Company registration number 06492866 (England and Wales)
GOLFTORIUM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
GOLFTORIUM LIMITED
COMPANY INFORMATION
Director
C Woodward
Secretary
C Woodward
Company number
06492866
Registered office
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
GOLFTORIUM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GOLFTORIUM LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
-
0
1,072
Cash at bank and in hand
-
0
2,112
-
0
3,184
Creditors: amounts falling due within one year
4
(617,447)
(620,573)
Net current liabilities
(617,447)
(617,389)
Capital and reserves
Called up share capital
5
76
76
Profit and loss reserves
(617,523)
(617,465)
Total equity
(617,447)
(617,389)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
C Woodward
Director
Company Registration No. 06492866
GOLFTORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

Golftorium Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hollinwood Business Centre, Albert Street, Oldham, Lancashire, OL8 3QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 FRS 102 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 £.

The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis where specified in the accounting policies below.

1.2
Going concern

Despite the fact that liabilities exceed assets as at the 28 February 2023 and the company's main trade has ceased, the director is of the opinion that sufficient funding is available to the company to enable it to meet ongoing liabilities as and when they fall due. In particular, it is not expected that the related party loans, which make up the vast majority of creditors, will need to be repaid in the immediate future. The financial statements have therefore been prepared on a going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Revenue is recognised as earned, when and to the extent that, the company obtains the right for consideration in exchange for goods and services that it has provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over remaining lease term
Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Computer equipment
25% Reducing balance
Simulators
Straight line over 15 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GOLFTORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.

 

Within creditors payable after one year are commercial business loans where a market rate of interest is applied. These are recognised in full.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
5
GOLFTORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
1,072
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
539
Other creditors
617,447
620,034
617,447
620,573
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
51
51
51
51
Ordinary B shares of £1 each
25
25
25
25
76
76
76
76
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