Stonecheck Public Limited Company - Period Ending 2021-05-31
Stonecheck Public Limited Company - Period Ending 2021-05-31
Registration number:
Stonecheck Public Limited Company
for the Year Ended 31 May 2021
Stonecheck Public Limited Company
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Stonecheck Public Limited Company
Company Information
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Directors |
R Kamper TJ Richards J S Barry L A L Molyneux R J W Fitzjohn J Forster |
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Company secretary |
R Kamper |
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Registered office |
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Bankers |
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Auditors |
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Stonecheck Public Limited Company
Strategic Report for the Year Ended 31 May 2021
The directors present their strategic report for the year ended 31 May 2021.
Principal activity
The principal activity of the company is the ownership and licensing of land and premises known as Brampton Park Golf Club.
Fair review of the business
The Board of Stonecheck PLC reports that in the year to 31st May 2021 its principal activity, following shareholder counsel, was to introduce prudent fiscal management, implement the shareholder Share Buy-back Scheme, formally review the valuation of the asset following the recent investment in the property, and to review and upgrade the irrigation system in accordance with the lease terms.
During the year, the Board recognised that there was a significant number of shareholders who did not have an active interest in the Company and the Golf Club. Accordingly, the Board proposed and implemented a Share Buy Back arrangement that proved most successful and was oversubscribed. The valuation of the asset at circa £1.5M, and the buy-back of some £300,000 shares has noticeably increased current individual shareholder value. The Board has also recommended a 5p per share Dividend again for this year.
The Board continues to consider and investigate long term opportunities and options to improve the asset and increase individual share value.
Principal risks and uncertainties
The Directors continually review and monitor key risks and uncertainties which are summarised as follows:-
-Failing or loss of tenant.
-Degradation of the company’s assets.
Financial instruments
Objectives and policies
The purpose of using financial instruments is to finance business operations.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances, trade debtors and trade creditors.
In respect of bank balances, the liquidity risk is managed by maintaining a positive balance at the bank.
Trade debtors are managed in respect of credit and cash flow risk by regular monitoring of amounts outstanding.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. It is the company's policy to pay suppliers according to the payment terms negotiated with them.
Approved by the Board on
R Kamper
Company secretary and director
Stonecheck Public Limited Company
Directors' Report for the Year Ended 31 May 2021
The directors present their report and the financial statements for the year ended 31 May 2021.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Share buyback
During the year, a share buyback took place, 309,206 shares (17.3% of the Ordinary Share Capital) were purchased by the company at £1 a share . The aggregate amount of consideration paid being £300,225.
The Board recognised that there are a significant number of shareholders who no longer had an active interest in the Company and the Golf Club. The Board believed that many would welcome the opportunity to sell their shares at a fair value. Accordingly, the Board agreed to propose a Share Buy Back arrangement and made provision of c£300,000 (including Stamp Duty) for this.
It is almost 25 years since the shareholders acquired Brampton Park Golf Club from the receivers and in that time many shareholder members have moved or passed on. Prior to the buy back, we had 1,787,386 shares in issue, of which approximately 534,000 of these shares were held by playing members. That meant that around 70% of our shareholders were no longer directly involved with the club.
Our financial position was much improved following the sale of the former practice ground and for 2 years running, the company paid a dividend to shareholders and agreed to pay a further dividend this financial year. We also spent a considerable sum on improving the clubhouse facility, driving range and golf course since the land sale.
We believed that there were many shareholders who wanted to sell their shares but were unable to find a buyer, and there had been several who had been successful in matching with a willing purchaser.
We believed that the offer enabled distant shareholders to sell their shares and enhance the value of the shareholding for those who remain. We believed that it was a fitting use of some of our capital reserves for the benefit of all our shareholders and the Company.
Financial Instruments
Financial instruments are provided in the strategic report on page 2.
Stonecheck Public Limited Company
Directors' Report for the Year Ended 31 May 2021
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Board on
R Kamper
Company secretary and director
Stonecheck Public Limited Company
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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:
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• |
select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Stonecheck Public Limited Company
Independent Auditor's Report to the Members of Stonecheck Public Limited Company
Opinion
We have audited the financial statements of Stonecheck Public Limited Company (the 'company') for the year ended 31 May 2021, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 May 2021 and of its profit 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’s 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
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Stonecheck Public Limited Company
Independent Auditor's Report to the Members of Stonecheck Public Limited Company
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 is 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.
Auditor’s 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiries with management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for
appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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• |
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
Stonecheck Public Limited Company
Independent Auditor's Report to the Members of Stonecheck Public Limited Company
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.
For and on behalf of
4 Cyrus Way
Cygnet Park
Hampton
PE7 8HP
Stonecheck Public Limited Company
Profit and Loss Account for the Year Ended 31 May 2021
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Note |
2021 |
2020 |
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Turnover |
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|
|
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Administrative expenses |
( |
( |
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|
Other operating income |
|
|
|
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Operating loss |
( |
( |
|
|
Other gains and losses |
|
( |
|
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Other interest receivable and similar income |
|
|
|
|
143,745 |
18,492 |
||
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Profit/(loss) before tax |
|
( |
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|
Taxation |
( |
- |
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Profit/(loss) for the financial year |
|
( |
Stonecheck Public Limited Company
(Registration number: 03247251)
Balance Sheet as at 31 May 2021
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Note |
2021 |
2020 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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|
|
|
|
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||
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
1,478,180 |
1,787,386 |
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|
Share premium reserve |
10,374 |
10,374 |
|
|
Capital redemption reserve |
309,206 |
- |
|
|
Profit and loss account |
1,098,986 |
1,395,066 |
|
|
Shareholders' funds |
2,896,746 |
3,192,826 |
Approved and authorised by the
R Kamper
Company secretary and director
Stonecheck Public Limited Company
Statement of Changes in Equity for the Year Ended 31 May 2021
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 June 2020 |
|
|
- |
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Purchase of own share capital |
(309,206) |
- |
309,206 |
(300,225) |
(300,225) |
|
At 31 May 2021 |
|
|
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 June 2019 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
( |
( |
|
Dividends |
- |
- |
( |
( |
|
At 31 May 2020 |
|
|
|
|
Stonecheck Public Limited Company
Statement of Cash Flows for the Year Ended 31 May 2021
|
Note |
2021 |
2020 |
|
|
Cash flows from operating activities |
|||
|
Profit/(loss) for the year |
|
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investment property |
( |
- |
|
|
Loss on disposal of tangible assets |
|
|
|
|
Finance income |
( |
( |
|
|
Income tax expense |
|
- |
|
|
|
( |
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in debtors |
( |
|
|
|
Increase/(decrease) in creditors |
|
( |
|
|
Cash generated from operations |
|
( |
|
|
Income taxes (paid)/received |
- |
- |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
- |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Payments for purchase of own shares |
( |
- |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 June |
|
|
|
|
Cash and cash equivalents at 31 May |
1,325,330 |
1,669,633 |
|
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Brampton Park Golf Club
Buckden Road
Brampton
Huntingdon
PE28 4NF
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Investment properties are valued at open market value and is based on an Independent Professional Valuation that took place by Crosthwaites on 9 September 2020. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the respect of licence fees and rental income. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant & Machinery |
15% - 25% reducing balance and 3 years straight tline |
Investment property
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties is a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Intellectual property |
10 years on a straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2021 |
2020 |
|
|
Licence fee |
|
|
|
Other income |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2021 |
2020 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2021 |
2020 |
|
|
Gain/(loss) on disposal of property, plant and equipment |
( |
( |
|
Gain/(loss) on investment property valuations |
|
- |
|
132,888 |
(577) |
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2021 |
2020 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
|
Other interest receivable and similar income |
|
2021 |
2020 |
|
|
Other finance income |
|
|
|
Particulars of employees |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2021 |
2020 |
|
|
Directors |
|
|
|
|
|
|
Auditors' remuneration |
|
2021 |
2020 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2021 |
2020 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2020 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2021 |
2020 |
|
|
Profit/(loss) before tax |
|
( |
|
Corporation tax at standard rate |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
|
Increase from tax losses for which no deferred tax asset was recognised |
- |
|
|
Tax decrease from effect of unrelieved tax losses carried forward |
( |
- |
|
Total tax charge |
|
- |
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
|
Intangible assets |
|
Other intangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 June 2020 |
|
|
|
At 31 May 2021 |
|
|
|
Amortisation |
||
|
At 1 June 2020 |
|
|
|
Amortisation charge |
|
|
|
At 31 May 2021 |
|
|
|
Carrying amount |
||
|
At 31 May 2021 |
|
|
|
At 31 May 2020 |
|
|
|
Tangible assets |
|
Investment properties |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 June 2020 |
|
|
|
|
Revaluations |
|
- |
|
|
Disposals |
- |
( |
( |
|
Transfers |
|
( |
( |
|
At 31 May 2021 |
|
|
|
|
Depreciation |
|||
|
At 1 June 2020 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
( |
|
Transfers |
- |
( |
( |
|
At 31 May 2021 |
- |
|
|
|
Carrying amount |
|||
|
At 31 May 2021 |
|
|
|
|
At 31 May 2020 |
|
|
|
The fair value of the company's Investment Properties were valued on 9 September 2020 by an independent professional valuer - Crosthwaites. Assets held for investment are stated at open market value. In the opinion of the directors, this value has not materially changed at the current year end.
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
|
Debtors |
|
2021 |
2020 |
|
|
Trade debtors |
|
- |
|
Other debtors |
- |
|
|
|
|
|
Cash and cash equivalents |
|
2021 |
2020 |
|
|
Cash at bank |
|
|
|
Creditors |
|
2021 |
2020 |
||
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
- |
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2021 |
2020 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,478,180 |
|
1,787,386 |
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
Rights, preferences and restrictions
1) Voting rights - Subject to any special terms as to voting attached by or in accordance with the Articles to any shares, at a general meeting of the company, on a show of hands, every member who is present in person or by proxy has one vote and, on a poll, every member who is present in proxy has one vote for every share of which he is the holder. If a member appearing to the company to be interested in (applying for those purposes the definitions contained in Section 203 of the Act) more than 15,000 shares has been served with a notice by the company stating that fact and has failed to establish to the satisfaction of the Board that he is not so interested, then that member and the holders of the other shares specified in the notice from the company as being shares in which the member is so interested shall together be entitled, on a poll, to 4,700 votes only. The company may only agree to a sale or other disposal of the golf course or any material part of it other than by way of a lease to a golf club operator with the prior consent of members holding between them not less than 75% of the issued share capital of the company at any time.
2) Transfer of shares - The Articles contain pre-emption provisions whereby any member wishing to transfer shares must first offer them to such person as the Board may nominate at such price as shall be agreed with that member or certified by the auditors as the fair value thereof. Subject to any direction to the contrary which may be given by Special Resolution no transfer of any share shall be registered before 1 June 1999 save for any transfer in the circumstances as set out below without a transfer notice being required. The provisions shall not apply to a transfer by a member to a spouse, child or grandchild of that member unless the directors shall, in their absolute discretion, require that a transfer notice be deemed served in respect of such a transfer. The personal representatives or trustee in bankruptcy or liquidator of any deceased member or any member who has become bankrupt or which has gone into liquidation or the person becoming entitled to a share in consequence of the death or bankruptcy of a member may apply to be registered as the holder or holders of all the shares held by such member and the directors shall, in their absolute discretion, determine whether or not to register such person or persons as the holder of those shares or to require that a transfer notice be deemed served in respect of those shares in which event the provisions of Regulation 30 of Table A shall be modified accordingly. The instrument of transfer of a share shall be in any usual form or in any other form which the Directors may approve. The Directors shall only register a transfer upon receipt by the company from the transferor of a registration fee of the greater of £50 or 5% of the consideration passing from the transferee to the transferor. If a member appearing to the company to be interested in (applying for these purposes the definitions contained in Section 203 of the Act) more than 15,000 Shares has been served with a notice by the company stating that fact and has failed to establish to the satisfaction of the Board within 28 days of the notice that he is not interested then the company may serve notice on that member requiring him to transfer the shares registered in his name to a person nominated by the company in that notice.
Stonecheck Public Limited Company
Notes to the Financial Statements for the Year Ended 31 May 2021
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Obligations under leases and hire purchase contracts |
Operating leases - lessor
The total of future minimum lease payments is as follows:
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2021 |
2020 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Operating lease income relates to the rents receivable of the golf grounds.
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Analysis of changes in net debt |
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At 1 June 2020 |
Financing cash flows |
At 31 May 2021 |
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Cash and cash equivalents |
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Cash at bank |
1,669,633 |
(344,303) |
1,325,330 |
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( |
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Dividends |
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2021 |
2020 |
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£ |
£ |
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Final dividend of £ |
88,920 |
89,102 |
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88,920 |
89,102 |
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Control |
The company is controlled by no one party.