GOLFWOD LTD Filleted Accounts Cover
GOLFWOD LTD
Company No. 12013074
Information for Filing with The Registrar
31 May 2023
GOLFWOD LTD Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 May 2023.
Principal activities
The principal activity of the company during the year under review was Sports and Recreation Education.
Director
The Director who served at any time during the year was as follows:
M. Dennington
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
M. Dennington
Director
22 February 2024
GOLFWOD LTD Balance Sheet Registrar
at
31 May 2023
Company No.
12013074
Notes
2023
2022
£
£
Fixed assets
Intangible assets
4
57,89021,973
Tangible assets
5
11,0963,259
68,98625,232
Current assets
Debtors
6
144144
Cash at bank and in hand
10,58113,837
10,72513,981
Creditors: Amount falling due within one year
7
(42,602)
(22,768)
Net current liabilities
(31,877)
(8,787)
Total assets less current liabilities
37,10916,445
Creditors: Amounts falling due after more than one year
8
(27,389)
(16,059)
Net assets
9,720386
Capital and reserves
Called up share capital
10010
Profit and loss account
9
9,620376
Total equity
9,720386
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 22 February 2024 and signed on its behalf by:
M. Dennington
Director
22 February 2024
GOLFWOD LTD Notes to the Accounts Registrar
for the year ended 31 May 2023
1
General information
GOLFWOD LTD is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 12013074
Its registered office is:
Drvn Studios 1 Concept court
Kettlestring Lane
York
YO30 4XF
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is generated from the rendering of services. Turnover 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 turnover 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.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
25% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Intangible fixed assets
Develop-ment costs
Total
£
£
Cost
At 1 June 2022
21,97321,973
Additions
35,91735,917
At 31 May 2023
57,89057,890
Amortisation and impairment
Net book values
At 31 May 2023
57,89057,890
At 31 May 2022
21,97321,973
5
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 June 2022
6,0436,043
Additions
11,53611,536
At 31 May 2023
17,57917,579
Depreciation
At 1 June 2022
2,7842,784
Charge for the year
3,6993,699
At 31 May 2023
6,4836,483
Net book values
At 31 May 2023
11,09611,096
At 31 May 2022
3,259
3,259
6
Debtors
2023
2022
£
£
Corporation tax recoverable
144144
144144
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,2771,670
Taxes and social security
867
867
Loans from directors
21,20919,822
Accruals and deferred income
249409
42,60222,768
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,3896,059
Other loans
5,00010,000
27,38916,059
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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