Caseware UK (AP4) 2022.0.179 2022.0.179 falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01falseNo description of principal activity54true 11202464 2022-03-01 2023-02-28 11202464 2021-03-01 2022-02-28 11202464 2023-02-28 11202464 2022-02-28 11202464 c:Director1 2022-03-01 2023-02-28 11202464 d:PlantMachinery 2022-03-01 2023-02-28 11202464 d:PlantMachinery 2023-02-28 11202464 d:PlantMachinery 2022-02-28 11202464 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11202464 d:CurrentFinancialInstruments 2023-02-28 11202464 d:CurrentFinancialInstruments 2022-02-28 11202464 d:Non-currentFinancialInstruments 2023-02-28 11202464 d:Non-currentFinancialInstruments 2022-02-28 11202464 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11202464 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11202464 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 11202464 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 11202464 d:ShareCapital 2023-02-28 11202464 d:ShareCapital 2022-02-28 11202464 d:RetainedEarningsAccumulatedLosses 2023-02-28 11202464 d:RetainedEarningsAccumulatedLosses 2022-02-28 11202464 c:FRS102 2022-03-01 2023-02-28 11202464 c:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11202464 c:FullAccounts 2022-03-01 2023-02-28 11202464 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11202464 d:WithinOneYear 2023-02-28 11202464 d:WithinOneYear 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 11202464










Over The Top Golf Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 28 February 2023

 
Over The Top Golf Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Over The Top Golf Ltd for the year ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Over The Top Golf Ltd for the year ended 28 February 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Over The Top Golf Ltd, as a body, in accordance with the terms of our engagement letter dated 22 April 2022Our work has been undertaken solely to prepare for your approval the financial statements of Over The Top Golf Ltd  and state those matters that we have agreed to state to the Board of directors of Over The Top Golf Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Over The Top Golf Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Over The Top Golf Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Over The Top Golf Ltd. You consider that Over The Top Golf Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Over The Top Golf Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
3 November 2023
Page 1

 
Over The Top Golf Ltd
Registered number: 11202464

Balance sheet
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,522
5,844

  
10,522
5,844

Current assets
  

Stocks
  
208,634
116,927

Debtors: amounts falling due within one year
 5 
141,794
67,955

Current asset investments
  
500
-

Cash at bank and in hand
  
143,526
67,949

  
494,454
252,831

Creditors: amounts falling due within one year
 7 
(319,084)
(130,630)

Net current assets
  
 
 
175,370
 
 
122,201

Total assets less current liabilities
  
185,892
128,045

Creditors: amounts falling due after more than one year
 8 
(20,476)
(38,880)

  

Net assets
  
165,416
89,165


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
165,216
88,965

  
165,416
89,165


Page 2

 
Over The Top Golf Ltd
Registered number: 11202464

Balance sheet (continued)
As at 28 February 2023

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 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 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: 




O T Turnill
Director

Date: 3 November 2023

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Over The Top Golf Ltd
 

 
Notes to the financial statements
For the year ended 28 February 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. 
The address of its registered office is: 
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
The principal place of business is:
Unit 38, Glenmore Business Park
Chichester
West Sussex
PO19 7BJ

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 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:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
Over The Top Golf Ltd
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
Over The Top Golf Ltd
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

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.

 
2.10

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.

Page 6

 
Over The Top Golf Ltd
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 7

 
Over The Top Golf Ltd
 

 
Notes to the financial statements
For the year ended 28 February 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

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 directors, during the year was 5 (2022 - 4).

Page 8

 
Over The Top Golf Ltd
 

 
Notes to the financial statements
For the year ended 28 February 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 March 2022
11,412


Additions
8,712



At 28 February 2023

20,124



Depreciation


At 1 March 2022
5,568


Charge for the year on owned assets
4,034



At 28 February 2023

9,602



Net book value



At 28 February 2023
10,522



At 28 February 2022
5,844


5.


Debtors

2023
2022
£
£


Trade debtors
128,801
65,467

Other debtors
9,900
2,488

Prepayments and accrued income
3,093
-

141,794
67,955



6.


Current asset investments

2023
2022
£
£

Current asset investments
500
-

500
-


Page 9

 
Over The Top Golf Ltd
 

 
Notes to the financial statements
For the year ended 28 February 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
4,712

Bank loans
9,100
-

Trade creditors
206,727
74,024

Corporation tax
25,657
26,717

Other taxation and social security
33,248
24,942

Other creditors
43,496
235

Accruals and deferred income
856
-

319,084
130,630



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,476
38,880

20,476
38,880



9.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Operating leases
86,667
53,750

86,667
53,750


Page 10