw the completion of various projects including the refurbishment of the Glades lake, the remediation and

landscaping of plot 121, the exterior renovations to the North Chapel, and the renovation works to Glades house.

New vehicles were purchased to assist with the delivery of service. These were a dumper truck for removal of spoil and a

pickup truck for transporting equipment and machinery.

New brown highway signs were installed on the approaching main roads providing directional indication for both North &

South Brookwood Cemetery and the Military Cemeteries.

Works commenced to rebuild 350m of boundary wall and planning permission has been received for the remediation of the tip

site in the North Cemetery.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this report.

P N Bryant

D J Spinks

Dr B M Maunders

Other changes in directors holding office are as follows:

Cllr G Cundy - appointed 18 July 2018

R J Kingsbury - resigned 7 May 2018

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006)

of which the company's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in

order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that

information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Dr B M Maunders - Director

18 July 2019

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law

and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have

elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice

(United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial

statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or

loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's

transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure

that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the

company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Brookwood Park Limited (the 'company') for the year ended 31 December 2018

which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement

and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting

framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United

Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial

statements section of our report. We are independent of the company in accordance with the ethical requirements that are

relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other

ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you

where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Directors'

Report and the Statement of Directors' Responsibilities, but does not include the financial statements and our Auditor's Report

thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly

stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,

consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the

audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material

misstatement of the other information. If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we

have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in

our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for

the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal

control as the directors determine necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the

directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or

in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act

2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to

state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or

assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this

report, or for the opinions we have formed.

David Cooper (Senior Statutory Auditor)

for and on behalf of Hamlyns LLP

Statutory Auditor and

Chartered Accountants

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU

18 July 2019

TURNOVER

710,428

854,300

Cost of sales

472,507

451,827

GROSS PROFIT

237,921

402,473

Administrative expenses

637,931

761,645

(400,010

)

(359,172

)

Other operating income

386,067

290,586

OPERATING LOSS

4

(13,943

)

(68,586

)

Interest receivable and similar income

398

459

(13,545

)

(68,127

)

Interest payable and similar expenses

5

1,417

2,207

LOSS BEFORE TAXATION

(14,962

)

(70,334

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(14,962

)

(70,334

)

OTHER COMPREHENSIVE INCOME

Movement in deferred tax provision

61,836

30,918

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

61,836

30,918

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(39,416

)

Prior year adjustment

7

17,052

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

63,926

FIXED ASSETS

Tangible assets

8

3,549,132

3,512,386

Investments

9

1

1

3,549,133

3,512,387

CURRENT ASSETS

Stocks

10

743,392

807,831

Debtors

11

159,192

50,614

Cash at bank

18,606

63,091

921,190

921,536

CREDITORS

Amounts falling due within one year

12

1,913,354

1,857,479

NET CURRENT LIABILITIES

(992,164

)

(935,943

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,556,969

2,576,444

CREDITORS

Amounts falling due after more than one year

13

(10,343

)

(14,856

)

PROVISIONS FOR LIABILITIES

15

(525,610

)

(587,446

)

NET ASSETS

2,021,016

1,974,142

CAPITAL AND RESERVES

Called up share capital

16

60,120

60,120

Revaluation reserve

17

2,566,210

2,504,374

Retained earnings

17

(605,314

)

(590,352

)

SHAREHOLDERS' FUNDS

2,021,016

1,974,142

The financial statements were approved by the Board of Directors on 18 July 2019 and were signed on its behalf by:

D J Spinks - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2017

60,120

(520,018

)

2,473,456

2,013,558

Changes in equity

Total comprehensive income

-

(87,386

)

30,918

(56,468

)

Balance at 31 December 2017

60,120

(607,404

)

2,504,374

1,957,090

Prior year adjustment

-

17,052

-

17,052

As restated

60,120

(590,352

)

2,504,374

1,974,142

Changes in equity

Total comprehensive income

-

(14,962

)

61,836

46,874

Balance at 31 December 2018

60,120

(605,314

)

2,566,210

2,021,016

Cash flows from operating activities

Cash generated from operations

20

(401,916

)

(611,077

)

Interest element of hire purchase payments paid

(1,417

)

(2,207

)

Net cash from operating activities

(403,333

)

(613,284

)

Cash flows from investing activities

Purchase of tangible fixed assets

(295,494

)

(518,966

)

Interest received

398

459

Net cash from investing activities

(295,096

)

(518,507

)

Cash flows from financing activities

New loans in year

53,605

311,320

Capital grants received

222,494

500,000

Revenue grants received

381,567

286,086

Capital repayments in year

(3,722

)

(2,933

)

Net cash from financing activities

653,944

1,094,473

Decrease in cash and cash equivalents

(44,485

)

(37,318

)

Cash and cash equivalents at beginning of year

21

63,091

100,409

Cash and cash equivalents at end of year

21

18,606

63,091

1.	STATUTORY INFORMATION

Brookwood Park Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with financial Reporting Standard 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial

statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The directors are of the opinion that the ultimate controlling party will continue to provide adequate funds to meet the

company's working capital requirements for the foreseeable future. As a result, the financial statements have been

prepared on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Brookwood Park Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the

Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary

undertaking are included by full consolidation in the consolidated financial statements of its parent, Woking Borough

Council, Civic Offices, Gloucester Square, Woking, GU21 6YL.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in

the normal course of business, and is shown net of VAT and discounts.

Funerals, memorials commission and other income is usually recognised at the point at which the service or burial takes

place.

Maintenance income, relating to the upkeep of individual burial plots, is recognised at the point at which the

maintenance work is completed.

Reserved allotments income, relating to the reservation of specific burial plots and mausoleum chambers, is

recognised at the point at which the reservation is made.

Rental income is recognised on a straight line basis over the lease term on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Infrastructure

-

Straight line over 50 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Government grants relating to the investment of capital expenditure are netted off against the fixed asset addition as the

expenditure is incurred. Any excess of capital grants received are held on the balance sheet as a deferred government

grant.

Government grants relating to revenue expenditure are credited to the profit and loss account as grant income when the

related expenditure is incurred.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Cost is defined as the average cost of stock items, and includes all purchase, transport and handling costs in bringing

stock to its present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income,

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.

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.

Hire purchase and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

2018

2017

as restated

£

£

Wages and salaries

376,045

229,152

Social security costs

21,547

10,685

Other pension costs

7,860

6,408

405,452

246,245

The average number of employees during the year was as follows:

2018

2017

as restated

Staff

10

8

2018

2017

as restated

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

2018

2017

as restated

£

£

Hire of plant and machinery

262

1,694

Depreciation - owned assets

33,927

25,605

Loss on disposal of fixed assets

1,896

-

Auditors' remuneration

5,500

6,000

The auditing of accounts of any associate of the company

5,500

-

Other non- audit services

4,500

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2018

2017

as restated

£

£

Hire purchase

1,417

2,207

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2018 nor for the year ended

31 December 2017.

Tax effects relating to effects of other comprehensive income

2018

Gross

Tax

Net

£

£

£

Movement in deferred tax provision

61,836

-

61,836

2017

Gross

Tax

Net

£

£

£

Movement in deferred tax provision

30,918

-

30,918

7.	PRIOR YEAR ADJUSTMENT

The accounts have been restated to incorporate the impact of a reclassification of a grant received by the immediate

parent company, Woking Necropolis and Mausoleum Limited.

Previously the intercompany balance owed to Woking Necropolis and Mausoleum Limited did not reflect a £500,000

grant received by Woking Necropolis and Mausoleum Limited. The grant was awarded to be released against fixed

asset expenditure incurred by Brookwood Park Limited during 2017.

Summary of the prior year accounting impact

£

Reduction in creditors due within 1 year

500,000

Reduction in tangible assets

(482,949

)

Increase in profit

17,051

8.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

Infrastructure

machinery

£

£

£

COST OR VALUATION

At 1 January 2018

3,175,000

190,690

100,465

Additions

-

-

58,541

At 31 December 2018

3,175,000

190,690

159,006

DEPRECIATION

At 1 January 2018

-

496

32,273

Charge for year

-

3,814

15,513

Eliminated on disposal

-

-

-

At 31 December 2018

-

4,310

47,786

NET BOOK VALUE

At 31 December 2018

3,175,000

186,380

111,220

At 31 December 2017

3,175,000

190,194

68,192

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2018

207,694

25,526

4,029

3,703,404

Additions

222,925

7,995

6,033

295,494

Disposals

(3,500

)

-

-

(3,500

)

Grants

(222,925

)

-

-

(222,925

)

At 31 December 2018

204,194

33,521

10,062

3,772,473

DEPRECIATION

At 1 January 2018

148,447

7,839

1,963

191,018

Charge for year

8,887

4,217

1,496

33,927

Eliminated on disposal

(1,604

)

-

-

(1,604

)

At 31 December 2018

155,730

12,056

3,459

223,341

NET BOOK VALUE

At 31 December 2018

48,464

21,465

6,603

3,549,132

At 31 December 2017

59,247

17,687

2,066

3,512,386

Cost or valuation at 31 December 2018 is represented by:

Freehold

Plant and

property

Infrastructure

machinery

£

£

£

Valuation in 2014

3,091,820

-

-

Cost

83,180

190,690

159,006

3,175,000

190,690

159,006

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2014

-

-

-

3,091,820

Cost

204,194

33,521

10,062

680,653

204,194

33,521

10,062

3,772,473