Caseware UK (AP4) 2021.0.152 2021.0.152 2021-01-01falseThe company's principal activity continued to be that of selling teaching and training equipment to the golf sector.75truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07466356 2021-01-01 2021-12-31 07466356 2020-01-01 2020-12-31 07466356 2021-12-31 07466356 2020-12-31 07466356 c:Director1 2021-01-01 2021-12-31 07466356 d:MotorVehicles 2021-01-01 2021-12-31 07466356 d:MotorVehicles 2021-12-31 07466356 d:MotorVehicles 2020-12-31 07466356 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 07466356 d:FurnitureFittings 2021-01-01 2021-12-31 07466356 d:FurnitureFittings 2021-12-31 07466356 d:FurnitureFittings 2020-12-31 07466356 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 07466356 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 07466356 d:CurrentFinancialInstruments 2021-12-31 07466356 d:CurrentFinancialInstruments 2020-12-31 07466356 c:OrdinaryShareClass1 2021-01-01 2021-12-31 07466356 c:OrdinaryShareClass1 2021-12-31 07466356 c:OrdinaryShareClass1 2020-12-31 07466356 c:FRS102 2021-01-01 2021-12-31 07466356 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 07466356 c:FullAccounts 2021-01-01 2021-12-31 07466356 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07466356










Golf Swing Systems Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2021

 
Golf Swing Systems Limited
Registered number: 07466356

Balance sheet
As at 31 December 2021

2021
2020
£
£


Fixed assets
67,894
35,731

Current assets
779,739
718,304

Creditors: amounts falling due within one year
(308,592)
(339,413)

Net current assets
 
 
471,147
 
 
378,891

Total assets less current liabilities
539,041
414,622


Net assets
539,041
414,622



Capital and reserves
539,041
414,622


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of income and retained earnings 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 by: 




................................................
S R Joy
Director
Date: 30 August 2022

Page 1

 
Golf Swing Systems Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

The company is a private company limited by share capital and incorporated in England and Wales.  The principal activity of the company is that of selling, teaching and training equipment to the golf sector.
The address of its registered office is: 
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2

 
Golf Swing Systems Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 3

 
Golf Swing Systems Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss 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.

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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
Golf Swing Systems Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Employees (including director)
7
5


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2021
19,617
64,144
83,761


Additions
-
39,619
39,619



At 31 December 2021

19,617
103,763
123,380



Depreciation


At 1 January 2021
13,443
34,587
48,030


Charge for the year on owned assets
1,544
5,912
7,456



At 31 December 2021

14,987
40,499
55,486



Net book value



At 31 December 2021
4,630
63,264
67,894



At 31 December 2020
6,174
29,557
35,731

Page 5

 
Golf Swing Systems Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

5.


Stocks

2021
2020
£
£

Finished goods and goods for resale
53,699
30,685

53,699
30,685



6.


Debtors

2021
2020
£
£


Trade debtors
407,254
216,409

Other debtors
4,430
1,750

Prepayments and accrued income
-
2,680

411,684
220,839



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
314,356
466,780

314,356
466,780



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
95,191
71,755

Corporation tax
56,282
86,923

Other taxation and social security
122,392
129,752

Other creditors
162
18,592

Accruals and deferred income
34,565
32,391

308,592
339,413



9.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 (2020 - 100) Ordinary shares of £1.00 each
100
100

Page 6

 
Golf Swing Systems Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

9.Share capital (continued)



10.


Related party transactions

During the year S R Joy and Mrs S Joy, directors, have continued to provide the company with a loan.  At the year end £162 (2020:  £16,359) was owed to Mr & Mrs S R Joy. Dividends totalling £159,500 (2020:  £129,286) were paid to S R Joy and Mrs S Joy during the year.


11.


Controlling party

In the director's opinion the company is controlled by S Joy.


Page 7