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REGISTERED NUMBER: 07973486 (England and Wales)















Unaudited Financial Statements for the Year Ended 28th February 2023

for

Custom Fit Golf Shop Ltd

Custom Fit Golf Shop Ltd (Registered number: 07973486)






Contents of the Financial Statements
for the Year Ended 28th February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Custom Fit Golf Shop Ltd

Company Information
for the Year Ended 28th February 2023







DIRECTOR: Mr M L Welch





REGISTERED OFFICE: Central Chambers
227 London Road
Hadleigh
Benfleet
Essex
SS7 2RF





REGISTERED NUMBER: 07973486 (England and Wales)





ACCOUNTANTS: Field & Co LLP
Central Chambers
227 London Road
Hadleigh
Benfleet
Essex
SS7 2RF

Custom Fit Golf Shop Ltd (Registered number: 07973486)

Balance Sheet
28th February 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,500
Tangible assets 5 471 589
471 4,089

CURRENT ASSETS
Stocks 88,593 58,413
Debtors 6 1,875 -
Cash at bank and in hand 5,800 24,906
96,268 83,319
CREDITORS
Amounts falling due within one year 7 70,639 54,254
NET CURRENT ASSETS 25,629 29,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,100

33,154

CREDITORS
Amounts falling due after more than
one year

8

(23,046

)

(32,046

)

PROVISIONS FOR LIABILITIES 10 (89 ) (112 )
NET ASSETS 2,965 996

Custom Fit Golf Shop Ltd (Registered number: 07973486)

Balance Sheet - continued
28th February 2023

28/2/23 28/2/22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 2,865 896
SHAREHOLDERS' FUNDS 2,965 996

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24th November 2023 and were signed by:





Mr M L Welch - Director


Custom Fit Golf Shop Ltd (Registered number: 07973486)

Notes to the Financial Statements
for the Year Ended 28th February 2023

1. STATUTORY INFORMATION

Custom Fit Golf Shop Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
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 balance sheet date.


Custom Fit Golf Shop Ltd (Registered number: 07973486)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2022
and 28th February 2023 35,000
AMORTISATION
At 1st March 2022 31,500
Charge for year 3,500
At 28th February 2023 35,000
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 3,500

Goodwill, being the amount paid in connection with the acquisition of the business in 2013, is being amortised evenly over its estimated useful life of ten years.

Custom Fit Golf Shop Ltd (Registered number: 07973486)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st March 2022
and 28th February 2023 1,306
DEPRECIATION
At 1st March 2022 717
Charge for year 118
At 28th February 2023 835
NET BOOK VALUE
At 28th February 2023 471
At 28th February 2022 589

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 1,875 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans and overdrafts (see note 9) 10,150 10,798
Trade creditors 42,727 28,299
Taxation and social security 5,319 15,157
Other creditors 12,443 -
70,639 54,254

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans (see note 9) 23,046 32,046

Custom Fit Golf Shop Ltd (Registered number: 07973486)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

9. LOANS

An analysis of the maturity of loans is given below:

28/2/23 28/2/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 150 150
Bank loans 10,000 10,648
10,150 10,798

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,648

Amounts falling due between two and five years:
Bank loans - 2-5 years 13,046 21,398

10. PROVISIONS FOR LIABILITIES
28/2/23 28/2/22
£    £   
Deferred tax 89 112

Deferred
tax
£   
Balance at 1st March 2022 112
Provided during year (23 )
Balance at 28th February 2023 89

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28/2/23 28/2/22
value: £    £   
100 Ordinary Shares £1 100 100

Custom Fit Golf Shop Ltd (Registered number: 07973486)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

12. RESERVES
Retained
earnings
£   

At 1st March 2022 896
Profit for the year 17,518
Dividends (15,549 )
At 28th February 2023 2,865