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Registration number: 09064305

Woody Golf Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 May 2023

 

Woody Golf Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Woody Golf Limited

(Registration number: 09064305)
Balance Sheet as at 30 May 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

1,024,508

1,141,774

Current assets

 

Debtors

5

4,682

7,241

Cash at bank and in hand

 

306,133

239,919

 

310,815

247,160

Creditors: Amounts falling due within one year

6

(240,574)

(259,046)

Net current assets/(liabilities)

 

70,241

(11,886)

Total assets less current liabilities

 

1,094,749

1,129,888

Provisions for liabilities

(12,698)

(10,646)

Net assets

 

1,082,051

1,119,242

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,082,050

1,119,241

Total equity

 

1,082,051

1,119,242

For the financial year ending 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 November 2023
 

C J Wood
Director

   
     
 

Woody Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 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:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the director on 9 November 2023.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite the energy and cost of living increases. Thus the director has continued to adopt the going
concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes, The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Revenue from sponsorship is recognised by reference to the date of completion of the event. Sponsorship directly relates to the events participated in and is paid once the event is completed. Any sponsorship related to an event in the year but not yet received will be recognised in the year the event took place.

 

Woody Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2023

Government grants

Government grants comprise the fair value of consideration received or receivable in respect to government provided funding to the entity.

Government grants have been recognised in line with the accruals model where grants relating to revenue have been recognised as other income on a systematic basis over the periods in which the entity has recognised related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Woody Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2023

Debtors

Trade debtors are amounts due from customers for 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2022 - 2).

 

Woody Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2023

4

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 31 May 2022

1,141,774

1,141,774

Fair value adjustments

(62,186)

(62,186)

Additions

403,237

403,237

Disposals

(458,317)

(458,317)

At 30 May 2023

1,024,508

1,024,508

Carrying amount

At 30 May 2023

1,024,508

1,024,508

5

Debtors

2023
£

2022
£

Other debtors

4,682

7,241

4,682

7,241

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Amounts due to related parties

7

226,354

236,132

Social security and other taxes

 

84

360

Accruals

 

4,432

3,629

Corporation tax liability

9,704

18,925

 

240,574

259,046

 

Woody Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2023

7

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

236,132

236,132

Advanced

60,306

60,306

Repaid

(70,084)

(70,084)

At end of period

226,354

226,354

2022

Key management
£

Total
£

At start of period

176,100

176,100

Advanced

60,392

60,392

Repaid

(360)

(360)

At end of period

236,132

236,132

Terms of loans from related parties

The loan from key management is interest free and repayable on demand.