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Registered number: 02865325
SOUTH WINCHESTER PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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SOUTH WINCHESTER PROPERTY LIMITED
CONTENTS
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Notes to the financial statements
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SOUTH WINCHESTER PROPERTY LIMITED
COMPANY INFORMATION
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Blick Rothenberg Audit LLP
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Chartered Accountants & Statutory Auditor
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- 1 -
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REGISTERED NUMBER:02865325
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SOUTH WINCHESTER PROPERTY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2022
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Debtors: amounts falling due after more than one year
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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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Creditors: amounts falling due after more than one year
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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 profit and loss account 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
The notes on pages 3 to 9 form part of these financial statements.
- 2 -
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SOUTH WINCHESTER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
South Winchester Property Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Pine Ridge Golf Club, Bisley Road, Frimley, Camberley, Surrey, GU16 9NX.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is derived from the rental of land and buildings. Turnover is shown net of trade discounts, VAT and other sales taxes. Turnover is recognised in the period to which it relates.
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SOUTH WINCHESTER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Ordinary shares are classified as equity.
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SOUTH WINCHESTER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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SOUTH WINCHESTER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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Fees re sale of land & buildings (see note 8)
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Fees incurred regarding alternative use of fixed assets
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Investments in subsidiary companies
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At 1 July 2021 and 30 June 2022
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The company holds 1 ordinary £1 share in South Winchester Operations Limited which represents 100% of the issued share capital.
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Amounts owed by group undertakings and related parties are unsecured, interest free and repayable on demand (2021: repayable in one year and one day, unsecured and interest free).
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- 6 -
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SOUTH WINCHESTER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to other participating interests
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Accruals and deferred income
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Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
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Creditors: amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to other participating interests
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Amounts owed to group undertakings and related parties are unsecured, interest free and repayable in 12 months and 1 day on a rolling basis.
Services invoiced by the group undertaking for £1,731,482 is payable on receipt of funds in accordance with the sale agreement of the property in the year ended June 2021. The directors anticipate that this will be paid by October 2024.
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Allotted, called up and fully paid
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1,000,503 (2021 - 1,000,503) Ordinary A shares of £1 each
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497 (2021 - 497) Ordinary B shares of £1 each
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- 7 -
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SOUTH WINCHESTER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
10.Other financial commitments
The Company has provided an unlimited guarantee in respect of the the bank overdraft reported in the financial statements of Crown Golf Group Limited, the parent company.
The Company has granted a debenture as security for the bank loan reported in the financial statements of Crown Golf Group Limited, the parent company.
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Related party transactions
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The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Transactions with (other) related parties are as follows:
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Amount due (to)/from related parties
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(immediate parent undertaking of Crown Golf Group Limited)
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Pine Ridge Operations
Limited
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(company under common
control)
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Inthe Vee Discretionary
Trust
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(immediate parent
undertaking of Broadbat
Pty Limited)
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Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand (2021: repayable in one year and one day, unsecured and interest free).
Services invoiced by the group undertaking for £1,731,482 is payable on receipt of funds in accordance with the sale agreement of the property in the year ended June 2021. The directors anticipate that this will be paid by October 2024.
The smallest group for which consolidated financial statements are drawn up is headed by Crown Golf Group Limited whose registered office is Pine Ridge Golf Club, Old Bisley Road, Frimley, Camberley, Surrey, GU16 9NX.
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SOUTH WINCHESTER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The auditor's report on the financial statements for the year ended 30 June 2022 was unqualified.
The audit report was signed on 30 August 2023 by Heather Powell (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
- 9 -
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