Company Registration No. 08252675 (England and Wales)
Ian Young Golf Limited
Unaudited accounts
for the year ended 31 March 2023
Ian Young Golf Limited
Unaudited accounts
Contents
Ian Young Golf Limited
Company Information
for the year ended 31 March 2023
Company Number
08252675 (England and Wales)
Registered Office
Highland House
Mayflower Close, Chandlers Ford
Eastleigh
Hampshire
SO53 4AR
Ian Young Golf Limited
Statement of financial position
as at 31 March 2023
Tangible assets
30,478
37,951
Cash at bank and in hand
213,033
211,906
Creditors: amounts falling due within one year
(198,799)
(226,635)
Net current assets
91,212
59,690
Total assets less current liabilities
121,690
102,641
Provisions for liabilities
Deferred tax
(7,619)
(9,488)
Called up share capital
2
2
Profit and loss account
114,069
93,151
Shareholders' funds
114,071
93,153
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 October 2023 and were signed on its behalf by
Mr Ian Young
Director
Company Registration No. 08252675
Ian Young Golf Limited
Notes to the Accounts
for the year ended 31 March 2023
Ian Young Golf Limited is a private company, limited by shares, registered in England and Wales, registration number 08252675. The registered office is Highland House, Mayflower Close, Chandlers Ford, Eastleigh, Hampshire, SO53 4AR. The principal place of business is Stoneham Golf Club, Monks Wood Close, Southampton , Hampshire, S016 3TT, United Kingdom.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with 'The Financial Reporting Standards applicable in the UK and Republic of Ireland & FRS102' and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historic cost convention, modified to include certain financial instruments at fair value. The principle accounting policies are set out below.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% Reducing Balance
Computer equipment
15% Reducing Balance and 20% Straight Line Basis
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Ian Young Golf Limited
Notes to the Accounts
for the year ended 31 March 2023
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company has elected to apply the provisions of Section 11 - Basic Financial Instruments and Section 12 - Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a marketrate of interest.
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Ian Young Golf Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
2,407
53,334
55,741
At 31 March 2023
2,407
53,334
55,741
At 1 April 2022
1,733
16,057
17,790
Charge for the year
101
7,372
7,473
At 31 March 2023
1,834
23,429
25,263
At 31 March 2023
573
29,905
30,478
At 31 March 2022
674
37,277
37,951
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
56,132
96,853
Taxes and social security
32,811
22,693
Other creditors
107,696
104,929
Ian Young Golf Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Average number of employees
During the year the average number of employees was 4 (2022: 4).