REGISTERED NUMBER: |
IAN MILLS GOLF LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
REGISTERED NUMBER: |
IAN MILLS GOLF LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
IAN MILLS GOLF LIMITED (REGISTERED NUMBER: 08143203) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
IAN MILLS GOLF LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
IAN MILLS GOLF LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ian Mills Golf Limited for the year ended 31 July 2023 which comprise the Statement of Income and Retained Earnings, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Ian Mills Golf Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ian Mills Golf Limited and state those matters that we have agreed to state to the Board of Directors of Ian Mills Golf Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ian Mills Golf Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Ian Mills Golf Limited 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 loss of Ian Mills Golf Limited. You consider that Ian Mills Golf Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Ian Mills Golf Limited. 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. |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
IAN MILLS GOLF LIMITED (REGISTERED NUMBER: 08143203) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their 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. |
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 Board of Directors and authorised for issue on |
IAN MILLS GOLF LIMITED (REGISTERED NUMBER: 08143203) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Ian Mills Golf Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08143203 and the registered office address is Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire, SO53 2DR. |
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. |
The presentational currency of the financial statements is £ Sterling. |
Going concern |
The financial statements have been prepared on the going concern basis. The company relies on the continued support of its director. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
There have been no judgements and estimates which have had the significant effect on amounts recognised in the financial statements during the year. |
Turnover |
Turnover represents commission income received from the sale of golfing clothing and equipment during the year (excluding value added tax), adjusted for accrued and deferred income where applicable. |
Commission is recognised as turnover when the item is dispatched to the customer. |
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 |
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. |
The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management. |
Depreciation is provided at rates calculated to write off the costs less residual value of each asset over its expected useful life, as follows: |
Computer equipment | - 25% straight line |
Fixtures and fittings | - 25% straight line |
The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
IAN MILLS GOLF LIMITED (REGISTERED NUMBER: 08143203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost. |
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 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. |
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. |
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. |
Grants |
Grants of a revenue nature are credited to the Income Statement in the period to which they relate in accordance with the terms of the grant. Any accrued or deferred element of the grant is included in debtors or creditors as applicable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
IAN MILLS GOLF LIMITED (REGISTERED NUMBER: 08143203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Directors' current accounts | - | 10,491 |
Tax |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT |
Directors' current accounts |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
In previous years, the company made a loan to a director of the company which was repaid during the year. The director incurred mileage and various other business expenses on behalf of the company totalling £22,349 and repaid £8,000. The director withdrew funds from the company bank account on a monthly basis totalling £19,434. The maximum loan outstanding during the period was £16,776. Interest has been charged on the loan at the official rate set by HMRC. |